Samson Management signs $16M refi loan with Samson Funding for 63-unit rental in FiDi

Samson Management through the entity 160 Front Street Associates LLC as borrower signed a refi loan with lender Samson Funding through the entity Samson Funding Corporation valued at $16 million for the 63-unit residential elevator building (D7) at 156 Front Street in the Financial District, Manhattan.
The deal closed on October 5, 2023 and was recorded on October 31, 2023. The prior lender was Signature Bank which held debt that had an original loan amount of $16 million.
The property has 52,969 square feet of built space and 37,273 square feet of additional air rights for a total buildable of 90,250 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $302 and the price per buildable square foot is $177 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Samson Management was Brian McCarthy. The signatory for Samson Funding was David Kershner. David Kershner is an executive at Samson Management.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Brian Mccarthy, head officer and David Kershner, officer. The business entities are Samson Management LLC and 160 Front Street Associates Llc.

The property

The residential elevator building with 63 residential units in Financial District has 52,969 square feet of built space and 37,273 square feet of additional air rights for a total buildable of 90,250 square feet according to a PincusCo analysis of city data. The parcel has frontage of 79 feet and is 110 feet deep with a total lot size of 9,025 square feet. The lot is irregular. The zoning is C5-3 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $12.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received 19 housing violations and $1,050 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

There are no active new building construction projects on this tax block.

All properties are elevator.

The borrower

The PincusCo database currently indicates that Samson Management owned at least nine commercial properties with 691 residential units in New York City with 677,998 square feet and a city-determined market value of $81.9 million. (Market value is typically about 50% of actual value.) The portfolio has $132.6 million in debt, with top three lenders as Capital One, Societe Generale, and New York Community Bank respectively. Within the portfolio, all identified are elevator properties. The bulk, or 71 percent of the built space, is in Queens, with Manhattan next at 18 percent of the space.

Direct link to Acris document. link