Paul Stallings borrows $14M from Santander Bank for multifamily property in Lower East Side

Paul Stallings through the entity SRS Ludlow, LLC as borrower signed a loan agreement with lender Santander Bank valued at $13.7 million for 1 parcel, including the tax class multifamily, fireproof (standard construction without stores) (D3) and containing 35 residential units at 51 Ludlow Street in Lower East Side. The deal closed on December 19, 2019 and was recorded on January 10, 2020.
The property contains a total of 26,300 square feet of built space.
The average loan per unit is $360,396.
Stallings is the developer and owner of Hotel on Rivington at 107 Rivington Street.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link