Starrett City owners in talks to refinance complex

The owners of Starrett City are negotiating with four major banks to refinance the complex, which is the largest federally subsidized residential rental property in the U.S., The Real Deal has learned. The loan for the 46-building, 5,881-unit complex at Brooklyn’s East New York-Canarsie border would replace the existing $531 million Freddie Mac financing originated by Wells Fargo in 2009. The existing debt, which is expected to carry a principal balance of about $325 million, … [more]

Source: Real Estate

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