July 13, 2020
(Updated with additional information)
Pembrook Capital Management LLC is providing a $12.4-million loan to Iris Holdings Group for the acquisition and rehabilitation of 100 Belmont Pl. and 101 Daniel Low Terr., two adjacent rent-stabilized apartment buildings in Staten Island totaling 112 apartment units. Meridian Capital Group’s Isaac Filler and Yossi Koschitzki arranged the loan on behalf of Iris Holdings.
The buildings will be converted to long-term rent-regulated properties via New York City’s Article XI Tax Incentive Program. The borrower plans to utilize the majority of the financing package to acquire the asset and will set aside $2.3 million of the funding for capital improvements.
“With Pembrook’s structured financing in place, the new ownership will be able to rehabilitate the property, improving the units to current market standards, but at the same time keeping the units affordable over the long-term for hard-working Staten Island residents,” said Stuart Boesky, Pembrook’s CEO.
For comments, questions or concerns, please contact Paul Bubny