Zara Realty snags $173M to refi Queens portfolio

M&T provided the financing

TRD New York /
Nov.November 27, 2018 05:19 PM

144-06 88th Avenue in Queens

Zara Realty just landed a $173 million refinancing package for 15 of its buildings in Queens.

M&T Bank provided the loan, which included a $48.2 million gap mortgage, according to documents filed with the city Department of Finance on Tuesday. Zara representatives noted that the company is making a series of long-term investments in its Queens buildings, which include upgrades to the buildings’ heating and cooling systems, new elevators, as well as new kitchens, floors and bathrooms for individual units.

“We have never sold a building we have purchased in Queens; rather, we put resources into creating long-term, high-quality affordable housing in the communities where we live and work,” the company said in a statement.

Over the last few years, Zara has bulked up its already sizable Queens portfolio. In 2016, the company bought six buildings in Jamaica for $21.5 million from Gowanus-based Lagadakia Realty Corp. A year later, Zara picked up two six-story elevator apartment buildings at 88-22 Parsons Boulevard and 89-21 153rd Street for just under $20 million.

Zara, which is based in Jamaica, was founded in the early 1980s and owns more than 2,000 rental apartments, most of which are in Queens.


Related Articles

arrow_forward_ios
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

WeWork’s side businesses are fizzling

SoftBank looks to take over WeWork, NYC investigates WeLive: Daily digest

Crowdfunding: Crowded out?

The Real Deal’s E.B. Solomont receives Front Page Award

SoftBank’s problem solver faces his biggest challenge yet: WeWork

Opendoor not looking to replace all agents — just some: CEO

arrow_forward_ios