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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.
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