M&T Bank is the lender
The Subraj family’s Zara Realty has secured $173 million from M&T Bank to refinance 15 of its Queens apartment buildings, according to a report in the CO. The family has owned many of the properties since the 1980’s.
Financing breakdown: The new loan replaces various mortgages associated with the Jamaica properties. It also includes a $48.2 million gap mortgage.
Worth Noting: Zara plans on upgrading the heating and cooling systems, replacing the elevators, and renovating individual units.