Eastern Union Obtains Major Financing for Zoria Apartments
Eastern Union, a significant player in the American commercial real estate mortgage brokerage sector, has successfully secured $20.5 million aimed at refinancing the Zoria Apartments. This impressive project features 54 units in a dynamic mixed-use property.
Details of the Zoria Apartments Project
Located at 88-11 179th Place, the Zoria Apartments encompass an eight-story brick building that boasts a total gross building area of 56,473 square feet. The property includes a net rentable area of 45,847 square feet. This mix of residential and commercial space positions the property as a prominent feature of the local real estate landscape.
Unit Composition and Amenities
Open since March, the building's 54 units are gracefully designed to include 49 apartments alongside four retail units and a community facility. The residential components are well-appointed, consisting of 35 one-bedroom, twelve two-bedroom, and two penthouses that also offer two bedrooms and bathrooms each.
The Financing Process
The deal was spearheaded by Alex Jaffa, a senior loan consultant with Eastern Union. The selected lender for this transaction was Wells Fargo. The secured loan features a competitive interest rate of 5.98%, structured over five years with thirty-year amortization and a swap breakage prepay option.
"Completing this deal on time was crucial," stated Mr. Jaffa. "The building was newly completed, and the client's position required precise timing. We are delighted to have partnered with a lender who understood their distinct needs and deadline, allowing us to expedite this refinancing process during a critical lease-up phase."
Building Features and Additional Details
The Zoria Apartments offer a range of attractive amenities that enrich the living experience for its residents. Noteworthy features include laundry facilities conveniently located on each upper floor, a dedicated outdoor recreation area situated on the third floor, and a total of 25 parking spaces available in the underground garage.
Company Overview
Founded back in 2001, Eastern Union has established itself as a robust national commercial real estate firm. With a talented team of over 90 professionals, the company is involved in finalizing millions of dollars in transactions each year. Their success stems from a strong network of lender relationships and deep market knowledge, ensuring clients receive optimal rates and terms.
Eastern Union effectively facilitates financing across various transaction types nationwide. Their portfolio covers a diverse spectrum, including multifamily residences, retail spaces, healthcare facilities, hospitality properties, and self-storage solutions, managed alongside the affiliate, Eastern Equity Advisors, for equity placement needs.
To learn more about Eastern Union's services and expertise, feel free to visit their official website.
Media Contact:
Steve Vitoff
Eastern Union
516-652-0785
Frequently Asked Questions
What is the financing amount secured by Eastern Union?
Eastern Union secured $20.5 million for the refinancing of Zoria Apartments.
What type of property is Zoria Apartments?
Zoria Apartments is a mixed-use property featuring 54 residential units and retail spaces.
Who led the financing deal for Eastern Union?
The financing deal was led by Alex Jaffa, a senior loan consultant with Eastern Union.
What are some amenities offered at Zoria Apartments?
Building amenities include laundry facilities, an outdoor recreation area, and underground parking spaces.
Since when has Eastern Union been operational?
Eastern Union has been in operation since 2001, focusing on commercial real estate financing.
