Starrett City Owners Refinance With $531 Million Wells Fargo Loan In Section 236 Decoupling Deal

摘要

The owners of Starrett City in Brooklyn have refinanced the 5,881-unit complex with a $531.5 million mortgage from Wells Fargo & Company, which Freddie Mac committed to purchase, and agreed to retain state and federal affordability restrictions for an additional 30 years in exchange for financial incentives.rnAlmost three years ago, HUD and the New York State Division of Housing & Community Renewal blocked a proposed $1.3 billion sale of the state-financed Section 236 project to Clipper Equity, LLC amid concerns that the purchase price was too high to maintain affordability. Another attempt was made in 2008 to find a buyer, but interested parties were unable to obtain financing in the troubled credit markets.