New York-based American Property Financing (APF) recently closed a $152.5 million refinancing loan for Fresh Meadows Development, a 3,285-unit affordable housing community in Queens, N.Y. The five-year, floating-rate loan was funded through Washington, D.C.-based Fannie Mae's Delegated Underwriting and Servicing (DUS) program. According to APF, the loan is the largest single-asset deal completed under the DUS program.
Built in the late-1940s, Fresh Meadows consists of 140 buildings. The development is owned by affiliates of The Witkoff Group, Cammeby's International Ltd. and Insignia Financial Services, all of which are based in New York. Insignia Residential Group Inc., an affiliate of Insignia Financial Group Inc., manages the community.