Zara Realty signs $65M construction loan with Arbor Realty for 223-unit project in Jamaica

Zara Realty Holding through the entity Rufus King Park Development Company LLC as borrower signed a new construction loan with lender Arbor Realty Trust through the entity Arbor Realty Sr, Inc. valued at $65 million for the development at at 153-10 88th Avenue in Jamaica, Queens.
The deal closed on October 8, 2021 and was recorded on November 3, 2021.

The signatory for Zara Realty Holding Corp. was Rajesh Anthony Subraj and Amir Sobhraj.
(421133419) Plans for a 223-unit, 157,265 square-foot R-2 were filed on November 13, 2020.
Within a 400-foot radius of 88-09 153rd Street, Pincusco identified 10 commercial real estate items of interests occurred over the past 24 months.
Of those 10 items, four were in new building development. There were four new building permit applications. The most recent of these four items was a filing on October 14, 2021 for a 35,211-square-foot R-2 building with 48 residential units at 153-33 89th Avenue.
Of those 10 items, six were loans above $5 million totaling $472.7 million. The most recent of the six was Chetrit Group which borrowed $40.0 million from G4 Capital Partners secured by the 547,303-square-foot, 482-unit rental (D1) on 152-13 88th Avenue on July 30, 2021.

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