Greystone Provides $115M Loan for Queens Affordable Preservation

Greystone Provides $115M Loan for Queens Affordable Preservation
News| November 4, 2025| Paul Bubny
New York & Tri-State + Apartment Buildings

Greystone provided a $114.5-million bridge loan to Iris Holdings Group for the acquisition and rehabilitation of The State Preservation Portfolio, a 753-unit multifamily portfolio in Queens. The State Preservation Portfolio comprises nine elevator buildings, each named after a state.

Iris Holdings partnered with the New York City Department of Housing Preservation and Development to preserve and rehabilitate the portfolio for families of varying levels of income affordability for the next 40 years. The properties are located at 64-20 Saunders St., 97-50 Queens Blvd., 64-85 Wetherole St., 65-44 Saunders St., 67-15 Dartmouth St., 63-60 98th St., 123-30 83rd Ave., 84-209 Austin St. and 134-20 87th Ave.

“This financing exemplifies Greystone’s mission to support long-term affordable housing preservation in cooperation with forward-thinking developers like Iris Holdings Group,” said Miryam Reinitz-Kops, VP at Greystone Capital Advisors. “We are proud to provide capital that enables both the acquisition and meaningful rehabilitation of these critical assets, helping ensure housing stability and accessibility for New York families.”

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