Iris Holdings Lands $86M for Queens Affordable Portfolio
The firm acquired the collection in 2024.
Iris Holdings Group has secured an $86 million Freddie Mac loan to refinance a four-property, 506-unit affordable housing portfolio in Queens’ Flushing neighborhood.
Walker & Dunlop, which ranks third among the top multifamily lenders in the U.S., arranged the deal.
Iris Holdings, in partnership with the New York Department of Housing Preservation and Development purchased the four properties in June 2024, from LeFrak Organization. The recapitalization retires the $75 million acquisition loan issued by National Equity Fund two years ago.
All four communities debuted between 1962 and 1963 and feature studio, one-, two- and three-bedroom units across either six or seven floors. The buildings are adjacent to each other, across the street from Kissena Corridor Park.
Four of a kind in Flushing
The assets in the portfolio are:
- The Notre Dame, a 138-unit property at 44-15 Colden St.
- The Tulane, a 148-unit property at 45-15 Colden St.
- The Bucknell, a 71-unit property at 44-35 Colden St.
- The Auburn, a 149-unit property at 137-20 45th Ave.
READ ALSO: National Affordable Housing Report – August 2026
The properties are also within 2 miles of several retail centers and the City Field Stadium, as well as the Mets-Willets Point train station and Whitestone Expressway, which connects downtown Flushing to Midtown Manhattan, some 10 miles west.
Walker & Dunlop Senior Managing Director John Gilmore and Managing Director Harvey Pava led the teams that arranged the deal.
Recent multifamily refinancing deals in Queens include Watermark Capital Group’s recapitalization of The Pecora with a $105 million loan. The 184-unit community in the Long Island City neighborhood features 56 affordable apartments. Similarly, Slate Property Group and Avenue Realty Capital received $86.3 million to refinance Dutch House, a 186-unit property in the same neighborhood as The Pecora, in a deal arranged by Walker & Dunlop.
