HACKENSACK, NJ - National Equity Fund (NEF), a leading national nonprofit affordable housing finance company, has provided a $75,700,000 loan to refinance a 316-unit multifamily property in Staten Island, New York. The financing comes in partnership with Iris Holdings Group, a national affordable housing developer and operator spearheading the development.
The Seaview Estates Complex is comprised of four elevator buildings in the St. George waterfront neighborhood of Staten Island. The 255,000-square-foot complex features an amazing courtyard, breathtaking views of Manhattan and features a mix of studio, one-bedroom, two-bedroom and three-bedroom units.
Iris Holdings Group partnered with the Department of Housing Preservation and Development in 2021 to preserve and renovate this property for varying levels of affordability for the next 40 years and has hired CAMBA, Inc. to provide social services at the site. In addition to various major system replacements, the Sponsor has completed several energy efficiency upgrades at the complex to reduce its carbon footprint.
“We enjoyed taking part in preserving this much-needed affordable housing and working with our talented partners at Iris Holdings Group,” said David Martin, member of National Equity Fund Preservation Capital Advisors, LLC.
“NEF is among the most sophisticated capital partners we’ve worked with. Their high level of expertise in the world of affordable housing is unmatched and this transaction is an example of the power that mission oriented groups can have when working together,” said Marc Blumenfrucht, a managing partner at Iris Holdings Group.
About National Equity Fund: National Equity Fund, Inc., is a leading nonprofit Low-Income Housing Tax Credit (LIHTC) syndicator and asset manager with a mission to create and deliver innovative, collaborative financial solutions to expand the creation and preservation of affordable housing. Through its diverse multi- and single-investor funds, NEF generates opportunities rooted in its vision that all individuals and families across the country have access to stable, safe and affordable homes. Since 1987, NEF has invested more than $20.6 billion, creating 215,500 homes for people across the country. NEF is a Chicago-based affiliate of LISC and has donated $210 million in grants to support LISC’s community investment efforts. To learn more, visit www.nefinc.org