Updated Oct 28, 2024
Zara Realty Secures $83M Construction Loan For Multifamily Property In Jamaica
153-10 88th Avenue, Jamaica, NY 11432, USA
$83,000,000
$380/SF
Building Size
218,000 SF
Asset Type
MultiFamily
Closing
Oct 8, 2021
About this deal
AI
Located at 153-10 88th Avenue in Jamaica, this multifamily property spans approximately 218,000 square feet and comprises 223 units. The transaction took place on 10/08/2021.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $83,000,000
- Address: 153-10 88th Avenue
- Market: Jamaica
- Loan Type: Construction Loan
- Lender: Emigrant Bank & Arbor Realty Trust
- Landlord: Zara Realty
- Brokers: Christopher Peck & Peter Rotchford LL
Christopher Peck and Peter Rotchford from the agency represented the buyer and seller in this transaction. Emigrant Bank and Arbor Realty Trust served as the lenders for the construction loan provided for this property.
On the Map
$83,000,000
$380/SF
MultiFamily
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Players
New York MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.19%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93