Updated Sep 21, 2026
Steven Westreich Of Westbridge Realty Group Refinances 99-Unit Development Site For $36M In Brooklyn
138 Osborn Street
$36,000,000
Units
99
Asset Type
Development Site
Closing
Sep 10, 2026
About this deal
AI
The property asset involved is a development site located at 138 Osborn Street in Brownsville, Brooklyn. The site encompasses a total of 54,655 square feet and is associated with a refinancing transaction amounting to $36 million.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $36,000,000
- Lender: Popular Bank
- Landlord: Steven Westreich - Westbridge Realty Group
- Previous Debt Amount: $15,200,000 from IceCap Group
- Loan Type: Refinance
- Date: 09/10/2026
The refinancing transaction was executed by Westbridge Realty Group, led by Steven Westreich, who manages a 99-unit project at the specified address. This refinancing replaced a previous loan from IceCap Group, demonstrating a repositioning of financial structures to support ongoing development efforts.
On the Map
$36,000,000
Development Site
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.44%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93