SMA Equities borrows $54M from Safra National Bank for multifamily property in Lower East Side

Sassan “Samy” Mahfar’s SMA Equities through the entity 255 East Houston Owner LLC as borrower signed a loan agreement with lender Safra National Bank Of New York valued at $54.0 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 88 residential units at 255 East Houston Street in Lower East Side. The deal closed on March 13, 2020 and was recorded on March 23, 2020.
The property contains a total of 92,697 square feet of built space.
The average loan per unit is $613,636.
This is a take-out loan replacing $40 million in construction financing provided by Bank OZK. The last time the property sold was April 28, 2015, for $16,500,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 88 residential (or hotel) units on November 18, 2019.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 69,545 square feet. Those plans include a total of 88 residential units. There have been 3 demolition projects filed over the past five years. The demolition included 3 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link