SMA Equities borrows $16M from Citi Real Estate Funding Inc. for property in Lower East Side{

Sassan Mahfar’s SMA Equities through the entity 104 Delancey Street SM, LLC as borrower signed a loan agreement with lender Citi Real Estate Funding Inc. valued at $16.5 million for 2 parcels, including the tax class two-story or store and office (K2) at 106 Delancey Street and 104 Delancey Street in the Lower East Side. The deal closed on January 14, 2021 and was recorded on February 3, 2021.
The property has 7,500 square feet of built space and available development rights.
The average loan per buildable square foot is $2,200.
The original CIT Bank loan covered 104, 106 and 108 Delancey. This loan covers 104-106 Delancey and CIT debt still is secured by 108 Delancey. The last time the property sold was May 14, 2014 for $13,100,000.
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