**Greystone Provides $114.5M Loan for Queens Affordable Housing Preservation**
Greystone has provided a $114.5 million bridge loan to Iris Holdings Group for the acquisition and rehabilitation of The State Preservation Portfolio, a 753-unit multifamily housing portfolio located in Queens, New York. This portfolio includes nine elevator buildings, each named after a U.S. state.
As part of the acquisition, Iris Holdings has partnered with the New York City Department of Housing Preservation and Development to preserve and rehabilitate the properties. The collaboration is designed to ensure these homes remain affordable for families across various income levels for the next 40 years.
The properties included in The State Preservation Portfolio are located at:
– 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
– 134-20 87th Avenue
“This financing exemplifies Greystone’s mission to support long-term affordable housing preservation in cooperation with forward-thinking developers like Iris Holdings Group,” said Miryam Reinitz-Kops, Vice President at Greystone Capital Advisors. “We are proud to provide capital that enables both the acquisition and meaningful rehabilitation of these critical assets, helping ensure housing stability and accessibility for New York families.”
