M&T Bank Lends $173M to Refinance 15 Queens Apartment Buildings
M&T Bank has provided a $173 million financing package to Zara Realty Holding Corporation to refinance previous debt on 15 Queens apartment buildings, according to records filed today with the New York City Department of Finance.
The financing included a gap mortgage of just over $48 million, and it replaced a range of mortgages on the locations, dating back to the 1980s—Zara purchased its first property in April 1982. The deal closed on Nov. 14.
The properties are located across Jamaica, Queens—where Zara’s corporate office is located—to the neighborhood of Hollis.
“We are making long-term investments in our buildings in Queens, modernizing and improving critical infrastructure and adding amenities for our tenants,” Zara Realty told Commercial Observer in an email statement provided by its spokesman.
The building improvements will include upgrading heating and cooling systems, installing new elevators, roofs and fitness centers and renovating common areas; it will also upgrade kitchens, bathrooms and flooring within some individual units, according to information from Zara Realty.
“We have never sold a building we have purchased in Queens; rather, we put resources into creating long-term, high-quality affordable housing in the communities where we live and work,” as per Zara’s statement.
A spokesman for M&T Bank did not immediately respond to an inquiry.