Michael Ostad & Ed Ostad Secure $17.17M Loan From Derby Copeland Capital For Soho Acquisition

The property asset involved is a mixed-use building located at 159 Prince Street in Soho, Manhattan. It comprises a total square footage of 19,300 and includes 39 units, of which 2 are commercial and 38 are residential. The loan amount secured for this acquisition was $17,175,000, representing an 85% loan-to-cost ratio.

Summary of transation details:

• Property Type: Mixed-use
• Transaction Amount: $17,175,000
• Square Footage: 19,300
• Units: 39 (2 Commercial & 38 Residential)
• Address: 159 Prince Street
• Market: Soho, Manhattan
• Lender: Derby Copeland Capital
• Landlord: Michael Ostad & Ed Ostad
• Broker Representatives: Shamir Seidman, Zach Hazen, Jeff Feldman & Judah Hammer - CBRE
• Loan Type: Acquisition

CBRE's Private Client Group, led by Judah Hammer, Shamir Seidman, and Shlomo Weissberg, facilitated the financing of the acquisition. The loan was successfully closed in less than 20 business days, highlighting the efficiency and expertise of the brokerage team involved in this transaction.