Eastern Union arranged $20.5 million for the refinancing of Zoria Tower Apartments, a new, 54-unit, mixed-use property located at 88-11 179th Pl. in Jamaica, Queens. The transaction was led by Alex Jaffa, a senior loan consultant with Eastern Union.
The lender was Wells Fargo. The borrower was not identified. The loan carried a 5.98% interest rate over five years, with 30-year amortization and a swap breakage prepay.
”With a brand-new building in lease-up and with loan maturity coming up, timing was everything for our client,” said Jaffa. “We’re pleased to have secured a lender who understood our client’s unique needs and timeline, enabling us to begin and close this transaction while in lease-up mode.”
Completed in March, the site’s 54 units consist of 49 apartments, four retail units and a community facility unit. The 49 residential units include 35 one-bedroom/one-bath units, 12 two-bedroom/two-bath units and two penthouse units.
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