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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.