Greystone Provides $60M Acquisition Loan for Staten Island Apartments
Iris Holdings Group has landed a $60 million bridge loan for the acquisition of Seaview Estates, a rental property that provides affordable housing in Staten Island, Commercial Observer has learned.
The loan was originated by Miryam Reinitz-Kops of Greystone. It features a 24-month term with two six-month extensions and is interest-only.
“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 New York City,” Reinitz-Kops said in a statement. “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.”
Located at 201 Hamilton Avenue, the four-building apartment complex was built in 1929 with a mix of one-, two- and three-bedroom apartments. The property’s amenities include pool, tennis court, fitness center and landscaped inner courtyards.
Greystone plans to work with the new owners to transition the property to permanent U.S. Department of Housing and Urban Development-insured financing for a long-term mortgage solution. Monthly rents range from $1,316 for one-bedrooms to $2,500 for two-bedrooms, according to Apartments.com.
“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 of Iris Holdings Group. “We look forward to the next step in the process as we pursue HUD financing for Seaview Estates.”
Emily Fu can be reached at: EFu@commercialobserver.com.