National Equity Fund (NEF), a leading national nonprofit affordable housing finance company, has provided a $27,457,000 loan to refinance a 115-unit multifamily property in Staten Island, New York. The financing is being done in partnership with Iris Holdings Group, a national affordable housing developer and operator leading the development.
The Belmont Apartments community comprises two six-story buildings in the waterfront neighborhood of St. George in Staten Island. Built in 1966, the 130,000-square-foot property features a mix of one-bedroom, two-bedroom, and three-bedroom units.
Several years ago, Iris Holdings Group partnered with the Department of Housing Preservation and Development to preserve and rehabilitate this property to varying levels of accessibility for the next 40 years. The property has also earned ENERGY STAR® certification from the United States Environmental Protection Agency (EPA) for superior energy performance based on significant energy efficiency improvements made by the developer.
ENERGY STAR certified buildings and factories are verified to operate in the top 25% of buildings nationwide, based on weather-normalized source energy consumption that takes occupancy into account , operating hours and other key parameters. ENERGY STAR is the only energy efficiency certification in the United States based on real, verified energy performance.
“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,” said David Martin, member of the National Equity Fund Preservation Capital. Advisors, LLC. “It was a pleasure to work with Iris Holdings Group to further expand affordable housing options in this community.”
“Working with a like-minded entity on Belmont apartment finance has been a great pleasure for our team. The world of affordable housing finance is complex and having a finance partner of NEF’s caliber makes all the difference,” said said Chayim Kirschenbaum, managing partner at Iris Holdings Group.
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