Walker & Dunlop arranges $86 million Freddie Mac loan refinance of affordable housing portfolio in Queens

Queens, NY Walker & Dunlop has arranged an $86.443 million Freddie Mac refinancing of a 506-unit multifamily portfolio in the Flushing neighborhood. The loan was originated on behalf of Iris Holdings Group and refinances the portfolio’s existing debt while supporting its long-term affordability.

The Flushing Preservation Portfolio is comprised of four elevator buildings. The 481,000 s/f 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 St., 45-15 Colden St., 44-35 Colden St., and 137-20 45^th Ave.

Iris Holdings Group partnered with the NYC 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 managing director of capital markets 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. “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.”