Eastern Union Secures $20.5 Million Refinancing for Mixed-Use Property in Jamaica, NY

Eastern Union's Recent Milestone: Securing $20.5 Million Financing

Eastern Union, a prominent commercial real estate mortgage brokerage in the United States, has recently achieved a significant milestone by arranging a substantial refinancing loan of $20.5 million for the Zoria Apartments located in Jamaica, New York. This new mixed-use property, completed in March, boasts a total of 54 units, which include 49 residential apartments and four retail units, along with a community facility.

The project is situated at 88-11 179th Place, strategically placed at the corner of Hillside Avenue. The eight-story brick building encompasses a gross building area of 56,473 square feet, with a net rentable space of 45,847 square feet. Among the 49 residential units, there are 35 one-bedroom, twelve two-bedroom, and two penthouse units, providing ample options for potential tenants.

Alex Jaffa, a senior loan consultant at Eastern Union, has been instrumental in securing this refinancing deal. He notes, "With a brand-new building in lease-up mode and the loan's maturity approaching, timing was crucial for our client. We are delighted to have partnered with a lender who understood their distinctive needs and timeline, allowing us to finalize this transaction while in lease-up status."

Wells Fargo acted as the lender, offering a competitive interest rate of 5.98% for a five-year term, accompanied by a 30-year amortization and a swap breakage prepay feature. This deal exemplifies Eastern Union's commitment to meeting the requirements of its clients effectively.

Building amenities enhance the living experience at Zoria Apartments, featuring common laundry facilities on each upper floor, an outdoor recreation space on the third floor, and 25 designated parking spaces within an underground parking garage.

Founded in 2001, Eastern Union has established itself as a major player in the national commercial real estate landscape, with over 90 real estate professionals and a history of closing billions of dollars in transactions annually. The firm leverages deep industry relationships and market insights to secure optimal financing conditions for transactions of varying scales across the United States.

Whether it involves multi-state portfolios or specialized commercial mortgages, Eastern Union’s expertise spans across various sectors, including multifamily housing, retail, healthcare, and even self-storage units, ensuring comprehensive solutions for diverse real estate financing needs. To learn more about their services, you can visit their official website at www.easternunion.com.

The successful refinancing of Zoria Apartments not only marks a significant advance for Eastern Union but also reflects the growing demand for mixed-use properties that cater to both residential and commercial needs in New York City. As more such developments emerge, Eastern Union is poised to play a critical role in facilitating financing that enables these projects to thrive.