ROSE SECURES FINANCING FOR DEVELOPMENT OF THE LARSTRAND

ROSE SECURES FINANCING FOR DEVELOPMENT OF THE LARSTRAND

New York, NY – October 24, 2011 – (RealEstateRama) — Rose Associates announced today that it has closed a $125 million loan funded by the issuance of bonds provided by the New York State Housing Finance Agency for the development of a luxury apartment building. Wells Fargo provided the credit enhancement for the bonds. The loan will facilitate the construction of The Larstrand, a development of New York City-based Friedland Properties. Of the Larstrand’s 181 apartments, 37 will be designated as affordable housing.

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