Updated Sep 21, 2026
Iris Holdings Group Secures $86 Million Freddie Mac Loan To Refinance 506-Unit Portfolio In Flushing
44-15 Colden Street, Dress45-15 Colden St., 45-15 Colden Street, 44-35 Colden Street & 137-20 45th Avenue
$86,000,000
Units
506
Asset Type
MultiFamily
Closing
Sep 21, 2026
About this deal
AI
The transaction involves a multi-family asset consisting of 506 units located at 44-15 Colden Street, 45-15 Colden Street, 44-35 Colden Street, and 137-20 45th Avenue in Flushing. Iris Holdings Group secured a Freddie Mac loan amounting to $86,000,000 to refinance this affordable housing portfolio, which was previously acquired with the NYC Department of Housing Preservation and Development in 2024.
Summary of transation details:
- Property Type: MultiFamily
- Transaction Amount: $86,000,000
- Loan Type: Refinance
- Lender: Freddie Mac
- Landlord: Iris Holdings Group
- Brokers: John Gilmore & Harvey Pava - Walker & Dunlop
- Market: Flushing
The deal was facilitated by brokers John Gilmore and Harvey Pava from Walker & Dunlop, who represented Iris Holdings Group in this transaction. This refinancing reflects the landlord's strategic move to enhance their investment in the Flushing area.
Players
Flushing MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.18%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93