Greystone 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.”