SMA Equities obtained financing of $23M from CIT Bank

SMA Equities through the entity 104 Delancey Street SM, LLC as borrower signed a loan agreement with lender CIT Bank valued at $22.9 million for 3 parcels, including the tax class two-story or store and office (K2) at 106 Delancey Street, 104 Delancey Street, 108 Delancey Street in Lower East Side. The deal closed on August 16, 2019 and was recorded on August 26, 2019.
The property contains a total of 3,750 square feet of built space. The property has 20,914 square feet of available development rights.
The average loan per buildable square foot is $321.
The last time one of the three properties sold was May 14, 2014, for $13,100,000.

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