ICM Capital -- a Partnership between Meridian Capital Group and Independence Community Bank -- Closes $325 Million Loan for 140-Building Complex in Queens, NY.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- ICM ICM Intercom ICM Integrated Crop Management ICM International Congress of Mathematicians ICM Information Classification and Management ICM Intelligent Contact Management (Cisco) ICM International Creative Management Capital, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a partnership between Meridian Capital Group and Independence Community Bank, today announced the origination of a $325 million Fannie Mae Fannie Mae: see Federal National Mortgage Association. DUS DUS Driving Under Suspension (criminal charge) DUS Dwelling Unit (real estate) DUS Dynamic Underground Stripping DUS Dusseldorf, Germany - Dusseldorf (Airport Code) (TM) loan to refinance the 140-building Fresh Meadows development, a self-contained, 3,285-unit multifamily complex in Queens, New York. The transaction represents the largest single-asset loan acquisition in Fannie Mae's history. The loan, arranged by Ralph Herzka and Abe Hirsch of Meridian Capital Group, was closed on favorable terms through ICM Capital. Tim Gannon, senior vice president at Independence Community Bank, played a critical role in securing the loan. The transaction amortizes over 30 years, after a 10-year interest-only period, and carries a note rate of 5.55 percent. "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," said Richard Lawch, senior vice president of Multifamily Lending and Investment for Fannie Mae. As an approved DUS (Designated Underwriting and Servicing) lender, ICM Capital serves as a source for the purchase of multi-family loans by Fannie Mae. "We are proud that Fannie Mae has again tapped our financial expertise to close this record-setting transaction," said Gary Honstedt, executive vice president at Independence Community Bank. "We are also gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. to play a nationally significant role in helping Fannie Mae fulfill its commitment to meeting the housing needs of New Yorkers." Located at 188-02 64th Avenue, the 140 buildings of Fresh Meadows 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 to the residential properties, Fresh Meadows includes the Little Meadows Nursery School nursery school, educational institution for children from two to four years of age. It is distinguishable from a day nursery in that it serves children of both working and nonworking parents, rarely receives public funds, and has as its primary objective to promote , a single-story building at 67-25 188th Street. The residential neighborhood, built between 1646 and 1962, covers approximately 124 acres. Founded in 1991, Meridian Capital Group LLC is one of the nation's largest mortgage brokers serving the multifamily and commercial real estate sectors. The company is based in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. with additional offices in New Jersey, Pennsylvania, Maryland, Illinois, Florida, and California. Working with a wide variety of lenders, Meridian finances transactions ranging from $500,000 to more than $500 million for multifamily, co-op, office, retail, hotel, healthcare, self-storage, industrial, and construction properties. Nationally, Meridian reported more than 2,500 transactions in 2005, totaling over $16 billion. DUS is a trademark of Fannie Mae. Unauthorized use of this mark is prohibited. |
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