NEF Workforce Housing Innovation Fund provides $12.5 million loan

Brooklyn, NY National Equity Fund (NEF) has provided a $12.5 million loan to refinance a five-building portfolio through the NEF Workforce Housing Innovation Fund. The financing comes in partnership with Iris Holdings Group, a national affordable housing developer and operator spearheading the development.

The Jefferson MacDonough Portfolio is comprised of five, walk-up buildings totaling 56 residential units in the Bedford Stuyvesant neighborhood. The properties feature a mix of studio, one-bedroom, two-bedroom and three-bedroom units.

“It’s been great to further our relationship with Iris Holdings Group on this workforce housing project, said David Martin, member of National Equity Fund Preservation Capital Advisors, LLC. “Expanding our portfolio with like-minded, mission-driven developers is our top priority.”

“Workforce housing is a critical component of our affordable housing platform and it’s a pleasure working with organizations that share our vision,” said Marc Blumenfrucht, a managing partner at Iris Holdings Group.

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