Kaushik Patel Refinances Melrose Bronx Hotel At 290 East 150th Street With Spring Bank For $10.5M

The asset involved in this transaction is a retail property located at 290 East 150th Street in the Melrose market of Bronx. The property encompasses a total square footage of 25,472. A refinance loan amounting to $10,500,000 was secured for this asset.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $10,500,000
• Address: 290 East 150th Street
• Market: Melrose, Bronx
• Lender: Spring Bank
• Landlord: Kaushik Patel
• Loan Type: Refinance
• Previous Loan: $6,800,000 from Parke Bank
• Closing Date: January 29, 2026

Kausik Patel’s Melrose Hotel, LLC is the entity that facilitated the refinance of the property through Spring Bank, replacing an earlier loan from Parke Bank. This deal highlights the strategic financial management by the landlord in optimizing their asset financing.