Harlem Refi Hits New High

A staggering $360 million refinance of a gritty 1,800-unit complex from the 1950's is another indicator that high profits can be found in long-overlooked inner-city neighborhoods.

"Even as a battle looms between housing-rights advocates and a private buyer over the pending $1.3 billion sale of Starrett City, the nation's largest federally subsidized housing development, another deal quietly took place around a noted Central Harlem complex. Joint-venture partners Apollo Real Estate Advisors and Vantage Properties refinanced Delano Village, a seven-building, 1,800-unit housing complex dating from the 1950s for a whopping $360 million."

Thanks to Peter Slatin

Full Story: New Heights In Harlem

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