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New owners to invest $52m improving Brooklyn complex.

Publication: Real Estate Weekly
Publication Date: 03-JAN-07 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
Making a commitment to affordability extending over a period of at least 33 years, The Arker Companies and The Domain Companies have purchased Spring Creek Gardens, a 582-unit affordable housing complex located in Brooklyn's East New York neighborhood.

The new owners will implement a $51.7 million redevelopment initiative at the low-rise, 6.3-acre site.

The Arker Companies and The Domain Companies--which both have extensive experience in affordable housing development--purchased the property from the original owner for $18.3 million. The acquisition received tax-exempt bond financing provided through the New York City Housing Development Corporation (HDC). The...

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