Greystone, a national commercial real estate finance firm, has reportedly offered a bridge loan of USD 60 million to acquire Seaview Estates, a Staten Island-based economic housing rental property. The transaction was initiated by Greystone’s Miryam Reinitz-Kops while representing Iris Holdings Group.
The bridge loan, which accurately costs USD 59,550,000, comprises a two-year term with two extensions of six months and is interest-based. The new owners will preserve the Seaview Estates, a four-building apartment complex, to maintain precious economic housing stock in New York City.
Situated close to water, the property includes landscaped, private inner courtyards for residents along with laundry and fitness center facilities. The Greystone team will collaborate with the new owners to shift the property to full-time financing insured by HUD for a long-term mortgage solution.
Ms. Reinitz-Kops expressed that Seaview Estates is a distinct property in Staten Island, but the provision of clean and safe homes to numerous residents at affordable prices is the company’s crucial characteristic.
Reinitz-Kops was delighted to collaborate with the IHG team on this transaction through a Greystone financing solution as it addresses the affordable housing crisis of the United States.
In addition, Marc Blumenfrucht, a partner at Iris Holdings Group cited that the company will upgrade the Seaview Estates complex to provide long-term housing stability to the community as well as the residents. Blumenfrucht also emphasized the importance of preserving affordable housing stock in a city that lacks economical alternatives.
It is worth noting that Greystone has an established reputation as a leader in healthcare and multifamily finance. The company is ranked as a top lender of FHA, Fannie Mae, and Freddie Mac in these sectors. Loans are offered through Greystone Funding Company LLC, Greystone Servicing Company LLC, and other affiliates of the company.
Greystone also manages more than 10,000 multifamily units and around 2,000 skilled nursing beds.