Greystone Provides $114.5M Bridge Loan To Iris Holdings For 753-Unit Queens Portfolio

The transaction involved a multifamily asset consisting of nine elevator buildings with a total of 753 residential units, located across multiple addresses in Queens. The properties included 64-20 Saunders Street, 97-50 Queens Boulevard, 64-85 Wetherole Street, 65-44 Saunders Street, 67-15 Dartmouth Street, 63-60 98th Street, 123-30 83rd Avenue, 84-209 Austin Street, and 134-20 87th Avenue. A bridge loan of $114.5 million was secured to facilitate the acquisition and rehabilitation of this State Preservation Portfolio.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $114,500,000
• Lender: Stephen Rosenberg - Greystone
• Landlord: Iris Holdings Group
• Loan Type: Bridge
• Units: 753
• Market: Queens

Stephen Rosenberg from Greystone acted as the lender in this transaction, providing the necessary financing to Iris Holdings Group. The partnership with NYC's Housing Preservation & Development was established to maintain long-term affordability for the portfolio over the next 40 years.