Zara Realty borrows $27M from Arbor for property in Jamaica

Zara Realty through the entity Park Haven De, LLC as borrower signed a loan agreement with lender Arbor Realty Trust valued at $27 million for 1 parcel, including the tax class multifamily, miscellaneous (D9) and containing 96 residential units at 88-25 153rd Street in Jamaica. The deal closed on February 1, 2021 and was recorded on March 4, 2021.
The property contains a total of 104,377 square feet of built space.
The average loan per unit is $281,250.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $128,000.0. Those filings sought to increase the number of residential units by 2 to 102

Direct link to Acris document. link