Iris Holdings Group has secured a $114.5 million bridge loan from Greystone for the acquisition and rehabilitation of the State Preservation Portfolio, a 753-unit multifamily portfolio in several Queens, N.Y., neighborhoods. LeFrak was the seller of the portfolio.
Iris Holdings Group, a Bronx-based national affordable housing developer and operator, is spearheading the redevelopment efforts at nine buildings totaling 720,000 square feet. The firm partnered with the New York City Department of Housing Preservation and Development to preserve and rehabilitate the portfolio for families of varying levels income affordability for the next 40 years.
In prepared remarks, Chayim Kirschenbaum, a partner at Iris Holdings Group, cited the importance of cooperative efforts between the public and private sectors in large-scale affordable housing projects. The collaboration between Iris and HPD on this project will enable the firm to make upgrades while ensuring stability and opportunity for current residents, he added.
Rehab plans
Renovations include system upgrades to the elevator-served buildings, which have a mix of studios, one-, two- and three-bedroom apartments. The properties, which average about 60 years old, have covered parking and skyline views.
Iris Holdings Group will implement 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.
Five of the assets are located in Queens’ Rego Park section of Queens: 64-20 Saunders St., 97-50 Queens Blvd., 64-85 Wetherole St., 65-44 Saunders St., and 63-60 98th St.
Also included in the portfolio are 67-15 Dartmouth St., Forest Hills; 134-20 87th Ave. in Richmond Hills; and 123-30 83rd Ave. and 84-20 Austin St., both in the Rego Park neighborhood.
Additional affordable deals
In June 2024, Iris acquired a 506-unit multifamily portfolio from LeFrak in the Flushing section of Queens. The firm secured a $75 million acquisition and rehabilitation loan from National Equity Fund for the purchase and redevelopment projects. Iris also partnered with HPD for the renovations and to maintain the assets’ affordability.
Built between 1962 and 1963, the four buildings encompass 481,000 square feet. The unit mix features studio, one- to three-bedroom floorplans that range from 425 to 1,245 square feet. The properties are at 44-15, 45-15 and 44-35 Colden St. and 137-20 45 Ave.
Earlier this year, Greystone issued a $90 million Fannie Mae loan to Metropolitan Realty Group for the refinancing of Cromwell Towers Apartments, a 317-unit affordable community in Yonkers, N.Y. The property provides housing for residents earning up to 60 percent of the area median income.
During the summer, Greystone Real Estate Capital closed on its first Low-Income Housing Tax Credit investment vehicle at $103 million. Proceeds will be used to develop and preserve 959 income-restricted units across 11 properties in Louisiana, Massachusetts, Mississippi, New Jersey, Ohio and Pennsylvania. The fund launched last year along with Greystone’s new LIHTC platform.
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