CBRE secures $17.2 million acquisition financing for two mixed-use properties

Manhattan, NY CBRE secured $17.2 million in financing for the acquisition of 159 and 161 Prince St., two prime, mixed-use properties located in 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.

Built in the 1900s, the historic five-story property has 37 rental units and two retail spaces on the ground floor totaling nearly 20,000 s/f.

“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.”