Citi-Led Housing Fund Venture Buys Harlem's Savoy Park

Law360, New York (June 21, 2012, 2:21 PM EDT) -- A real estate equity fund joint venture between Citigroup Inc. and L&M Development Partners Inc. has acquired the financially troubled Savoy Park apartment complex in Manhattan's Harlem neighborhood from Area Property Partners LP and Vantage Properties LLC, the companies said Thursday.

In a joint statement, the companies announced that the New York Affordable Housing Preservation Fund has acquired the complex, which has struggled to pay off a $210 million balance on a delinquent senior mortgage loan.

The companies did not provide financial details of the transaction....
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