Walker & Dunlop Writes $86.4M Mortgage on 506 Flushing Apartments
City Register records show the loan, a Freddie Mac assignment and a City agreement all recorded the same day.
A Queens partnership called Flushing Preservation L.P. recorded an $86,443,000 mortgage to Walker & Dunlop on September 22, covering four elevator buildings in Flushing with 506 apartments.
For a developer or broker, the figure to carry is the per-unit number: about $170,800 an apartment of debt on 1960s-era buildings that the record ties to a City agreement. That is a benchmark for how lenders price long-term-affordable stock in Queens.
Why it matters
The City Register shows five related documents recorded the same day against the same lots (block 5145 lots 1 and 24, block 5146 lots 1 and 26). The mortgage is dated September 11. Alongside it sit an assignment of the mortgage from Walker & Dunlop to the Federal Home Loan Mortgage Corporation (Freddie Mac), an agreement between Walker & Dunlop and The City of New York, an agreement with Flushing Preservation L.P., and a satisfaction of a prior mortgage held by NEF Preservation PB Fund I LP. In plain terms: an older loan was retired, a new one was written, and it was passed to Freddie Mac.
City property records list the owner of all four lots as Flushing Preservation HDFC, as nominee, a housing development fund company structure. Trade coverage attributes the portfolio to Iris Holdings Group and describes it as preserved at varying affordability levels with the City’s housing agency; we have not seen that program document, so treat the affordability terms as unconfirmed.
The numbers
City planning data counts 138 apartments at 44-15 Colden Street, 71 at 44-35 Colden Street, 148 at 45-15 Colden Street and 149 at 137-20 45th Avenue: 506 in total. Dividing $86,443,000 by 506 gives roughly $170,800 per apartment (loan per unit, not a sale price). The 44-15 Colden building alone is 118,956 square feet and was built in 1963.
What’s next
The assignment suggests the loan sits in Freddie Mac’s multifamily book rather than on the lender’s balance sheet. The record does not show rents, the affordability term or the loan rate. Watch for more recorded agreements on the same lots, and see the rest of our New York coverage for comparable refinancings.
On the record
What we checked ourselves, and where you can check it too.
- Public recordWe matched the mortgage, a same-day assignment to Freddie Mac, a same-day agreement with the City and a satisfaction of the prior mortgage in the City Register, then added up unit counts across all four lots to get $170,800 a unit.View the record on a836-acris.nyc.gov
Sources
- NYC City Register (ACRIS)Mortgage, Flushing Preservation L.P. to Walker & Dunlop, LLC, $86,443,000
- NYC City Register (ACRIS)Assignment of mortgage, Walker & Dunlop, LLC to Federal Home Loan Mortgage Corporation
- NYC City Register (ACRIS)Agreement, Walker & Dunlop, LLC to The City of New York
- Multi-Housing NewsIris Holdings Lands $86M for Queens Affordable Portfolio