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Zara Realty Holding Secures $47M Refinance Loan From Customers Bank For Jamaica Multifamily Properties
FINANCED
$47,000,000
New York
See Similar DealsMultiFamily
Financed 11/27/2024
FINANCED
Zara Realty Holding Secures $47M Refinance Loan From Customers Bank For Jamaica Multifamily Properties
87 50 167th Street
See Similar DealsMultiFamily
Financed 11/27/2024
Summary
NEW YORK
Asset Type:MultiFamily
Transaction Type:Loan
The property involved in this transaction is a multifamily asset located at 87 50 167th Street in Jamaica Hills, Queens, comprising a total of 266 residential units. The refinancing loan secured for this asset amounts to $47,000,000, facilitated by Customers Bank.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $47,000,000
- Lender: Customers Bank
- Landlord: Amir Sobhraj & Anthony Sobhraj - Zara Realty Holding
- Market: Jamaica Hills, Queens
Key individuals in this transaction include Amir Sobhraj and Anthony Sobhraj, who represent Zara Realty Holding. This company, through Hillside Place LLC, has executed this refinancing to bolster its portfolio of residential elevator properties in the region.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$47,000,000.00
Monthly NOI$313,333.33
Monthly Debt Service$297,071.97
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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