QUEENS, NY - Walker & Dunlop, one of the largest commercial real estate finance companies in the United States and internationally, has arranged an $86,443,000 Freddie Mac refinancing of a 506-unit multifamily portfolio in the Flushing neighborhood of Queens, New York. The loan was originated on behalf of Iris Holdings Group, a national affordable housing preservation and investment firm, and refinances the portfolio’s existing debt while supporting its long-term affordability.
The Flushing Preservation Portfolio is comprised of four elevator buildings in the Flushing neighborhood of Queens. The 481,000-square-foot portfolio features covered parking, views of Kissena Corridor Park and features a mix of studio, one-bedroom, two-bedroom and three-bedroom units.
The addresses of the portfolio include:
- 44-15 Colden Street, Flushing, NY 11355
- 45-15 Colden Street, Flushing, NY 11355
- 44-35 Colden Street, Flushing, NY 11355
- 137-20 45th Avenue, Flushing, NY 11355
Iris Holdings Group partnered with the New York City Department of Housing Preservation and Development in 2024 to preserve this project at varying levels of affordability for the next 40 years. As part of that effort, the Sponsor has completed a comprehensive capital improvement program across the portfolio, including major building-system upgrades, unit renovations and a range of energy efficiency improvements that reduce the property’s carbon footprint.
"Queens is facing an affordable housing shortage that grows more acute every year,” said Marc Blumenfrucht, a managing partner at Iris Holdings Group. “This project is a prime example of what mission-aligned partners can achieve when they come together around a shared goal."
Walker & Dunlop Affordable Housing Debt and Capital Markets Real Estate Finance, led by John Gilmore and Harvey Pava, arranged the fixed-rate financing.
“Preserving affordable housing requires thoughtful financing, deep market knowledge and the ability to navigate complex transactions,” said Pava, Managing Director of Capital Markets at Walker & Dunlop. “Our team was able to leverage Walker & Dunlop’s extensive agency lending capabilities and affordable housing expertise to structure a Freddie Mac execution that supports the long-term stability of this portfolio. We are proud to work alongside Iris Holdings Group to help preserve critical affordable housing for hundreds of families in Flushing.”
About Walker & Dunlop: Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States and internationally. Our ideas and capital create communities where people live, work, shop, and play. Our innovative people, breadth of our brand, and our technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.
About Iris Holdings Group: Iris Holdings Group is a national affordable housing preservation and investment firm. The firm acquires, finances, renovates, and manages regulated multifamily housing, partnering with public agencies, lenders, and investors to preserve long-term affordability and improve quality of life for residents. Iris Holdings Group works extensively with government agencies, and with agency lenders such as Freddie Mac to keep affordable housing affordable for generations of New Yorkers.