Greystone, a leading national commercial real estate finance company, has provided a $ 60 million bridge loan to acquire Seaview Estates, an affordable 316-unit rental property in Staten Island, New York. The transaction was initiated by Miryam Reinitz-Kops of Greystone on behalf of Iris Holdings Group.
Greystone’s $ 59,550,000 bridging loan has a term of 24 months with two six-month extensions and bears interest only. Seaview Estates is a four-building apartment complex that will be preserved by the new owners in order to maintain a valuable stock of affordable housing in New York City. Located near the water, the property features private landscaped interior courtyards for residents, as well as a fitness center and laundry facilities. The Greystone team will work with new homeowners to move the property to permanent HUD-assured financing for a long-term mortgage solution.
“Seaview Estates is a unique property on Staten Island, but its most important feature is being an affordable housing property providing safe and clean housing for hundreds of New York residents,” said Ms. Reinitz-Kops. “It was a pleasure working with the IHG team on this transaction with a Greystone financing solution as they grapple with the affordable housing crisis in the country.”
“We are proud to modernize the Seaview Estates complex to provide long-term housing stability to residents and the community. Preserving the affordable housing stock is essential in a city that lacks economic options, ”said Marc Blumenfrucht, partner at Iris Holdings Group. “We look forward to the next step in the process as we pursue HUD funding for Seaview Estates. “
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