Updated Dec 4, 2024
SMA Equities Secures $17.4M Refinance Loan For Lower East Side Multifamily
305 Broome Street & 131 Orchard Street
$17,400,000
Building Size
—
Asset Type
MultiFamily
Closing
Nov 3, 2023
About this deal
AI
SMA Equities, led by Sassan Mahfar, secured two refinance loans totaling $17.4 million from Societe Generale for residential walkup buildings located at 305 Broome Street and 131 Orchard Street in Manhattan's Lower East Side. The properties are part of the multifamily asset type.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $17,400,000
- Address: 305 Broome Street & 131 Orchard Street
- Market: Lower East Side, Manhattan
Kevin Kelley of Societe Generale served as the lender for the refinance loans obtained by SMA Equities. As the landlord of the properties, Sassan Mahfar represented SMA Equities throughout the transaction.
On the Map
$17,400,000
MultiFamily
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Players
New York MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.91%
Cash-on-Cash
-0.26%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93