Forrest Partners borrows $6M from Safra National Bank for multifamily property in Lower East Side

Michael Forrest’s Forrest Partners through the entity Ddcm 164 Ludlow LLC as borrower signed a loan agreement with lender Safra National Bank Of New York valued at $5.6 million for 1 parcel, including the tax class multifamily, more than six families with stores (C7) and containing 16 residential units at 164 Ludlow Street in Lower East Side. The deal closed on February 26, 2020 and was recorded on March 5, 2020.
The property contains a total of 9,735 square feet of built space.
The average loan per unit is $352,500.
The last time the property sold was March 4, 2009, for $4,500,000.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $165,700.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link