SMA Equities Secures $70.6M Refinancing Loan For Gramercy Multifamily Property
397 3rd Avenue
$70,635,000
$873/SF
Building Size
80,912 SF
Asset Type
MultiFamily
Closing
Jan 5, 2024
AI
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.
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
0.22%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93