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NEW YORK CITY-Waterton Associates LLC has bought two past-due loans amounting $150 million on a 271-unit apartment building in Brooklyn. The company purchased the notes from an affiliate of Archstone-Smith and iStar Financial Inc.

Waterton has reconstituted the loans on the project situated at 230 Livingston St. with the developer, Addison. In the transaction, the buyer was represented by Ben Friedman and George Kaplan of Chicago-based Melvin M. Kaplan Realty Inc. and by a New York brokerage. For the full story, go to Crain’s Chicago Business.

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