BRONX, NY - National Equity Fund (NEF), a leading national nonprofit affordable housing finance company, has provided a $12,500,000 loan to refinance a five-building portfolio in Brooklyn, New York through the NEF Workforce Housing Innovation Fund. The financing comes in partnership with Iris Holdings Group, a national affordable housing developer and operator spearheading the development.
The Jefferson MacDonough Portfolio is comprised of five, walk-up buildings totaling 56 residential units in the Bedford Stuyvesant neighborhood of Brooklyn. The properties feature a mix of studio, one-bedroom, two-bedroom and three-bedroom units.
"It’s been great to further our relationship with Iris Holdings Group on this workforce housing project, said David Martin, member of National Equity Fund Preservation Capital Advisors, LLC. “Expanding our portfolio with like-minded, mission-driven developers is our top priority.”
“Workforce housing is a critical component of our affordable housing platform and it’s a pleasure working with organizations that share our vision,” said Marc Blumenfrucht, a managing partner at Iris Holdings Group.
About National Equity Fund (NEF): National Equity Fund, Inc. is a leading nonprofit Low-Income Housing Tax Credit (LIHTC) syndicator, lender, and equity investor in multi-family affordable housing, with a mission to create and deliver innovative, collaborative financial solutions to expand the creation and preservation of affordable housing. Through its multiple lending and investing platforms, NEF generates opportunities rooted in its vision that all individuals and families across the country have access to stable, safe, and affordable homes that provide a foundation for them to reach their full potential. Since being founded in 1987, NEF has invested over $22.7 billion, representing 231,500 new affordable homes for individuals, families, and communities in need across the country. NEF is Chicago-based and has donated more than $225 million in grants to support its affiliate LISC's nationwide community development work. To learn more about NEF's impact, innovative financial solutions, and opportunities, visit www.nefinc.org.