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Kramer Levin client Starrett City, Inc. announced on December 17th that the Company has closed on the $531 million refinancing of Spring Creek Towers (also known as Starrett City) located in Brooklyn, New York, which is the largest government-subsidized housing development in the country comprised of 5,881 apartment units, a retail center, power plant, health club and other amenities. Kramer Levin partners Jay A. Neveloff, Neil R. Tucker, and Elise Wagner, counsel Stephen R. Senie, and associates Michael S. Warren and Elizabeth F. Larsen provided Real Estate and Land Use counsel to the Company in connection with the refinancing.
The project required the transfer of several million square feet of unused development rights, the establishment of protective easements at one of New York City's most complex properties, and substantial negotiations with a variety of local, state and federal government agencies. The refinancing allows Starrett City to remain in the New York State Mitchell-Lama program for another 30 years and provides a $40 million fund for capital improvements, which, according to Starrett City, Inc. President Robert Poll, will "further solidify Starrett City’s place as the premier affordable housing complex in the nation."