Iris Holdings Group signs $120M refi with MF1 Capital for 316-unit Brooklyn portfolio
Marc Blumenfrucht’s Iris Holdings Group through the entity Park Affordable Housing Development Fund Corp as borrower signed a refi loan with Boston-based lender MF1 Capital valued at $120 million for eight rentals with 316 units including the 64-unit rental (C1) at 864 49th Street in Sunset Park, Brooklyn, 40-unit rental (C1) at 914 47th Street in Borough Park, Brooklyn, and 35-unit rental (C1) at 961 42nd Street in Borough Park, Brooklyn.
The deal closed on November 9, 2021 and was recorded on November 30, 2021.
The eight properties have 282,180 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $425 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Iris Holdings Group was Marc Blumenfrucht.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $361,585.
Blumenfrucht bought this 8-building portfolio in 2018 from Maimonides Medical Center for approximately $68 million.
The owners according to the Department of Housing Preservation and Development includes David Schreiber, head officer and Max Askarbekov, site manager. The business entity is 902 47th Llc.
Within a 400-foot radius of 902 47th Street, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, three were loans above $5 million totaling $157.2 million. The most recent of the three was Goldberg Family which borrowed $10.0 million from New York Community Bank secured by the 83,634-square-foot, 84-unit rental (D1) on 4600 9th Avenue on April 7, 2021.
Direct link to Acris document. link
Direct link to Acris document. link