Walker & Dunlop Arranges $86.4M Freddie Mac Refinancing for 506-Unit Queens Affordable Housing Portfolio
Walker & Dunlop has arranged an $86,443,000 Freddie Mac refinancing of a 506-unit multifamily portfolio in the Flushing neighborhood of Queens, New York, the firm announced.
The fixed-rate agency loan was arranged for Iris Holdings Group, the borrower, and covers the Flushing Preservation Portfolio, an affordable housing property group made up of four elevator buildings. Walker & Dunlop's John Gilmore and Harvey Pava arranged the financing.
Freddie Mac Loan Details
The $86,443,000 Freddie Mac loan is a fixed-rate agency financing. It works out to roughly $170,836 per unit and about $180 per square foot, based on the portfolio's approximately 481,000 square feet across four buildings. The loan retires a $75 million acquisition loan provided by National Equity Fund.
Walker & Dunlop describes itself as one of the largest commercial real estate finance companies in the United States and internationally.
Flushing Preservation Portfolio
The portfolio comprises four multifamily properties in Flushing, Queens:
- 44-15 Colden St.
- 45-15 Colden St.
- 45-35 Colden St.
- 137-20 45th Ave.
The buildings, completed in 1962 and 1963, range from six to seven stories. The apartments include studios and one-, two- and three-bedroom units. The properties are adjacent to Kissena Corridor Park and within roughly two miles of retail centers, Citi Field, Mets-Willets Point transportation links and the Whitestone Expressway.
Affordability Preservation Strategy
Iris Holdings Group acquired the properties from LeFrak Organization in June 2024 and partnered with the New York City Department of Housing Preservation and Development (HPD) to preserve affordability at varying income levels for 40 years. After the acquisition, Iris completed building-system upgrades, apartment renovations and energy-efficiency improvements.
The Freddie Mac refinancing replaces the acquisition debt with longer-term agency financing while the affordability commitment remains in place. The loan illustrates agency capital supporting preservation transactions while conventional commercial real estate debt remains expensive.
Agency Lending Context
Freddie Mac reported $110 billion of new business activity in the second quarter of 2026, up from $94 billion a year earlier, with the increase driven primarily by refinancing activity. The agency financed 133,000 multifamily rental units during the quarter, 91% of which were affordable to low- or moderate-income households.
The Flushing portfolio is geographically concentrated in a single neighborhood, with four buildings and 506 apartments.