Zara Realty borrows $54M from Northern Trust Company for property in Jamaica

Zara Realty through the entity Hudson House LLC as borrower signed a loan agreement with lender The Northern Trust Company valued at $54 million for 2 parcels, including the tax class multifamily, fireproof (standard construction without stores) (D3) and containing 266 residential units at 166-33 89th Avenue and 87-50 167th Street in Jamaica. The deal closed on December 3, 2020 and was recorded on December 24, 2020.

The average loan per unit is $203,008.
The financing includes $10.6 million in new debt.

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. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $68,848.
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