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New York & Tri-State  + Outer  + Finance  | 

Eastern Union Arranges Wells Fargo Loan for Jamaica Multifamily

Eastern Union arranged $20.5 million for the refinancing of Zoria Tower Apartments, a new, 54-unit, mixed-use property located at 88-11 179th Pl. in Jamaica, Queens. The transaction was led by Alex Jaffa, a senior loan consultant with Eastern Union.  

The lender was Wells Fargo. The borrower was not identified. The loan carried a 5.98% interest rate over five years, with 30-year amortization and a swap breakage prepay. 

”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 site’s 54 units consist of 49 apartments, four retail units and a community facility unit. The 49 residential units include 35 one-bedroom/one-bath units, 12 two-bedroom/two-bath units and two penthouse units.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing