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FRESH MEADOWS, NY-In the largest single-asset loan acquisition transaction in Fannie Mae's history, the ownership of a 140-building multifamily complex here has secured a $325-million Fannie Mae DUS loan. The transaction will refinance the self-contained, 3,285-unit site.
The transaction will amortize over 30 years, after a 10-year interest-only period, and carries a note rate of 5.55%. The neighborhood, which was built between 1646 and 1962, covers approximately 124 acres.
Located at 188-02 64th Ave., the buildings consist of one 20-story tower housing 279 units, two 13-story buildings with a total of 622 units, 67 three-story buildings with a total of 1,698 units and 70 two-story buildings with a total of 686 units. In addition, it includes the Little Meadows Nursery School, a single-story building at 67-25 188th St.
ICM Capital LLC, a partnership between Meridian Capital Group and Independence Community Bank, originated the transaction. The loan was arranged by Ralph Herzka and Abe Hirsch of Meridian along with Tim Gannon, senior vice president at Independence Community Bank. Founded in 1991, Meridian Capital reported more than 2,500 transactions in 2005, totaling over $16 billion.
"Through a strong partnership with ICM Capital and other affordable housing partners, Fannie Mae is helping to maintain housing affordability in a part of the country that has been experiencing significant increases in rental costs," notes Richard Lawch, senior vice president of multifamily lending and investment for Fannie Mae.
Gary Honstedt, executive vice president at Independence Community Bank, says the firm was "gratified to play a nationally significant role in helping Fannie Mae fulfill its commitment to meeting the housing needs of New Yorkers."
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