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This is a $60.5M acquisition loan secured by a 93-unit multifamily asset in Williamsburg, Brooklyn — one of NYC's most liquid and high-demand residential submarkets with strong rent growth fundamentals. At $634/SF against an estimated market PPF of ~$720, the loan-to-value appears reasonable, suggesting modest equity cushion for the lender, though the exact purchase price is undisclosed, which limits full underwriting transparency. Delshah Capital is an experienced NYC multifamily operator with a substantial track record, though past reputational concerns around tenant relations introduce modest sponsor risk that warrants monitoring. Prospect Ridge Advisors, a private credit lender, is providing acquisition financing, which is consistent with deal structures seen in competitive Brooklyn multifamily transactions. Overall, the asset quality, submarket strength, and sponsor experience support a solid but not exceptional credit profile, with the primary risks being undisclosed acquisition pricing and sponsor-level reputational considerations.
Deal Stats
Parties
Buyer / Tenant
Delshah Capital, led by Michael Shah, is a well-known NYC-based real estate investment and development firm with a significant multifamily and mixed-use portfolio concentrated in Brooklyn and Manhattan, with over $1.3B in tracked transaction volume across 24 deals. The firm has a history of acquiring and repositioning assets in gentrifying Brooklyn submarkets, though it has also faced scrutiny in prior years related to tenant harassment allegations at some holdings.
Score Analysis
Why this score
Strong Submarket Fundamentals
Williamsburg is one of NYC's most liquid and high-demand residential submarkets with proven rent growth trajectory, supporting asset value stability and debt service capacity.
Experienced Sponsor with Scale
Delshah Capital has demonstrated multifamily expertise with $1.3B+ in tracked transaction volume across 24 deals, providing operational competency and market knowledge.
Sponsor Reputational Risk
Past tenant harassment allegations at Delshah holdings introduce sponsor-level credit concerns that could affect asset operations, tenant retention, and regulatory scrutiny.
Undisclosed Acquisition Pricing
The exact purchase price is withheld, preventing full LTV verification and limiting transparency on equity cushion adequacy relative to the $60.5M loan amount.
Reasonable Loan-to-Value Structure
The $634/SF valuation against estimated $720/SF market PPF suggests modest equity cushion and balanced risk allocation for the lender.
How to improve
The following actions could meaningfully improve this deal's Homage score. Each suggestion is based on the deal's profile, asset type, and current rating — addressing them before approaching a lender can increase approval likelihood and lower borrowing costs.
Disclose Full Acquisition Price and Verified Appraisal
Publishing the purchase price and independent appraisal would enable precise LTV calculation and validate underwriting assumptions.
Implement Tenant Relations Oversight Covenant
Adding loan covenants requiring third-party tenant satisfaction audits or compliance certifications would mitigate sponsor reputational risk and improve lender confidence.
Provide Detailed Rent Roll and Lease Maturity Schedule
Transparency on tenant mix, lease terms, and renewal timing would strengthen debt service coverage assessment and reduce operational uncertainty.
Raw Deal Textclick to expand
traded + Submit RE Growing Financial Partnerships For Over 30 Years. Get Started Home Deals New York Multifamily Loan 227 Grand Street Share FINANCED MultiFamily Delshah Capital Secures $60.5 Million Loan From Prospect Ridge Advisors For Multifamily Asset In Williamsburg $60,500,000 $634/SF BUILDING SIZE 95,416 SF ASSET TYPE CLOSING Jun 15, 2026 Overview Players Market Deal Summary Caption AI The property involved in this transaction consists of two addresses, 227 Grand Street and 456 Grand Street, located in Williamsburg, Brooklyn. It is a multifamily asset with a total square footage of 95,416 and comprises 93 units. The transaction includes a loan amount of $60,500,000 for acquisition purposes. Summary of transaction details: Property Type: MultiFamily Transaction Amount: $60,500,000 Addresses: 227 Grand Street & 456 Grand Street Market: Williamsburg, Brooklyn Asset Square Footage: 95,416 Units: 93 Lender: Prospect Ridge Advisors Landlord: Delshah Capital - Michael Shah Brokers: Michael Zaremski & Clayton Ross - JLL Loan Type: Acquisition The key individuals involved in this transaction are Michael Zaremski and Clayton Ross, representing Delshah Capital, with Michael Shah as the landlord. The financing for this acquisition was facilitated by Prospect Ridge Advisors, underscoring the collaboration of multiple parties in this deal. PLAYERS All Brokers Landlords | Tenants Michael Zaremski JLL BROKER $1.2B VOL 18 deals Contact Clayton Ross $458M 6 deals Michael Shah Delshah Capital LANDLORD $1.3B 24 deals New York MultiFamily Market Snapshot Boundary boundary · MultiFamily · Loan transactions Comps 10 Listings Map 15 Investors Top Brokers Lenders Signature Bank Provides $65M Loan For Multifamily Portfolio In Lower East Side, Nolita, East Village, Lenox Hill, And Soho 1,218,770 SF · Jan 2020 New York, New York $65,000,000 $53/SF 0.3 mi Valley National Bank Provides $45.8M Refinance Loan For Multifamily Property In SoHo 78,292 SF · Sep 2022 $45,800,000 $585/SF 0.4 mi Better Living Properties Secures $78M Refinance Loan From Citi Bank For Mixed-Use Properties Jul 2025 $78,000,000 0.5 mi SMA Equities Secures $39.5M Loan From Bank Of The Ozarks In New York Dec 2017 $39,500,000 0.6 mi John A. Zaccaro Sr. Secures $76.6 Million Refinance Loan For Manhattan Multifamily Properties 335,020 SF · Nov 2024 $76,600,000 $228/SF CNY Group Secures $49.5 Million Construction Loan From Urban Standard Capital For Tribeca Multifamily 33,800 SF · Dec 2024 $49,500,000 $1,464/SF Derby Copeland Capital Refinances 76-Unit Building On Avenue A With Acore Capital For $48.8M 79,956 SF · May 2025 $48,800,000 $610/SF 0.7 mi Abro Management Refinances Manhattan Multifamily Property With $58M Loan From Ladder Capital May 2025 $58,000,000 Martin Shapiro Refinances 81-Unit Building At 62 Avenue B With $46 Million Loan From Acore Capital 71,334 SF · Aug 2025 $46,000,000 $644/SF 0.8 mi Real Estate Equities Corp Secures $79M Construction Loan For East Village Multifamily Project 3,980 SF · Oct 2019 $79,000,000 $19,849/SF Live We are telling CRE's story Traded is the #1 source for cutting-edge CRE transactions & insights. 1M+ DEALS 100K+ USERS 47 MARKETS 1.2M+ FOLLOWERS Browse Closings by State National Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming Search News Agents Agencies About About Us FAQ Testimonials Help Help Center Pricing Return Policy Follow a feed NY @tradedny MIA @tradedmiami LA @tradedla CHI @tradedchicago BOS @tradedboston DAL @tradeddallas NJ @tradednj 18.2K The Traded Weekly Every major deal & ranking update — Friday mornings. Email © 2026 Traded Media LLC · All rights reserved. Terms & Conditions Privacy Disclaimer Cookie Policy Do Not Sell My Info Acceptable Use