HACKENSACK, NJ - Greystone, a leading national commercial real estate finance company, has provided a $114,500,000 bridge loan on behalf of Iris Holdings Group for the acquisition and rehabilitation of The State Preservation Portfolio, a 753-unit multifamily portfolio in Queens, New York. Iris Holdings Group, a national affordable housing developer and operator, is spearheading the development.
The State Preservation Portfolio is comprised of nine elevator buildings across 720,000 square feet. It features covered parking, skyline views, and a mix of studio, one-bedroom, two-bedroom and three-bedroom units.
The properties are located at the following addresses:
- 64-20 Saunders Street
- 97-50 Queens Boulevard
- 64-85 Wetherole Street
- 65-44 Saunders Street
- 67-15 Dartmouth Street
- 63-60 98th Street
- 123-30 83rd Avenue
- 84-20 Austin Street
- 134-20 87th Avenue
Iris Holdings Group partnered with the New York City Department of Housing Preservation and Development to preserve and rehabilitate the portfolio for families of varying levels of income affordability for the next 40 years. In addition to various major system upgrades, the sponsor will be implementing upgrades under HPD’s Aging in Place program, enhancing accessibility and safety so that residents can remain in their homes and communities as they grow older.
“This financing exemplifies Greystone’s mission to support long-term affordable housing preservation in cooperation with forward-thinking developers like Iris Holdings Group,” said Miryam Reinitz-Kops, vice president at Greystone Capital Advisors. “We are proud to provide capital that enables both the acquisition and meaningful rehabilitation of these critical assets, helping ensure housing stability and accessibility for New York families.”
"Affordable housing at this scale can only be achieved when the public and private sectors work hand-in-hand. This transaction reflects a shared commitment to protect affordability for generations to come. By working collaboratively, we can deliver meaningful upgrades to housing while ensuring stability and opportunity for the families who call these buildings home,” said Chayim Kirschenbaum, a partner at Iris Holdings Group.
About Greystone: Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com