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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