Bank OZK Supplies $62M Construction Loan for Lower Manhattan Apartments
By Andrew Coen April 17, 2024 9:18 am
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SMA Equities has nabbed $62 million of construction financing to build a multifamily asset in Lower Manhattan, Commercial Observer has learned.
Bank OZK (OZK) provides the loan on the developer’s planned 157-unit project at 280 East Houston Street. The project was one of the last to receive a tax abatement under the now-expired New York State 421a program with 40 of the apartments to be designed as affordable housing.
Newmark (NMRK) arranged the transaction with a team led by Jordan Roeschlaub, Dustin Stolly and Daniel Fromm.
Great Neck, N.Y.-based SMA, which is run by Managing Partner Samy Mahfar, acquired the development site at 280 East Houston along with other investors for $36.8 million in late 2022, The Real Deal reported at the time. The multifamily project is slated for completion in the next 18 to 24 months.
Located near the corner of Houston Street and Avenue B, between the East Village and Lower East Side neighborhoods, 280 East Houston will have property amenities that include a lounge with recreational space, a media room, a fitness center, a yoga studio and coworking space.
Officials at SMA Equities did not immediately return a request for comment. Bank OZK and Newmark declined to comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
