Multifamily investor Iris Holdings buys Maimonides’ Brooklyn portfolio for $68M

Marc Blumenfrucht-led firm bought 8 properties in Borough Park

Dec.December 10, 2018 03:35 PM

From left: 864 49th Street, 902, 914 and 926 47th Street, and 1016 50th Street in Brooklyn

Maimonides Medical Center has sold eight of its buildings in Borough Park to Marc Blumenfrucht Iris Holdings for about $68 million, according to property records.

TPG Real Estate Finance Trust provided $67.5 million in financing for Iris Holdings for the deal. The properties are addressed at 864 49th Street, 983 and 1005 46th Street, 5001 10th Avenue, 1016 50th Street and 902, 914 and 926 47th Street. They are mostly vacant multifamily buildings with 295 apartment units across about 263,000 square feet.

A CBRE team of Elli Klapper, Charles Berger, Richard Karson and Jay Gelbtuch brokered the deal, and a Meridian Capital Group team of Ronnie Levine, Isaac Filler and Thomas Wayda negotiated the financing.

Iris Holdings focuses largely on mid-market deals. Its recent transactions include buying a five-building portfolio in Bedford-Stuyvesant for $15 million and an 84-unit building at 26-49 96th Street in East Elmhurst for $10.2 million.

Related Articles

Sharif El-Gamal (Photo by Desiree Navarro/WireImage)

WATCH: Developer Sharif El-Gamal has Covid-19. But he’s one of the lucky ones

Knotel CEO Amol Sarva 

Another huge round of layoffs for Knotel

Miki Naftali, Steven Witkoff and Ryan Freedman

TRD Talks: How developers are contending with coronavirus

Governor Andrew Cuomo (Photo by Spencer Platt/Getty Images; iStock)

Cuomo’s foreclosure, mortgage moratorium has no teeth

From left: Realogy's Ryan Schneider, Cushman & Wakefield's Brett White and Newmark Knight Frank's Barry Gosin (Credit: iStock)

Brokerage stocks plunge amid market turmoil

Mayor Bill de Blasio halted ULURP, stalling projects like 960 Franklin Avenue, Rikers Island and Industry City 

These projects could be held up by New York’s rezoning freeze

Eric Garcetti orders a moratorium on LA commercial evictions (Photo credit: iStock photo)

LA mayor orders a moratorium on commercial evictions

Mayor Bill de Blasio and Westchester Square Hospital in the Bronx (Credit: Lev Radin/Pacific Press/LightRocket via Getty Images; Google Maps)

New York City seeking sites for coronavirus triage centers