Greystone, a leading national commercial real estate finance company, has provided a $60 million bridge loan for the acquisition of Seaview Estates, a 316-unit affordable housing rental property in Staten Island, New York. The transaction was originated by Miryam Reinitz-Kops of Greystone on behalf of Iris Holdings Group.

The $59,550,000 bridge loan from Greystone features a 24-month term with two six-month extensions and is interest-only. Seaview Estates is a four-building apartment complex that will be preserved by the new owners in order to maintain precious affordable housing stock in New York City. Located near the water, the property includes private, landscaped inner courtyards for residents, as well as a fitness center and laundry facilities. The Greystone team will work with the new owners to transition the property to permanent HUD-insured financing for a long-term mortgage solution.

“Seaview Estates is a unique property in Staten Island, but its most important characteristic is as an affordable housing property providing safe and clean homes to hundreds of residents in NYC,” said Ms. Reinitz-Kops. “It was a pleasure working with IHG’s team on this transaction with a Greystone financing solution as they address the country’s affordable housing crisis.”

"We are proud to be upgrading the Seaview Estates complex to offer long-term housing stability to the residents and community. Preservation of affordable housing stock is essential in a city lacking economical options,” said Marc Blumenfrucht, a partner at Iris Holdings Group. “We look forward to the next step in the process as we pursue HUD financing for Seaview Estates.”

Greystone, a leading national commercial real estate finance company, has provided a $26,000,000 bridge loan to refinance a 115-unit multifamily property in Staten Island, New York. The transaction was originated by Miryam Reinitz-Kops of Greystone on behalf of Iris Holdings Group, a national affordable housing developer and operator.  

The floating rate, interest-only bridge financing from Greystone features a 24-month term with two six-month extension options, with the intention to transition to permanent HUD-insured financing. Belmont Daniel Apartments comprises two six-story buildings in the St. George waterfront neighborhood of Staten Island. Constructed in 1966, the 130,000-square-foot property features a mix of one-, two-, and three-bedroom units.

“When borrowers are seeking long-term, permanent financing with HUD for affordable housing projects, the transactions can be highly complex, so our proprietary bridge loan platform is a great capital solution for the interim period,” said Ms. Reinitz-Kops.

“Greystone’s reputation as an expert in both bridge-to-HUD financing transitions and the affordable multifamily space are well-known, and invaluable for property investors within this space,” said Chayim Kirschenbaum, a managing partner at Iris Holdings Group. “We are thrilled to have collaborated with the Department of Preservation and Development to preserve and rehabilitate this property for varying levels of affordability for the next 40 years. Having a financial partner who is fluent in the complexities of these transactions is critical for addressing the affordable housing crisis.”