Jaffa of Eastern Union secures $20.5m for 54-unit Zoria Apts.

Queens, NY Eastern Union has arranged $20.5 million for the refinancing of Zoria Apartments, a new, 54-unit, mixed-use property located at 88-11 179^th Pl. in Jamaica.

The transaction was led by Alex Jaffa, a senior loan consultant with Eastern Union.

Situated on the corner of Hillside Ave., the eight-story Zoria Apartments is a brick building containing a gross building area of 56,473 s/f and a net rentable area of 45,847 s/f.

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 that each have two bedrooms and two bathrooms.

The borrower was not identified. The lender was Wells Fargo.

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.”

Building amenities include common laundry facilities on each of the upper floors, an outdoor recreation area on the third floor, and 25 parking spaces in an underground parking garage.