**Eastern Union Secures $20.5M Refinancing for Zoria Tower Apartments in Jamaica, Queens**
Eastern Union has arranged a $20.5 million refinancing loan for the Zoria Tower Apartments, a newly constructed 54-unit mixed-use property located at 88-11 179th Place in Jamaica, Queens. The financing was led by Alex Jaffa, a senior loan consultant with Eastern Union.
Wells Fargo served as the lender on the deal. The borrower was not disclosed. The loan terms include a 5.98% fixed interest rate over a five-year term, with a 30-year amortization schedule and a swap breakage prepayment clause.
“With a brand-new building in lease-up and with loan maturity coming up, timing was everything for our client,” said Jaffa. “We’re pleased to have secured a lender who understood our client’s unique needs and timeline, enabling us to begin and close this transaction while in lease-up mode.”
Completed in March, the Zoria Tower consists of 49 residential units, four retail spaces, and one community facility unit. The residential breakdown includes 35 one-bedroom/one-bath units, 12 two-bedroom/two-bath units, and two penthouse apartments.
