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National Equity Fund Furnishes $27M Refi on St. George Apartments
Nonprofit affordable housing finance company National Equity Fund has provided a $27,457,000 loan to refinance a 115-unit multifamily property in Staten Island’s St. George neighborhood. The financing comes in partnership with Iris Holdings Group, a national affordable housing developer and operator spearheading the development.
The Belmont Apartments community comprises two six-story buildings on the Staten Island waterfront. Constructed in 1966, the 130,000-square-foot property features a mix of one-bedroom, two-bedroom and three-bedroom units. Iris partnered with the New York City Department of Housing Preservation and Development to preserve affordability at the property for 40 years.
“We had an aggressive closing schedule and without the cooperation and expertise of our partners at Iris Holdings Group, we would not have been able to close this loan in such a short time frame,” said David Martin, member of National Equity Fund Preservation Capital Advisors, LLC.
- ◦Financing
