SMA Equities signs $39M construction loan with Bank Leumi in Gramercy

SMA Equities through the entity 299 3rd Development, LLC as borrower signed a new construction loan with lender Bank Leumi valued at $39 million for two properties including the mixed-use building (K4) at 299 Third Avenue in Gramercy, Manhattan.
The deal closed on June 15, 2021 and was recorded on July 7, 2021.
(121206499) Plans for a 108-unit, 72,020-square-foot residential R-2 building were filed on October 24, 2019. The loan price per buildable square foot is $542 per the PincusCo analysis.
The signatory for SMA Equities was Sassan “Samy” Mahfar.

The financing includes the refinancing of a $17 million land loan, a $31.2 million building loan and a $7.8 million project loan. The cover sheet contains an error that says the property address is 397 Third Avenue, when in fact the address is 297-299 Third Avenue.

Sassan Mahfar is associated with SMA Equities.
Within a 400-foot radius of 397 Third Avenue, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
One of those four items was a sale which Donald Zucker’s Zucker Organization bought the 137,628-square-foot, 150-unit rental (D6) on 402 3rd Avenue for $11 million from Edward D. Jamie Realty on February 4, 2020.
Of those four items, three were loans above $5 million totaling $82.5 million. The most recent of the three was Midboro Management which borrowed $12.5 million from Valley National Bank secured by the 253,489-square-foot, 264-unit co-op (D4) on 407 3rd Avenue on June 9, 2021.

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