Michael Ostad & Ed Ostad Secure $17.2 Million Loan For Multifamily Acquisition In SoHo

The transaction involves two multifamily walk-up buildings located at 159 Prince Street and 161 Prince Street in the SoHo area. These properties consist of a total of 37 units and were financed through a loan amounting to $17,200,000, structured as an acquisition loan. The lender for this transaction is Derby Copeland Capital.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $17,200,000
• Address: 159 Prince Street & 161 Prince Street
• Market: SoHo
• Units: 37
• Lender: Derby Copeland Capital
• Landlord: Michael Ostad & Ed Ostad
• Broker: Shamir Seidman - CBRE
• Loan Type: Acquisition

The individuals involved in this transaction include Michael Ostad and Ed Ostad acting as landlords, alongside Shamir Seidman representing CBRE as the broker for the deal. CBRE was responsible for arranging the acquisition loan through Derby Copeland Capital for these early-1900s buildings.