Greystone Provides $26M for Staten Island Community

The affordable property changed hands and underwent renovations last year.
Belmont Daniel Apartments. Image via Google Maps

Iris Holdings Group has refinanced Belmont Daniel Apartments, a 115-unit affordable community in Staten Island, N.Y. The $26 million bridge loan secured by Greystone is retiring two acquisition loans.

The new interest-only loan features a variable interest rate and a two-year term with two additional six-month extension options. The owner plans to transition to a permanent, long-term HUD loan.

The property last traded in July 2020, when Iris Holdings Group purchased it for $11.9 million, public records show. The acquisition ensured a 40-year affordability period, with units available to residents earning between 55 and 100 percent of the area median income.

The owner financed the acquisition and rehabilitation of Belmont Daniel Apartments with a $10 million senior loan and a $2.4 million building loan, both provided by Pembrook Capital Management.

Located on 1.4 acres at 100 Belmont Place and 101 Daniel Low Terrace, the rent-restricted property features one-, two- and three-bedroom apartments. Belmont Daniel Apartments includes two six-story buildings constructed in 1966 and totaling 130,000 square feet.

The community is within a mile of the St. George Ferry Terminal, also served by the Staten Island Railway. The property is also within walking distance of the Stuyvesant Place retail corridor and the St. George Theatre, some 2 miles north of St. John’s University.

Miryam Reinitz-Kops of Greystone originated the new financing package. In July, another Greystone team provided a $36.5 million financing package for three skilled nursing facilities totaling 488 beds across North Carolina.