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SMA Equities Secures $70.6M Refinancing Loan For Gramercy Multifamily Property
FINANCED
$70,635,000
New York
See Similar DealsMultiFamily80,912 SF
Financed 01/05/2024
FINANCED
SMA Equities Secures $70.6M Refinancing Loan For Gramercy Multifamily Property
397 3rd Avenue
See Similar DealsMultiFamily80,912 SF
Financed 01/05/2024
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$873
Total Square Footage:80,912 SF
Transaction Type:Loan
SMA Equities, under entity 299 3rd Development, LLC, secured a $70.6 million refinancing loan from JLL Real Estate Capital for the 108-unit residential elevator building at 397 Third Avenue in Gramercy, Manhattan. The multifamily property spans across 80,912 square feet and consists of 108 units. The loan was obtained on January 5, 2024.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $70,635,000
- Address: 397 Third Avenue, Gramercy, Manhattan
- Market: Gramercy, Manhattan
- Lender: Rhonda D. Peare - JLL Real Estate Capital
- Landlord: Samy Mahfar - SMA Equities
The lender for this refinancing loan is Rhonda D. Peare from JLL Real Estate Capital. The landlord of the property is Samy Mahfar, representing SMA Equities as the owner. This loan will contribute to the continued development and management of the residential elevator building at 397 Third Avenue in Gramercy, Manhattan.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$70,635,000.00
Monthly NOI$470,900.00
Monthly Debt Service$446,461.25
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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