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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.  

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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).

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