CBRE has secured $17.2 million in financing for the acquisition of 159 and 161 Prince Street, two mixed-use properties located in the heart of SoHo. Derby Copeland Capital provided the loan for the purchase by Michael and Ed Ostad.
Shamir Seidman of CBRE arranged the financing on behalf of the borrower.
“We are proud to have played an integral role in financing the acquisition of two such incredible properties,” said Seidman. “The two buildings offered our client a one-of-a-kind opportunity to purchase the assets at an excellent value. The deal was commenced with a 30-day close, and the financing was done in just 20 days.”
Built in the 1900s, the historic, five-story properties boast 37 well-appointed rental units and two prime retail spaces on the ground floor totaling nearly 20,000 sq. ft.
