Ed Ostad & Michael Ostad Secure $8.5 Million Refinance Loan For Bronx Retail Property

The property involved in this transaction is a mixed-use asset located at 1772 Westchester Avenue and 120 East 116th Street in the Bronx, encompassing a total square footage of 5,500. The asset comprises 10 residential units and 2 commercial units, reflecting a diverse use of space within the market. The loan amount secured for this property is $8,500,000 under a refinancing arrangement with specific terms set for 5 years, featuring interest-only payments.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $8,500,000
• Lender: BMO
• Borrower: Ed Ostad & Michael Ostad
• Brokers: Shamir Seidman, Judah Hammer, Jeff Feldman & Zach Hazen - CBRE
• Loan Type: Refinance
• Loan Terms: 5 Years Interest Only

The deal is facilitated by a team of brokers from CBRE, which includes Shamir Seidman, Judah Hammer, Jeff Feldman, and Zach Hazen. The financing arrangement reflects a shift in the market, with the team emphasizing their focus on middle-market assets throughout NYC and assisting borrowers in navigating capital opportunities previously overlooked. Their expertise highlights the evolving landscape of CMBS assets and the importance of market positioning in securing financing options.