The commercial real estate mortgage brokerage Eastern Union announced it has arranged for a $20.5 million loan for the refinancing of Zoria Tower, a new mixed-use property with 54 total units at 88-11 179th Pl. in Jamaica.
Zoria Tower, located at the corner of Hillside Avenue, is 8 stories tall and has a gross building area of 56,473 square feet, with a net rentable area of 45,847 square feet. The building was completed last March.
Of the 54 units, 49 are apartments. These apartments include 35 one-bedroom units with one bathroom, 12 two-bedroom units with two bathrooms and two penthouse units with two bedrooms and two bathrooms. Of the remaining five units, four are retail units and one is a community facility unit.
The $20.5 million loan carries a 5.98% interest rate over five years, as well as a 30-year amortization and a swap breakage prepay.
Alex Jaffa, a senior loan consultant with Eastern Union, led the refinancing transaction with the borrower, who was not identified. Wells Fargo was the lender.
”With a brand-new building in lease-up and with loan maturity coming up, timing was everything for our client,” Jaffa said. “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.”
Amenities available at Zoria Tower include laundry facilities on each of the upper floors, an outdoor recreation area on the third floor and a parking garage with 25 total spaces. Each unit offers high-end finishes, energy-efficient appliances and ample natural light.
