Zara Realty Secures $83M Construction Loan For Multifamily Property In Jamaica
FINANCED
$83,000,000
New York
See Similar DealsMultiFamily218,000 SF
Financed 10/08/2021
FINANCED
Zara Realty Secures $83M Construction Loan For Multifamily Property In Jamaica
153-10 88th Avenue, Jamaica, NY 11432, USA
See Similar DealsMultiFamily218,000 SF
Financed 10/08/2021
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$380
Total Square Footage:218,000 SF
Transaction Type:Loan
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.
Players
LENDER
LENDER
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$83,000,000.00
Monthly NOI$553,333.33
Monthly Debt Service$524,616.46
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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