Vaja Group Secures $68 Million Construction Loan From Popular Bank For Jamaica Multifamily Project

The property asset involved in this transaction is a 113-unit residential project located at 89-12 162nd Street in Jamaica, Queens. The multifamily asset has a building size of 30,818 square feet and a baseline square footage of 91,925. The total loan amount secured for this construction project is $68,000,000, with a prior loan of $8.9 million also associated with the same lender.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $68,000,000
• Address: 89-12 162nd Street
• Market: Jamaica, Queens
• Lender: Popular Bank
• Landlord: Moses Freund - Vaja Group
• Asset Size: Building Size: 30,818 SF; Baseline Square Footage: 91,925

The deal involves Vaja Group, represented by Moses Freund, who secured the construction loan from Popular Bank to facilitate the development of this residential project. The project was initially filed by Windfall Group, highlighting the collaboration among different parties in the real estate development process.