National Equity Fund

Seaview Estates

Staten Island, NY


Statistic
Jobs Created: 94
Jobs Year One: 385


Constructed in 1929 in Staten Island, NY, Seaview Estates resides near the Staten Island Ferry and was substantially renovated in 1999. With 316 multifamily apartments, 43 units are reserved for households earning no more than 70 percent of the Area Median Income (AMI), 150 units are restricted to 90 percent AMI, 88 units to 100 percent AMI, and 33 units to 120 percent AMI. There are 48 units reserved for eligible homeless tenants in need of emergency shelter.

Operating under the City of New York’s Article XI program, which encourages new construction and rehabilitation of affordable housing by Housing Development Fund Corporations. Supportive services will be provided by the Church Avenue Merchant Block Association (CAMBA). CAMBA helps individuals and families facing eviction remain in their homes to ensure children remain in the schools they already attend. A capital improvement plan started prior to the closing at $13,924 per unit and $2,895 per unit was set aside for improvements post-closing.

This development is sponsored by Iris Holdings Group, which specializes in acquisition, rehabilitation, and management of distressed real estate. Seaview Estates has been refinanced with a $75.7 million loan with a five-year term through NEF's Preservation Loan program.



Project Details:

Population Served:
Homeless
Total Units:
316
Net Equity:
75.7M
Developer(s):
Iris Holdings Group
Property Manager:
Iris Holdings Group

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