The rating on Illinois Development Finance Authority's bonds is affirmed pending a proposed change in partnership interest and proposed change in management of the property. The rating reflects: * Debt service coverage of 1.16 times (x), * Sufficiency of reserves, * Quality of investments, and * Proposed changes in management and ownership of the property. Casden Properties GP II Limited Partnership plans to acquire the general partner interest under the terms of the limited partnership agreement for Sandwich Apartments Associates, II Limited Partnership. Simultaneously, HAPI Management Inc. will assume management responsibilities of the property. Casden's 450-person staff is experienced at handling all aspects of multifamily housing ownership. The staff includes real estate management, asset management, accounting, engineering, acquisition, and compliance
