Iris Holdings obtained financing of $11M from METROPOLITAN COMMERCIAL BANK

Iris Holdings through the entity 39 MACDONOUGH LLC as borrower signed a loan agreement with lender METROPOLITAN COMMERCIAL BANK valued at $11.3 million for 5 parcels, including the tax class multifamily, over six families without stores (C1) and containing 53 residential units at 193 Jefferson Avenue, 191 Jefferson Avenue, 189 Jefferson Avenue, 39 Mac Donough Street, 44 Mac Donough Street in Bedford-Stuyvesant. The deal closed on June 28, 2019 and was recorded on July 15, 2019.
The property contains a total of 63,335 square feet of built space.
The average loan per unit is $212,264.
The last time the property sold was August 03, 2017, for $15,000,000.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $244,600. Those filings sought to increase the number of residential units by 2 to 10 There was one renovation/alteration project (A2) applied for with a total estimated value of $300,620.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link