Brooklyn Mixed-Use Project Gets $20M Tax-Subsidized Loan

Law360, New York (August 27, 2012, 5:01 PM EDT) -- An affiliate of Acadia Realty Trust has secured $20 million in tax-subsidized financing for the development of the second phase of its 1.8 million-square-foot retail and residential project in downtown Brooklyn, New York, the developer's attorneys said Monday.

Special purpose entity Acadia-Washington Square Albee LLC obtained the funds through the U.S. Department of the Treasury's New Markets Tax Credit program, which aims to encourage development and investment in low-income communities, according to Philip Marzetti, a tax partner at Paul Hastings LLP.

Acadia plans to use the...
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