Fannie Mae provided $325 million — its largest single-asset loan ever — this month to refinance a massive multifamily project in Queens, New York.
ICM Capital LLC originated the loan for Fresh Meadows, a 140-building complex at 188-02 64th Ave. The complex of 3,285 residential units includes a 20-story tower, two 13-story buildings, 67 three-story buildings and 70 two-story buildings, as well as the single-story Little Meadows Nursery School at 67-25 188th St.
ICM Capital is a partnership formed between Meridian Capital Group LLC and Independence Community Bank. Ralph Herzka and Abe Hirsch of Meridian Capital arranged the loan and Tim Gannon, senior vice president at Independence Community Bank, helped to secure it. The transaction amortizes over 30 years, after a 10-year interest-only period, and carries a note rate of 5.55%.
“We are proud that Fannie Mae has again tapped our financial expertise to close this record-setting transaction,” says Gary Honstedt, executive vice president at Independence Community Bank. “We are also gratified to play a nationally significant role in helping Fannie Mae fulfill its commitment to meeting the housing needs of New Yorkers.”
“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,” says Richard Lawch, senior vice president of Multifamily Lending and Investment for Fannie Mae.
New York-based Meridian Capital is a mortgage brokerage that serves the multifamily and commercial real estate sectors. The company arranged more than 2,500 transactions in 2005 totaling more than $16 billion in financing.