Greystone Provides $115M Loan for Queens Affordable Preservation

Greystone 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 portfolio in Queens. The State Preservation Portfolio comprises nine elevator buildings, each named after a state.

Iris Holdings partnered with the New York City Department of Housing Preservation and Development to preserve and rehabilitate the portfolio for families of varying levels of income affordability for the next 40 years. The properties are located at 64-20 Saunders St., 97-50 Queens Blvd., 64-85 Wetherole St., 65-44 Saunders St., 67-15 Dartmouth St., 63-60 98th St., 123-30 83rd Ave., 84-209 Austin St. and 134-20 87th Ave.

“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, VP 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.”

Inside The Story

Greystone's Reinitz-Kops

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

Order Reprints