Iris Holdings signs $11.7M refi with KeyBank for five Bed-Stuy rentals

Iris Holdings Group through the entity 189-191-193 Jefferson LLC as borrower signed a refi loan with lender KeyBank valued at $11.7 million for five rentals including the 16-unit rental (C1) at 44 MacDonough Street in Bedford-Stuyvesant, Brooklyn, 13-unit rental (C1) at 39 MacDonough Street in Bedford-Stuyvesant, Brooklyn, and eight-unit rental (C1) at 193 Jefferson Avenue in Bedford-Stuyvesant, Brooklyn.
The deal closed on June 23, 2021 and was recorded on July 7, 2021.
The five properties have 63,335 square feet of built space and 0 square feet of additional air rights for a total buildable of 44,137 square feet according to PincusCo analysis of city data. The loan price per built square foot is $185 per the PincusCo analysis.
The signatory for Iris Holdings Group was Marc Blumenfrucht.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $36,489. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $284,308. One of the projects were to change the building from a J-2 to a R-2 and were permitted on August 12, 2020.
Marc Blumenfrucht is a managing member at Iris Holdings Group.
The owners according to the Department of Housing Preservation and Development includes Shay Hart, head officer and Luis Maldonado, site manager. The business entity is 44 Macdonough Llc.
Within a 400-foot radius of 44 MacDonough Street, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was in new building development. It was a new building permit issued on August 25, 2020 for a 24,964-square-foot R-2 building with 26 residential units residential units at 1425 Fulton Street.
Of those three items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on August 28, 2020 for the $614,350 renovation of a 5,557-square-foot R-2 building with seven residential units at 1427 Fulton Street.
One of those three items was a loan which Margaret Grossman borrowed $5.4 million from New York Community Bank secured by the 12,160-square-foot, eight-unit rental (C1) on 3 MacDonough Street and one other property on May 7, 2021.

Direct link to Acris document. link