Mortgages

400-422 East Sanford Boulevard - Mount Vernon, NY

Amount: $4,950,000

Ed Graf of Houlihan-Parnes Realtors, LLC has arranged a 1st mortgage re-financing for a two-story retail building. The property contains 12,500 square feet of rentable space, and is located at 400-422 East Sanford Blvd., Mount Vernon, New York . The non-recourse loan for $4,950,000 is fixed at 4.0% for five years with a 30 year amortization schedule. The borrower has a 5 year option. The loan can be prepaid with a declining prepayment premium at a descending rate.

 

3408-3418 Boston Post Road - Bronx, NY

Amount: $2,125,000

Ed Graf of Houlihan-Parnes Realtors, LL has arranged a 1st mortgage re-financing for a one-story strip shopping center. The property contains 12,600 square feet of rentable space, and is located at 3408-3418 Boston Post Road, Bronx, New York . The non-recourse loan for $2,125,000 is fixed at 4.0% for five years with a 30 year amortization schedule. The borrower has a 5 year option. The loan can be prepaid with a declining prepayment premium at a descending rate.

 

8 Washington Court - Stamford, CT

Amount: $1,250,000

Jeremiah A Houlihan and James K. Coleman of Houlihan Parnes Properties (HPP) are pleased to announce the arrangement of a 1st mortgage loan in the amount of $1,250,000 on a 4-story apartment building containing 17 apartments located in Stamford, CT. The property was purchased through an estate and required a quick closing. The loan was placed through HPP’s private lending program and has a 1 year term allowing the owners/borrowers to reposition the asset and refinance with a conventional lender.

 

2501 Grand Concourse - Bronx, NY

Amount: $52,500,000

Christie L. Houlihan, Bryan J. Houlihan and James J. Houlihan of Houlihan Parnes Realtors, LLC, are pleased to announce the placement of a $52.5 million first mortgage on the property located at 2501 Grand Concourse, Bronx, New York. Upon acquisition in 2001, the owners successfully converted the iconic former Alexander’s/Caldor’s department store on the northwest corner of Fordham Road and the Grand Concourse into a multi-tenanted retail and office building. The property, which had been vacant for several years, has been fully leased since acquisition and anchors the major business area and intersection of Fordham Road and the Grand Concourse. The loan was placed for a term of 10 years on an interest-only basis. Houlihan Parnes was able to negotiate favorable terms due to the low Loan to Value. The property enjoys a robust and diverse tenant roster. Main tenants include: PC Richard & Son, Marshalls, Children’s Place, Capital One Bank, the City University of New York, the U.S. Social Security Administration and 1199 SEIU Health Care Training and Child Care Center. The borrower was represented by Elizabeth Smith of Goldberg Weprin Finkel Goldstein, LLP. Title was insured by Chicago Title Insurance Company. The property is owned by Samuel Jemal of JJ Operating, Inc., and members of the Jemal family, together with James J. Houlihan and members of Houlihan Parnes. The property is one of two large successful gut renovation projects engineered in the Bronx by the Houlihan and Jemal families, who have partnered together on various deals across the New York metropolitan area for three generations.

 

120 North Pearl Street - Port Chester, NY

Amount: $13,500,000

Ed Graf of Houlihan-Parnes Realtors, LLC has arranged for a 1st mortgage re-financing of a newly constructed 50 unit apartment building, located at 120 North Pearl Street, Port Chester, N.Y. The loan replaced the construction financing. The par loan, in the amount of $13,500,000, was placed for a 5-year term with a 30 year amortization schedule. The interest rate of 3.50% is fixed for the 5-year term. The loan also provides for an additional 5 year option. There is a descending pre-pay privilege. The borrower was represented by Steven Pearsall.

 

1959-1979 Bruckner Boulevard - Bronx, NY

Amount: $1,300,000

Michael J. O’Neill of Houlihan-Parnes, Realtors, LLC / Q10 l NY Realty Advisors is pleased to announce the placement of a $1,300,000 first mortgage on the 1,900 sf Kentucky Fried Chicken restaurant building and CleanCity laundry facility located at 1959 & 1979 Bruckner Blvd. The 7-year, non-recourse loan is fixed at 4.2% interest on a 30-year amortization schedule. The lender, a local bank, also agreed to 3-year option to extend. The borrower was represented in the transaction by Elizabeth Smith of Goldberg Weprin Finkel & Goldstein.

 

145 Huguenot Street - New Rochelle, NY

Amount: $21,500,000

Christie Houlihan, James J. Houlihan and Andrea Lofaro of Houlihan Parnes Realtors, LLC are pleased to announce the placement of a $21.5 million new first mortgage on the property located at 145 Huguenot Street, New Rochelle, New York. The property is located at the train station and is in the center of the area that has been designated for development by the municipality. The property contains 30 tenants with 278,788 square feet for both office and warehouse space. The main tenants include: State of New York, County of Westchester, Steiner Sports, Monroe College, Benchmark Education, Advent Software, ENT & Allergy Associates, Greenwich Hospital, and Sound Shore Medical Group. The loan was placed for a term of 10 years on an interest only basis. Houlihan Parnes was able to negotiate at favorable terms due to less than 50% LTV. The property has been owned by its present ownership since 2002. The property has been upgraded with multi million dollars of renovations. The property enjoys a robust tenant roster. Since the current owners acquired the property, the property has sat at around a 95% occupancy level. Partners of Houlihan Parnes are amongst members of the LLC that currently own the property. Last year, related entities also bought 140 Huguenot which is across the street. The owners were represented by Elizabeth Smith of Goldberg, Weprin, Finkel & Goldstein, LLP and the title was insured by Chicago Title Insurance Company.

 

Queens, NY

Amount: $29,300,000

Zeev Douek of Q10 New York Realty Advisors, an affiliate of Houlihan-Parnes Realtors, arranged financing in the amount of $29.3 Million for 2 Queens apartment buildings. The buildings consist of a total of 240 units and offer a mix of Studios, 1-BR, & 2-BR units. The loans were placed with a NY-based bank. The interest rate for both loans was fixed at 3-3/8% for 5-years and provided for a cash-out refinance of approximately $6 Million. “Both loans were tailored to the borrower’s specific financing needs by locking into a favorable, low interest rate loan and allowed for the distribution of cash to accommodate the borrower’s strategy” said Douek. “The lender recognized the strong performance of the buildings which have historically performed at near full occupancy and have generated consistent growth in income year after year.”

 

2649-2651 Strang Blvd - Yorktown Heights, NY

Amount: $17,500,000

James Houlihan of Houlihan-Parnes Realtors is pleased to announce the placement of a $17.5 Million first mortgage on the property located at 2649-2651 Strang Boulevard in Yorktown Heights, Westchester County, New York. The property was acquired by the existing ownership in October 2014 and has since been extensively renovated and re-tenanted. The new first mortgage is approximately 50% LTV and placed with a local thrift and has a term of 7 years at a fixed rate with an option to extend for another 5 years. Elizabeth Smith, Esq. of Goldberg, Weprin, Finkel, Goldstein LLP was the attorney that represented the Borrower at closing. Title was provided by Jim Maloney and John Hughes of the Great American Title Agency, Inc. The property includes two buildings consisting of 200,000 square feet of rentable space and 695 on-site parking spaces. Tenant roster includes; Putnam County Savings Bank, ENT & Allergy Associates, Mercy College, New York-Presbyterian Medical Group-Hudson Valley Hospital. Occupancy also includes number of local business and healthcare-related tenants

 

Upper West Side - Manhattan

Amount: $6,100,000

Jeanne Cronin of Q10 New York Realty Advisors, an affiliate of Houlihan-Parnes Realtors, is pleased to announce the closing of a $6.1 million underlying co-op loan on a full-service, 15-story, pre-war cooperative apartment building located on the Upper West Side of Manhattan in the 90’s. Built in 1928 and converted to cooperative ownership in 1981, the building offers a mix of unit types including many large 3-bedroom layouts with coveted period details. The building has a magnificent restored lobby with a unique vaulted ceiling. The loan was placed with a regional community bank. The lender provided a 15-year, interest-only loan and fixed the rate at application for the full 15-year term at 4.2%. The loan can be prepaid without penalty any time after the 8th loan year. The lender also provided a Libor-based floating rate revolving credit line with very flexible terms and no ‘non-usage’ fee. The co-op can also secure additional term financing from the lender which would not trigger any prepayment penalty. As per Cronin, “the lender was extremely sensitive to the financing needs of the co-op board and saw to it that the loan process was straightforward and seamless.”

 

280 Mamaroneck Road - White Plains, NY

Amount: $2,250,000

Jeremiah A. Houlihan and James K. Coleman of Houlihan Parnes Realtors, LLC are pleased to announce the arrangement of a 1st mortgage loan in the amount of $2,250,000 on a medical office building located at 280 Mamaroneck Avenue in downtown White Plains, NY. The 3-story building contains a retail store, (16) medical tenants, a self-service elevator and on-site parking for 60 cars. The loan was placed with a savings bank for a 10-year term at a prevailing interest rate on a 30-yr amortization schedules. The lender charged no commitment fee and the loan has sliding scale prepayment penalties.

 

925-939 Yonkers Ave. Yonkers, NY & 148-164 E Rt 59 Nanuet, NY

Amount: $2,100,000

Jeremiah A Houlihan of Houlihan Parnes Realtors, LLC is pleased to announce the arrangement of a 1st mortgage loan in the amount of $850,000 on a mixed use building located at 925-939 Yonkers Ave across the street from the Empire City Casino in Yonkers, NY. The property consists of a 2-story building with the Clairmont Diner on the 1st floor and 3 apts on the 2nd floor as well as an attached 1-story building containing an automobile service station. Jerry also arranged a 1st Mortgage loan in the amount of $1,250,000 on a 1-story retail strip center located at 148-164 East Route 59 in Nanuet, NY. Tenants include Empire State College, Sterling Optical and Bach-to-Rock music school. The loans were placed with Savings Banks for 10-year terms at prevailing interest rates on 25-yr amortization schedules. The Lenders charged a 0.5% commitment fee and the loans have sliding scale prepayment penalties.

 

522 W 38th Street - Magnuson Convention Center - New York, NY

Amount: $15,500,000

Jeanne Cronin and Zeev Douek of Q10 New York Realty Advisors have arranged a $15,500,000 permanent loan on an 80 room limited service hotel located in New York City in close proximity to the Jacob Javits Convention Center. The loan was a cash-out refinance of over $3 Million at a fixed interest rate for the term of the loan. Hotel management had recently changed flags and the property was going through a transition period. The loan was placed with a local bank and closed in 6 weeks from the signing of the term sheet and 4 business days after the issuance of a commitment. As per Cronin, “the lender went above and beyond in addressing the Borrower’s needs, particularly with the scheduling of the fast-paced closing”.

 

2495-2421 Brunswick Pike & Harding Avenue Lawrence, NJ

Amount: $18,000,000

Houlihan-Parnes Realtors, LLC has placed an $18,000,000 first mortgage and credit facility on the property known as the Lawrence Shopping Center located at 2495-2421 Brunswick Pike & Harding Avenue in Lawrence, New Jersey. The property is improved by a 400,000 square foot shopping center. The property has been tied up in litigation for a number of years. The facility provided a permanent first mortgage to close the acquisition and a line of credit for the re-leasing of vacant space. Major tenants include Acme Supermarket, Burlington Coat Factory and Staples. The property was acquired by a joint venture of JJ Operating Inc. and principals and investors from Houlihan-Parnes Realtors, LLC. In 2015, the partners previously acquired Independence Plaza a 250,000 square foot shopping center in Hamilton Township, NJ. The Hamilton Township property is nearby and has undergone a multi-million dollar renovation. The purchasers were represented by Steve Uffner and Doran Golubtchik of Goldberg, Weprin, Finkel, Goldstein, LLP.

 

83 East Avenue, Norwalk, CT

Amount: $2,750,000

Houlihan-Parnes Realtors, LLC is pleased to announce the placement of a new first mortgage in the amount of $2,750,000 on a property located at 83 East Avenue, Norwalk, Connecticut. The building is well located immediately off I-95, exit 16 and Route 7 and close to Norwalk Hospital, and the Norwalk Station of the Metro North Railroad – New Haven Line. The property has undergone extensive tenant and capital improvements including a new lobby, bathrooms, elevators, landscaping, exterior lighting and painting. The 5-year loan was placed with a local bank at an interest rate of 3.75% with a 5-year option to extend. The loan was arranged by Andrew Greenspan and James J. Houlihan of Houlihan-Parnes Realtors, LLC. The title was arranged by Ray Cohen of Chicago Title. The borrower was represented by Christie Houlihan of Zuckerman, Gore, Brandeis and Crossman, LLP, as legal counsel.

 

1155 Warburton Avenue - Yonkers, NY

Amount: $675,000

Ed Graf of Houlihan-Parnes Realtors, LLC, an affiliate of Q10 capital, LLC, has arranged for 1st mortgage financing of 10 Unsold residential Condominiums. The loan, in the amount of $630,000, was placed for a 10 year term with a 30 year amortization schedule. The interest rate shall be fixed for 4.25% for the first five years. The loan also provides for an additional 5 year option. There is a descending pre-pay privilege. The loan is non-recourse. The borrower was represented by John Nickelsberg, Esq.

 

297 Knollwood Road - White Plains, NY

Amount: $4,200,000

Andrew M. Greenspan of Houlihan-Parnes Realtors, LLC is pleased to announce the placement of a $4,200,000 first mortgage on the 5-story office building located at 297 Knollwood Road, in the Town of Greenburgh, White Plains, New York. The non-recourse loan is fixed for 10 years at 4%. The building contains 35,000 rentable square feet with 10,000 square feet occupied by a branch office of the General Services of America - US Social Security Administration. The Borrower was represented by Lee Pollock of Pollock & McGuire LLP and title was provided by Ray Cohen of Chicago Title Insurance.

 

3520 Tryon Avenue, Bronx, NY

Amount: $1,700,000

Houlihan-Parnes Realtors LLC, has arranged an underlying cooperative loan secured by a 1st mortgage in the amount of $1,700,000 encumbering a property located at 3520 Tryon Avenue in the Williamsbridge neighborhood of the Bronx, NY. Jeremiah Houlihan was the broker of this transaction. The property is improved with a 7-story brick and multi-family cooperative apartment building constructed in 1962 containing one self-service elevator, 63 apartments, 5 garage spaces, 9 outdoor parking, gardens and marble lobby. There is a full basement containing all of the electrical and gas meters, storage lockers as well as the oil burning boiler. The loan was placed with a Savings Bank for a 12-year term at a 7-yr fixed interest rate of 3.75% on a 30-yr amortization schedule with an interest rate reset in year 8 at 300 basis points above the then 5-yr FHLBNY rate. The Lender charged a no commitment fee and the loan has a sliding scale penalty of 5-5-4-4-3-2-1% for the 7 year period in the case of prepayment.

 

4 West Red Oak Lane - White Plains, NY

Amount: $12,490,000

Houlihan-Parnes Realtors, LLC is pleased to announce the placement of a $12,490,000 first mortgage on the office building located at Four West Red Oak Lane, in White Plains, New York. The non-recourse loan is fixed for 7 years at 3.75%. The building contains 132,995 rentable square feet and is 99% leased. The loan, closed with a local bank, is pre-payable throughout the term on a declining scale and the Borrower has an option to extend the loan for an additional five years. The Borrower was represented by Christie L. Houlihan, Senior Director and Counsel of Houlihan-Parnes Realtors and title was provided by Ray Cohen of Chicago Title Insurance.

 

79 East Putnam Avenue- Greenwich, CT

Amount: $3,220,000

Houlihan-Parnes Realtors, LLC is pleased to announce the placement of a $3,220,000 first mortgage on the retail/office building located at 79 East Putnam Avenue, in Greenwich, CT. The non-recourse loan is fixed for 7 years at 3.75%. The building contains 20,000 rentable square feet and is fully leased. The loan, closed with a local bank, is prepayable throughout the term on a declining scale and the Borrower has an option to extend the loan for an additional five years. The Borrower was represented by Christie L. Houlihan, Senior Director and Counsel of Houlihan-Parnes Realtors and title was provided by Ray Cohen of Chicago Title Insurance.

 

124 East Post Road - White Plains, NY

Amount: $600,000

Houlihan-Parnes Realtors, LLC is pleased to announce the placement of a $600,000 first mortgage on 124 East Post Road, a 5,576 sf building at the corner of Court Street and East Post Road in White Plains, NY. The 7-year, non-recourse loan is fixed at 3.75% interest on a 30-year amortization schedule, plus has a 5-year option. The one-story retail building is fully occupied and includes the Kee Oyster House restaurant. The Borrower was represented in the transaction by Christie Houlihan, and title was provided by First American Title.

 

New York, NY

Amount: $21,500,000

Zeev Douek of Q10 New York Realty Advisors arranged a $21,500,000 Non-Recourse permanent loan on an 80,000 square foot office building located in New York City in close proximity to Bryant Park. The loan was placed with a NY-based bank and was a cash-out refinance of over $4 Million at a 3.29% fixed interest rate for 5 years. The lender did a great job in navigating the lease rollover as well as meeting the borrower’s imminent payoff date which was the day after Election Day.

 

Verizon Buildings - Westchester County, NY

Amount: $8,917,500

Jeanne Cronin of Q10 New York Realty Advisors, an affiliate of Houlihan-Parnes Realtors, has arranged an $8,917,500 permanent loan secured by three properties located in Westchester County, NY including a small strip center (photo above) located on White Plains Road (Route 22) in Eastchester, and two warehouse/industrial buildings net leased to VERIZON and located in the Village of Tuckahoe and the Town of Greenburgh. All three properties have been owned by the borrower for several decades. The VERIZON buildings were built-to-suit in the 1950’s by the borrower’s father for the then tenant, New York Telephone Company. The properties were encumbered by an existing CMBS loan that was maturing imminently. The new loan was placed with a community bank for a term of 5-years at a fixed rate of 4.2% and a 30-year amortization schedule. The loan provided for release provisions of individual properties. According to Cronin “we ran into numerous issues that could have derailed the transaction but the Lender stepped up to the plate and was able to structure a loan that met the borrower’s financing needs and timing concerns and provide the bank with a blanket first mortgage on solid real estate located in desirable Westchester County.”

 

2825 Kennedy Blvd Jersey City, NJ

Amount: $2,500,000

Jeanne Cronin of Q10 New York Realty Advisors, an affiliate of Houlihan-Parnes Realtors, has arranged a $2,500,000 permanent loan on a retail strip center located at 2825 Kennedy Blvd in the Journal Square neighborhood of Jersey City, NJ. The non-recourse, PAR loan was provided by a major NY-based bank. The term of the loan was for 10-years with the rate fixed at 3.53% for the first 7-years, then floating and open to prepayment without penalty the last three years. The lender assumed the cost of the appraisal and lender legal. The property contains 6 retail stores plus roof-mounted signage and a parking lot on an adjoining parcel that is leased to an operator. Kennedy Blvd is a main retail corridor that caters to a wide range of local, regional and national retailers. The subject property has consistently been at full occupancy. The subject location is in the center of the city within a short walk from the Journal Square PATH train station. With the Jersey City waterfront and downtown nearly built out the area around the Journal Square PATH station has become a prime destination for new development. The borrower consists of two highly successful and seasoned real estate families who own and manage extensive real estate portfolios, respectively. Elizabeth Smith, Esq., Aubrey Riccardi, Esq. and Sarah Benji, Esq. of Goldberg Weprin, Finkel & Goldstein represented the borrower. Title was provided by Jeff Mitzner, SVP with First American Title.

 

Best Western, Sunrise Highway, Rockville Center, NY

Amount: $7,500,000

Jeanne Cronin and Zeev Douek of Q10 New York Realty Advisors, an affiliate of Houlihan-Parnes Realtors, LLC, have arranged a $7,500,000 permanent loan on a full service hotel currently operating under the Best Western flag. The property is well located on Sunrise Highway in downtown Rockville Centre a short walk from many local businesses, stores and restaurants as well as the Rockville Centre train station. The property has consistently operated at higher than average occupancy levels by offering upgraded rooms and a wide range of amenities including a full service restaurant, a banquet facility, an abundance of on-site parking and a swimming pool. The non-recourse loan was placed with a NY-based bank for a term of 10-years. The interest rate was fixed at 4.0% for the first 5–yrs. As per Cronin, “the lender was very accommodating in addressing the borrower’s needs with regard to the timing of the closing.”

 

840 Bronx Park South, Bronx, NY

Amount: $1,500,000

Houlihan-Parnes Realtors, LLC, has arranged re-financing on a 5 story walk-up apartment building located at 840 Bronx Park South, Bronx, New York. The property contains 13 residential units and 1 store on the ground floor. Ed Graf was the broker for this transaction. The par, non-recourse loan of $1,500,000 was placed for a term of five years, with a five year option term. The initial term is fixed at 3.125% with a 30 year amortization schedule. The prepayment penalty is 5% for the 1st year with a declining 1% per year, thereafter.

 

1775 Grand Concourse, Bronx, NY

Amount: $30,000,000

James J. Houlihan of Houlihan-Parnes Realtors, LLC and Sam Jemal, Joseph and David Jemal of JJ Operating Corp. are pleased to announce the joint acquisition of a 300,000 square foot building located at 1775 Grand Concourse in the Bronx, New York. 220,000 square feet will be available for lease and Verizon will occupy two levels totaling 80,000 square feet for their central switching gear. The site, located just north of the Cross Bronx Expressway, was acquired from Verizon, who is retaining two levels for their central switching gear. The building has recently been rezoned and approved for parking on the lower level, for retail and office use on the 4th level, which is at street grade to the Grand Concourse, and for office uses on floors 5-8. The floors feature 40,000 square foot floor plates and are ideal for large users. There is already a tremendous amount of interest in the building. The partners plan to spend $5,000,000 in building renovations, which will include new lobby elevators, retail fronts, indoor parking garage, and new building HVAC. Jim Houlihan, Sam Jemal, and their partners acquired a similar building 12 years ago at Fordham Road and the Grand Concourse. The former Alexander's department store was converted into a multi-tenant, retail and office building and has been 100% leased since inception. The partners intend to create an identical environment at 1775 Grand Concourse. The building is located just north of the Cross Bronx Expressway at the NORTH TREMONT station of the train station. The other train station for #4 SUBWAY LINE is located several blocks away on Jerome Avenue. (THE B & D SUBWAY STOP IS ACROSS THE STREET) There are 3 – (bx1, bx2 and bx32) bus lines that run north-south on the Grand Concourse. The building will present a unique opportunity to both existing tenants in the Bronx and tenants who are looking for space in the Bronx. The building will be a fully renovated, professionally run, Class A building with attractive rents. For further information contact Andrew Greenspan (andy@ghpoffice.com); Jamie Schwartz (jschwartz@ghpoffice.com) and Sam Jemal (sjjswim@aol.com).

 

4 Restaurant Chains, NC, GA, TN

Amount: $4,515,000

Jeanne Cronin, Managing Director of Q10 | New York Realty Advisors, an affiliate of Houlihan-Parnes Realtors, is pleased to announce the closing of four loans totaling $4,515,000 on four, free-standing, fast-food/casual dining restaurants located in North Carolina, Georgia and Tennessee. The restaurant chains included an Olive Garden (Darden Restaurants), Arby’s, Wendy’s and Bojangles’. Financing was provided by two different lending sources, a national insurance company and a regional bank. Loan terms ranged from 10 years to 25 years. Both lenders fixed the interest rate for the initial 10-year term at 4.25% to 4.5%. The insurance company provided a fixed-rate reset feature for the remaining 15 years. The properties were acquired by a Long Island-based based real estate family with an extensive portfolio of primarily multi-tenanted commercial properties located in metro New York. This was their first foray into the single tenant arena. They were attracted to the product type by the fact that all four properties are leased to tenants with national or strong regional brands, the leases are triple net and have long lease terms with multiple renewal options, and the locations are in metro areas with strong populations and projected growth.

 

2075 Haviland Avenue, Bronx, NY

Amount: $2,000,000

James K. Coleman of Houlihan-Parnes Realtors LLC has arranged a loan secured by a 1st mortgage in the amount of $2,000,000 encumbering a property located at 2075 Haviland Ave in the Castle Hill neighborhood of the Bronx, NY. The property is improved with a 5-story brick walk-up rental apartment building constructed in 1916. There are 26 apartments, 4 retail stores and a basement containing the oil burning boiler and meters for gas and electric use. The loan was placed with a Savings Bank for a 10-year term at a 5-yr fixed interest rate of 3.375% on a 30-yr amortization schedule with interest only payments for the first 2 year and an interest rate reset in year 6 at 250 basis points above the then 5-yr USTCM. The Lender charged a no commitment fee and the loan has a sliding scale penalty of 3-2-1-0-0 % for ach 5 year period in the case of prepayment.

 

Multi-Family Portfolio, Binghamton, NY

Amount: $1,500,000

Houlihan-Parnes Realtors, LLC, has arranged first mortgage financing totaling $1,500,000, for the acquisition of a multi-family portfolio located in Binghamton N.Y. The 13 properties with a total of 113 units are all located within a 3 mile radius. The bridge loan has a term of one year and is pre-payable without penalty after 6 months. The interest-only loan closed in just two weeks allowing the borrower to meet a 1031-exchange deadline. This transaction was handled by Ed Graf of Houlihan-Parnes Realtors, LLC.

 

10-24 Palmer Avenue, Bronxville, NY

Amount: $2,900,000

Jeremiah A. Houlihan of Houlihan-Parnes Realtors, LLC, has arranged a loan secured by a 1st mortgage in the amount of $2,900,000 encumbering a property located at 10-24 Palmer Ave in Bronxville, NY. The property is improved with a 23,600 sf three story Tudor-style building containing five retail stores with 100 ft of frontage on Palmer Ave and an Auto Repair shop on Paxton Ave. Located in West Bronxville with Columbia-Presbyterian/Lawrence Hospital directly across the street and a densely populated residential area immediately west, the Bronxville Train station (Metro-North Harlem Line) is one block east. The loan was placed with a Savings Bank for a 12-year term at a 7-yr fixed interest rate of 3.475% on a 30-yr amortization schedule with an interest rate reset in year 8 at 150 basis points above the then 5-yr USTCM. The Lender charged a no commitment fee and the loan has a sliding scale penalty of 5-4-3-2-1-0-0 % for the first 7 year period and 1-1-1-0-0 for the extension period in the case of prepayment.

 

83 East Avenue, Norwalk, CT

Amount: $2,750,000

Houlihan-Parnes Realtors, LLC is pleased to announce the placement of a new first mortgage in the amount of $2,750,000 on a property located at 83 East Avenue, Norwalk, Connecticut. The building is well located immediately off I-95, exit 16 and Route 7 and close to Norwalk Hospital, and the Norwalk Station of the Metro North Railroad – New Haven Line. The property has undergone extensive tenant and capital improvements including a new lobby, bathrooms, elevators, landscaping, exterior lighting and painting. There are currently suites available ranging from 700-3,100 square feet. The 40,000 square foot office and medical building is home to 25 tenants and is managed and leased by GHP Office Realty.

 

21-29 Main St. Haverstraw, NY

Amount: $695,000

Houlihan-Parnes Realtors, LLC, celebrating 125 years of continuous professional service, has arranged a 1st mortgage in the amount of $695,000. Ed Graf represented the transaction for the mixed-use property located at 21-29 Main Street, Haverstraw, N.Y. The property consists of 4 residential units, and 6 retail stores. The non-recourse loan in the amount of $695,000 is fixed for 5 years with a 5 year option. The par loan also has right to prepay with a 5% penalty in year 1 declining 1% per year, with no penalty in the last three months of the term.

 

3301 Coors Blvd. NW Albuquerque, NM

Amount: $9,100,000

Houlihan-Parnes Realtors, LLC, celebrating 125 years of continuous professional service, has arranged the re-financing of The Ladera Shopping Center, located at 3301 Coors Boulevard NW, Albuquerque, New Mexico. Ed Graf from Houlihan-Parnes represented the transaction. The loan amount is for $9,100,000, and has a term of 5 years. Ownership required flexibility on pre-payment so they opted for a floating rate facility. The monthly adjustable rate is priced at 2.75% over 30-day Libor. The Retail Center was built in 1986, and consists of 128,712 square feet. The Center is currently 95% occupied by 23 national, regional and local tenants including John Brooks Supermarket, Dollar Tree, Taco Cabana, Bank of Albuquerque, Planet Fitness, the UPS Store, Supercuts, H & R Block, and T-Mobile. Burger King occupies a pad site.

 

1143 First Avenue, New York, NY

Amount: $2,000,000

Houlihan-Parnes Realtors, LLC, represented by Bryan Houlihan and Mike O’Neill, is pleased to announce the placement of a $2,000,000 first mortgage on the 5-story apartment building with two stores located at 1143 First Avenue in the exclusive Upper East Side section of Manhattan. The 5-year, non-recourse loan has a fixed interest rate of 3.25% with interest only payments for two years and 30-year amortization thereafter. The loan, closed with a national commercial Bank, is prepayable throughout the term on a declining scale and the Borrower has an option to extend the loan for an additional 5 years. The Borrower was represented in the transaction by Elizabeth Smith and Sarah Benji of Goldberg Weprin Finkel Goldstein, LLP.

 

3-5-7 Main Street, Haverstraw, NY

Amount: $600,000

Ed Graf of Houlihan-Parnes Realtors, LLC has arranged a new $600,000 first mortgage on 3-5-7 Main Street, Haverstraw, NY. The 2-story, mixed-use building, just off Broadway in the downtown area, has seven residential units and three commercial tenants. The non-recourse loan is fixed for five years at 4.25% interest, with a 30-year amortization schedule. The loan is prepayable throughout the term on a sliding-scale basis, plus the borrower has an option to extend the term for an additional five years.

 

Fairfield and New Haven Counties, Connecticut

Amount: n/a

Jerry Houlihan of Houlihan-Parnes Realtors, LLC has arranged bridge financing for several different acquisitions of distressed properties in Fairfield and New Haven Counties, Connecticut. The properties were all bought by investors with the intent to demolish and renovate/build new houses to be sold at market. The loans were 12-18 months in term with some having a draw-down feature for construction purposes. As an experienced private lender, Houlihan-Parnes can act quickly to close as needed. Loans are up to 2 years with flexible prepayment schedules. Funds are available for quick purchases, refinances, foreclosure exits, bankruptcy settlements, mortgage buybacks and construction.

 

587-621 E. Boston Post Road, Rt. 1 in Mamaroneck, NY.

Amount: $1,600,000

Houlihan-Parnes Realtors, LLC, represented by Bryan Houlihan and Mike O'Neil, is pleased to announce the placement of a $1,600,000 first mortgage on the 15,270 s.f. retail building with 12 stores located at 587-621 E. Boston Post Road on Route 1 in Mamaroneck, Westchester County, NY. The 7-year, non-recourse loan has a fixed interest rate of 3.75% with interest only payments for two years and 30-year amortization thereafter. The loa, closes with a local Bank, is prepayable throughout the term on a declining scale and the borrower has an option to extend the loan for an additional 5 years. The Borrower was represented in the transaction by Christie Houlihan of Zukerman Gore Brandeis & Crossman, LLP.

 

319 East Bloomfield, Rome, NY

Amount: $3,800,000

Ed Graf of Houlihan-Parnes Realtors LLC, has arranged for 1st mortgage re-financing for a multi-family property, consisting of 160 apartments. The property is located at 318, 319, 400-604 E. Bloomfield Street, City of Rome, Oneida County, NY. The non-recourse loan, in the amount of $3,800,000, is fixed at 4.25% for 5 years. The first year has interest only payments and years 2 through 5 have 30 year amortization payments. The borrower has a 5 year extension option. The loan can be prepaid with a prepayment premium at a descending rate. The borrower was represented in the transaction by Steve Tierney of Woods, Oviatt.

 

172-178 Dyckman Street, New York, NY

Amount: $3,500,000

Houlihan-Parnes Realtors, LLC, represented by Bryan Houlihan and Mike O’Neill, is pleased to announce the placement of a $3,500,000 first mortgage on the 10,000 s.f. retail building with 6 stores located at 172-178 Dyckman Street in the Inwood section of upper Manhattan. The 7-year, non-recourse loan has a fixed interest rate of 3.75% with interest only payments for two years and 30-year amortization thereafter. The loan, closed with a local Bank, is prepayable throughout the term on a declining scale and the Borrower has an option to extend the loan for an additional 5 years. The Borrower was represented in the transaction by Christie Houlihan of Zukerman Gore Brandeis & Crossman, LLP.

 

2465 South Broad Street , Hamilton, NJ

Amount: $8,000,000

James J. Houlihan of Houlihan-Parnes Realtors, LLC, is pleased to announce the placement of an $8,000,000 supplemental loan for Independence Plaza Shopping Center in Hamilton Township, NJ. The property is undergoing major renovations after being acquired earlier this year by a partnership made up of members of the Jemal family and the Houlihan family. Four new major leases have been signed with Regal Cinema, Sav-A-lot Supermarket, Crunch Fitness and Ollie’s discount store. Those four leases bring the occupancy of the shopping center back up to 63%. Major renovations and additional leasing will follow. The property had been tied up in a foreclosure for a number of years. The Jemal and Houlihan partnership plan to fully restore the shopping center and bring it back up to 100% occupancy. Elizabeth Smith of Goldberg Weprin Finkel Goldstein, LLP, was the attorney for the owners.

 

3600 White Plains Road, Bronx, NY

Amount: $1,000,000

Jeremiah A. Houlihan of Houlihan-Parnes Realtors, LLC has arranged a loan secured by a 1st mortgage in the amount of $1,000,000 encumbering of a 6,500 sf property improved with a one-story brick taxpayer containing five stores that total 5,335 sf plus basements located at 3600-3614 White Plains Road in the Gun Hill section of the Bronx, NY.

The loan was placed with a Savings Bank at a 5-year fixed interest rate of 3.21% on a 30-year amortization schedule. The Lender charged a no commitment fee and the loan has a sliding scale penalty in the case of prepayment.

 

15 Beach Road, Great Neck, NY

Amount: $1,500,000

Jeremiah A. Houlihan of Houlihan-Parnes Realtors, LLC has arranged a loan secured by a first mortgage in the amount of $1,500,000 encumbering a property located at 15 Beach Road in Great Neck, NY, improved with a 3-story brick walk-up garden-style Cooperative apartment building constructed in 1950. There are 54 apartments, on-site outdoor parking spots, 27 garages, gardens and courtyard.

The loan was placed with a Savings Bank at a 7-year fixed interest rate of 3.5% on a 30-year amortization schedule. The Lender charged a no commitment fee and the loan has a sliding scale penalty in the case of prepayment.

 

33 Williams Street, Mt. Vernon, NY

Amount: $2,000,000

Jeremiah A. Houlihan of Houlihan-Parnes Realtors, LLC has arranged a loan secured by a 1st mortgage in the amount of $2,000,000 encumbering of a 1.15 acre property improved with a 7-story concrete block and masonry brick double-wing, residential multi-family rental apartment building with two self-service elevators constructed in 1932 located at 33 Williams Street in the Fleetwood section of Mount Vernon, NY. There are 116 apartments, 26 on-site outdoor parking spots, 60 garage spots, gardens and a courtyard.

The self-liquidating loan was placed with a Savings Bank at a 15-year fixed interest rate of 3.63%. The Lender charged a no commitment fee and the loan has a yield maintenance penalty in the case of prepayment.

 

51 Van Cortlandt Park Avenue, Yonkers, NY

Amount: $500,000

Jeremiah A. Houlihan of Houlihan-Parnes Realtors, LLC has arranged a loan secured by a first mortgage in the amount of $500,000 encumbering a property located at 51 Van Cortlandt Park Avenue, Yonkers, NY improved with a 3-story walk-up apartment building constructed in 1965. There are 7 apartments and on-site outdoor parking spots.

The loan was placed with a Savings Bank at a 10-year fixed interest rate on a 25-year amortization schedule. The Lender charged a no commitment fee and the loan has a sliding scale penalty in the case of prepayment.

 

1506 Overing Street, Bronx, NY

Amount: $1,000,000

Houlihan-Parnes Realtors, LLC is pleased to announce the placement of a $1,000,000 underlying co-op first mortgage for 1506 Overing Street in the Bronx, NY. Located in the “Westchester Square” neighborhood of the East Bronx, the 5-story co-op building is situated at the northwest corner of Overing Street and Frisby Street. The property is a double-wing, walk-up apartment building containing 30 co-op apartments. The ten-year loan has a fixed rate of 4.125% with a 30-year amortization schedule. The loan was closed with a national bank with a strong regional presence. The Co-Op was represented in the transaction by Alan Snider, Esq.

 

3427 Jerome Avenue, Bronx, NY

Amount: $2,600,000

Houlihan-Parnes Realtors, LLC, represented by Bryan Houlihan and James J. Houlihan, is pleased to announce the placement of a $2,600,000 first mortgage on the multi-tenant retail building at 3427 Jerome Ave, Bronx, New York. The 7-year, non-recourse loan has a fixed rate of 3.6% with Interest Only for two years. The loan closed with a local bank and is prepayable throughout the term of the loan on a declining scale. The Borrower also has the option to extend the loan for an additional 3 years. The Borrower was represented by Christie Houlihan and Stephen Soleymani of Morrison Cohen, LLP and title was provided by Jim Maloney of The Great American Title Company.

 

1038 Southern Boulevard, Bronx, NY

Amount: n/a

Houlihan-Parnes Realtors, LLC is pleased to announce the placement of first mortgage financing on the 5-story walk-up apartment building at 1038 Southern Boulevard in the Bronx, NY. The non-recourse loan is fixed at 3.5% for seven years with a 30-year amortization schedule. The Lender did not charge a fee, the loan can be prepaid throughout the term on a declining schedule, and the Borrower has a 5-year option to extend. The building, just off of Westchester Avenue, has 17 apartments and two stores. The financing was handled by Mike O’Neill of Houlihan-Parnes and Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP represented the Borrower.

 

607 Main Avenue, Norwalk, CT

Amount: $7,800,000

James J. Houlihan and Michael O’Neill of Houlihan-Parnes Realtors, LLC and Q10 New York Realty Advisors, LLC are pleased to announce the placement of $7,800,000 in first mortgage financing with a regional commercial bank on the Center Seven Shopping Center located at 607 Main Avenue in Norwalk, Connecticut. The 10-year, non-recourse loan was creatively structured to allow for voluntary partial prepayments throughout the term. The 38,261 s/f retail center with second floor office space is located on the Route 7 corridor of Norwalk, just a mile north of the Merritt Parkway. The Center, having recently undergone extensive renovations, has 14 ground-level tenants that include Citibank, Starbucks, Planet Pizza, and a new Doctor’s Express facility. Murray & Gaunt Partners is the principal owning entity and has managed and owned the Center for over 10 years. Ongoing upgrades and renovations along with prudent management have attracted quality tenants to the high-traffic location in this affluent area of Norwalk.

 

4174 White Plains Road, Bronx, NY

Amount: $4,774,000

Houlihan-Parnes Realtors, LLC is pleased to announce the refinancing of a $4,774,000 first mortgage on the 12,000 s/f one-story retail building located at 4174 White Plains Road in the Bronx, New York. The five-year, non-recourse loan has a fixed rate of 3.75% with a 30-year amortization schedule. The loan, closed with a local bank, is prepayable throughout the term on a declining scale and the Borrower has an option to extend the loan for an additional five years. The Borrower was represented in the transaction by Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP.

 

717-725 Saw Mill River Road Ardsley, NY

Amount: $1,930,000

Houlihan-Parnes Realtors, LLC is pleased to announce the refinancing of a $1,930,000 first mortgage on the 17,390 s/f Ardsley Shopping Center located at 717-725 Saw Mill River Road in Ardsley, New York. The five-year, non-recourse loan has a fixed rate of 3.75% with a 30-year amortization schedule. The loan, closed with a local bank, is prepayable throughout the term on a declining scale and the Borrower has an option to extend the loan for an additional five years. The Borrower was represented in the transaction by Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP.

 

41-51 West Fordham Road, Bronx, NY

Amount: $4,500,000

Houlihan-Parnes Realtors, LLC is pleased to announce the refinancing of a $4,500,000 first mortgage on the 8,600 s/f Rite Aid pharmacy building located at 41-51 West Fordham Road in the Bronx, New York. The 5-year, non-recourse loan has a fixed rate of 4% with a 30-year amortization schedule thereafter it is interest-only for two years. The loan, closed with a local Bank, is prepayable throughout the term on a declining scale and the Borrower has an option to extend the loan for an additional 5 years. The Borrower was represented in the transaction by Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP and title was provided by Jim Maloney of The Great American Title Agency, Inc.

 

1775 Grand Concourse, Bronx, NY

Amount: $5,000,000

James Houlihan of Houlihan-Parnes Realtors, LLC is pleased to announce the placement of a $5,000,000 second mortgage behind a $20,00,000 first mortgage on 1775 Grand Concourse in the Bronx, NY. The 180,000 s/f office and retail space now has a floating loan at prime + ¾ of 1% for a two-year term.

The mortgage covers a commercial condominium interest in the 300,000 square foot building that shares ownership with Verizon. Verizon owns 2 floors and has the central switching land lines for the Bronx on those floors. The remaining 6 floors have been converted to an ancillary indoor parking garage, retail space facing the Grand Concourse, and professional office space. The building features fully renovated common areas and interior spaces. The office space is extremely attractive due to the high ceilings with oversized windows providing great light and visibility. Current tenants include Con Edison, Special Citizens Futures Unlimited, Inovalon SME Inc, Safe Horizon, The Bronx Lebanon Hospital Center, Public Health Solutions and Abbott House.

The building is located just north of the Cross Bronx Expressway at East 175th Street. The building is well-serviced by public transportation. There is a subway station on the B&D lines of the NYC transit system at 175th Street, directly in front of the building. There are also bus routes, Bx1 & Bx2, along the 6-lane Grand Concourse, and the #4 elevated train is located three blocks away on Jerome Avenue. 1775 Grand Concourse provides easy access for both the east and west bound Cross Bronx Expressway, and the Major Deegan Expressway. The building compares very favorably with other competing buildings in the Bronx.

The property is owned by Sam Jemal of JJ Operating, Inc. and members of his family together with members of Houlihan-Parnes Realtors, LLC. The property was acquired in February 2012 from Verizon, and is the second large successful turnaround project engineered in the Bronx by the Houlihan and Jemal families. Their initial project was the conversion of the vacant former Alexander’s/Caldor’s department store on the corner of Fordham Road and the Grand Concourse into a multi-tenant retail/office building in 2001-2004. That project has been fully leased since its inception and has been a great success, re-anchoring the Fordham Road and Grand Concourse business area.

 

579 Central Park Avenue, Yonkers, NY

Amount: $934,000

Houlihan-Parnes Realtors, LLC is pleased to announce the refinancing of a $934,000 first mortgage on the 7,500 s/f one-story retail building located at 579-585 Central Park Avenue in Yonkers, New York. The five-year, non-recourse loan has a fixed rate of 3.75% with a 30-year amortization schedule. The loan, closed with a local bank, is prepayable throughout the term on a declining scale and the Borrower has an option to extend the loan for an additional five years. The Borrower was represented in the transaction by Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP.

 

77-97 Knollwood Road, Greenburgh, NY

Amount: $3,860,000

Houlihan-Parnes Realtors, LLC is pleased to announce the refinancing of a $3,860,000 first mortgage on the 61,459 s.f. Greenburgh Shopping Center located at 77-97 Knollwood Road in Greenburgh, Westchester County, New York. The 5-year, non-recourse loan has a fixed rate of 3.75% with a 30-year amortization schedule. The loan, closed with a local Bank, is prepayable throughout the term on a declining scale and the Borrower has an option to extend the loan for an additional 5 years. The Borrower was represented in the transaction by Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP.

 

426-438 Mamaroneck Avenue, Mamaroneck, NY

Amount: $1,629,000

Houlihan-Parnes Realtors, LLC is pleased to announce the refinancing of a $1,629,000 first mortgage on the 10,250 s.f. one-story retail building located at 426-438 Mamaroneck Avenue in Mamaroneck, Westchester County, New York. The 5-year, non-recourse loan has a fixed rate of 3.75% with a 30-year amortization schedule. The loan, closed with a local Bank, is prepayable throughout the term on a declining scale and the Borrower has an option to extend the loan for an additional 5 years. The Borrower was represented in the transaction by Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP.

 

44-25 Kissena Boulevard, Flushing, NY

Amount: $3,669,000

Houlihan-Parnes Realtors, LLC, is pleased to announce the refinancing of a $3,669,000 first mortgage on the 12,790 s.f. one-story retail building located at 44-25 Kissena Blvd. in the Flushing section of Queens, New York. The 5-year, non-recourse loan has a fixed rate of 3.75% with a 30-year amortization schedule. The loan, closed with a local Bank, is prepayable throughout the term on a declining scale and the Borrower has an option to extend the loan for an additional 5 years. The Borrower was represented in the transaction by Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP.

 

238-40 West 106th Street, New York, NY

Amount: $950,000

Mike O’Neill of Houlihan-Parnes Realtors, LLC is pleased to announce the placement of an underlying $750,000 first mortgage on the 6-story elevator co-operative apartment building at 238-40 West 106th Street in the prestigious Manhattan Valley section of New York City, NY. The Co-op opted for a 15-year self-liquidating mortgage with an interest rate of 4.125% for the term of the loan which is prepayable after the fifth year without penalty. The Co-op also has a $200,000 Letter of Credit from the Lender at its disposal. The proceeds of the financing will be used for major capital improvements and to replenish reserves. The 49-unit building, converted to co-op in 1982, is 100%-sold.

 

Two Apartment Complexes, Tennessee

Amount: $23,500,000

Fred Stahl and Sheldon Stahl of Houlihan-Parnes Realtors, LLC are pleased to announce the placement of two Freddie Mac loans totaling $23,500,000 on two garden apartment complexes in Tennessee. The 312-unit property at 5242 Edmondson Pike in Nashville and 248-unit property at 2190 Memorial Drive in Clarksville are under long-term ownership and management and are occupied at over 95%.

The interest only loans were for $14,000,000 and $9,500,000 were done at 3.96% and 4.14%, respectively. Walker and Dunlop of Atlanta was the DUS lender for the loan origination.

 

2649 & 2651 Strang Boulevard, Yorktown Heights, NY

Amount: $13,200,000

Kelly Houlihan-Buckley and James J. Houlihan of Houlihan-Parnes Realtors, LLC are pleased to announce the placement of an acquisition loan and credit facility totaling $13,200,000 on two properties located at 2649-2651 Strang Boulevard, Yorktown Heights, New York. The properties are located at the confluence of Routes 202, 35, 118 and the Taconic State Parkway. The corporate park contains a total of 209,078 rentable square feet which will be managed and leased by GHP Office Realty. The interest only loan was placed with a local bank at an interest rate of 3.875% for a term of 3 years. The loan features a renewal option and flexible pre-pay schedule. The title was arranged by John Hughes and James Maloney of Great American Title. The borrower was represented by Elizabeth Smith of Goldberg Weprin Finkel Goldstein, LLP, as attorney.

 

Black Rock Turnpike, Fairfield, CT

Amount: $880,000

Jeanne Cronin, Managing Director of Q10 | New York Realty Advisors (“Q10NY”), is pleased to announce the closing of an acquisition loan in the amount of $880,000 with additional funds available for various property upgrades. The free-standing building is located on Black Rock Turnpike in Fairfield, CT, a highly desirable location with convenient access to/from I-95. The loan was originated and placed by Jeanne Cronin with a Connecticut bank. The self-amortizing loan was written for a term of 20 years. The interest rate was fixed at 5.375% for the full term of the loan. The loan can be prepaid without penalty after the third loan year.

The property was acquired by Faust Harrison Pianos, America's largest independent retailer of fully rebuilt “vintage era” Steinway and Mason & Hamlin pianos, and a leading dealer in new Yamaha, Mason & Hamlin, Brodmann, Bechstein, and Schimmel pianos. Numerous building upgrades are planned with a scheduled completion date by year end. The Fairfield, CT facility is the fourth showroom that the family-owned company owns and operates in the Metro-NY area. Other locations include Manhattan, Westchester County and Long Island. As per Cronin, “the lender recognized the strength of the CT location and the borrower’s commitment to maintain its prominent role in this highly specialized business”.

 

East 52nd Street, New York, NY

Amount: $27,300,000

Jeanne Cronin, Managing Director of Q10 | New York Realty Advisors, LLC is pleased to announce the closing of a leasehold mortgage loan in the amount of $27.3 million secured by a 15-story apartment building with ground floor retail located on the corner of First Avenue and 52nd Street on Manhattan’s East Side. The non-recourse, interest-only loan was written for a 10-year term. The interest rate was fixed for 10 years at a rate in the low 4’s. The loan was done at par.

The building is owned and managed by a prominent New York owner who represents the fourth generation of his family who is actively involved in the ownership and management of New York real estate. The building is consistently fully occupied. The ground lease dates to the 1950’s and has more than 40 years remaining on the term. Jeanne Cronin placed the loan with a major International Bank with offices in New York. The lender was represented by the law firm of Hunton & Williams LLP. The Borrower was represented by Abrams, Fensterman, Fensterman, Eisman, Formato, Ferrara & Wolf, LLP. Larry Linksman of Bridge Funding advised the borrower.

 

925-939 Yonkers Avenue, Yonkers, NY

Amount: $750,000

Jerry Houlihan of Houlihan-Parnes Realtors LLC has arranged a $750,000 first mortgage on the mixed-use property located at 925-939 Yonkers Avenue, Yonkers, NY. The ½-acre property, located across from Empire City/Yonkers Raceway, includes the Clairmont Diner, an automotive center and retail store, as well as three 2nd floor apartments.

The loan is fixed for the first 5 years at 5.25% and fixes again for a second five years with a right to prepay during each 5-year period on a declining scale. The local Bank charged a 1% origination fee and the loan is on a 20-year amortization schedule.

 

140 Bay Ridge Parkway, Brooklyn, NY

Amount: $4,500,000

Jeanne Cronin, Managing Director of Q10 | New York Realty Advisors is pleased to announce the closing of a first mortgage loan in the amount of $4,500,000 secured by a 6-story elevator apartment building located on Bay Ridge Parkway in Brooklyn, NY. The non-recourse loan was written for a 12-year term based on a 30-year amortization schedule. The interest rate was fixed at 3.625% for years 1-7 and will be reset in year 8 for the last 5-years of the loan term. The loan was a par loan.

The property is located in Bay Ridge, Brooklyn, an established, highly sought-after section of the Borough of Brooklyn. The building is owned and managed by a prominent New York owner who has been in the real estate business for many decades. The building is consistently fully occupied. Jeanne Cronin placed the loan with a major New York savings bank. The lender was represented by the law firm of Lynch & Associates. The Borrower was represented by Abrams, Fensterman, Fensterman, Eisman, Formato, Ferrara & Wolf, LLP.

 

801 Encino Place NE, Albuquerque, NM

Amount: $4,000,000

Ed Graf of Houlihan-Parnes Realtors, LLC has arranged a $4,000,000 first mortgage on the Medical Arts Plaza located at 801 Encino Place NE, Albuquerque, NM. The Center, currently 92% occupied, consists of 7 buildings totaling 51,735 sf with 17 tenants, and is conveniently located near the intersection of I-25 and I-40, just minutes from three major hospital facilities.

The non-recourse, par loan is fixed at 4.27% for five years with a 25-year amortization schedule. The borrower elected to pay an additional 20 basis points in rate for the right to prepay with a 2% premium in Year One, 1% in Year Two, and without penalty thereafter.

 

826 Circle Drive, Sidney, NY

Amount: $1,250,000

Ed Graf of Houlihan-Parnes Realtors, LLC has arranged a $1,250,000 first mortgage on the 50-unit apartment complex at 826 Circle Drive, Sidney, New York. The garden apartment-style property, known as Deer Park Apartments, consists of five 2-story brick buildings built in 1965.

The 5-year loan is fixed at 3.4% interest with a 30-year amortization schedule and was done at par. The loan is pre-payable throughout the term on a declining schedule and the Borrower has a 5-year option to extend.

The transaction was handled by Steve Tierney of Woods Oviatt Gilman LLP.

 

The Preserve at Legacy Park, Atlanta, GA

Amount: $34,000,000

Houlihan-Parnes Realtors, LLC is pleased to announce the closing of a new mortgage in the amount of $34,000,000. The ten year loan has a fixed interest rate of 4.45% with ten years interest only. The property is located in Atlanta, Georgia and has a total of 498 units. Built in 2001, the property is 98% occupied. Fred Stahl and Sheldon Stahl handled the loan for Houlihan-Parnes Realtors, LLC.

 

76 Shaker Heights Drive, Monticello, NY

Amount: $3,850,000

Ed Graf of Houlihan-Parnes Realtors, LLC, has arranged a $3,850,000 first mortgage on the 176-unit apartment complex at 76 Shaker Heights Drive, Monticello, New York. The garden apartment-style property, known as Monticello Meadows, consists of nine 2-story brick buildings built in 1979.

The 5-year loan is fixed at 3.4% interest with a 30-year amortization schedule and was done at par. The loan is prepayable throughout the term on a declining schedule and the Borrower has a 5-year option to extend.

The transaction was handled by Steve Tierney of Woods Oviatt Gilman LLP.

 

475 West Broadway, Monticello, NY

Amount: $1,600,000

Ed Graf of Houlihan Parnes Realtors, LLC, has arranged a $1,600,000 first mortgage on the 70-unit apartment complex at 475 West Broadway, Monticello, New York. The garden apartment-style property consists of ten 2-story brick buildings built in 1965.

The 5-year loan is fixed at 3.4% interest with a 30-year amortization schedule and was done at par. The loan is prepayable throughout the term on a declining schedule and the Borrower has a 5-year option to extend.

The transaction was handled by Steve Tierney of Woods Oviatt Gilman LLP.

 

3 Properties in Bronx, NY

Amount: $2,900,000

Jerry Houlihan of Houlihan Parnes Realtors, LLC is pleased to announce the placement of $2,900,000 in first mortgage debt on three Bronx 1-story retail properties located at 26-34 West Kingsbridge Road, 134-138 West Fordham Road and 1735-1745 University Avenue. The buildings have a total of 14,000 square feet and are located on very strong retail corridors.

The 3 separate loans are fixed for 5 years at 3.75% interest with a 30-year amortization schedule. The loans feature flexible terms and provide for extension options.

Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP represented the borrowers.

 

218 Route 17 North, Rochelle Park, NJ

Amount: $14,000,000

Andrew Greenspan, James J. Houlihan and Meghan McEvoy of Houlihan-Parnes Realtors, LLC are pleased to announce the placement of a $14,000,000 first mortgage on the 5-Story office building located at 218 Route 17 North in the town of Rochelle Park, NJ. The loan included a fixed rate portion and also provides a line of credit at a floating rate for build-outs. The building contains 103,605 rentable square feet. A new lease for 55,000 square feet was signed with Bergen County Social Services. The Borrower was represented by Elizabeth Smith of Goldberg, Weprin, Finkel, Goldstein, LLP and title was provided by Raymond Cohen of Chicago Title Insurance. Brad Thoubboron of MRH Real Estate Services is the Leasing Agent for the Building Owners. The Building is managed by GHP Office Realty, LLC, an affiliate of Houlihan Parnes Realtors.

The property is located on the Southeast corner of Route 17 North and West Passaic Street in the Paramus submarket. It is in an ideal location with close proximity to Route 4, Route 80 and the Garden State Parkway. The property was acquired in 2002 by members of Houlihan-Parnes Realtors, LLC.

 

4 West Red Oak Lane, White Plains, NY

Amount: $13,120,000

Kelly Houlihan-Buckley and James J. Houlihan of Houlihan-Parnes Realtors, LLC are pleased to announce the placement of a first mortgage in the amount of $13,120,000 on a property located at 4 West Red Oak Lane, White Plains, New York. The property is located off of Westchester Avenue where the Hutchinson River Parkway and I-287 intersect. The property is improved with a 135,000 square foot office building with 21 tenants which is managed and leased by GHP Office Realty. The loan was placed with a local bank at an interest rate of 4% for a term of 5 years on a 30 year amortization schedule. The loan features a renewal option and flexible pre-pay schedule. The borrower was represented by Elizabeth Smith of Goldberg Weprin Finkel Goldstein, LLP, as attorneys.

 

2075 Haviland Avenue, Bronx, NY

Amount: $1,500,000

Jim Coleman of Houlihan-Parnes Realtors, LLC recently arranged acquisition financing of $1,500,000 for the purchase of 2075 Haviland Avenue in the Tremont section of the Bronx. The property is a 5-story walk-up apartment building containing 27 apartments and 4 stores.

The loan has a flexible 9 year term which gives the new owner’s the ability to make needed upgrades and improvements to the property with a liberal prepayment privilege. The property was purchased to reposition the asset based on existing vacancy.

The loan was made by a local New York commercial bank. Anthony Simari, of Smith, Buss & Jacobs, represented the borrower.

 

58 Garth Avenue, Mamaroneck, NY

Amount: $1,800,000

Rich Hendey of Houlihan Parnes Realtors, LLC has arranged a $1,800,000 first mortgage on the 9,000 sf retail property located at 58 Garth Road in Scarsdale, NY. The non-recourse loan is fixed for five years at 3.33% interest with a 30-year amortization schedule and was done at par. The Borrower has a 5-year option to extend and a right to prepay the loan on a declining scale throughout the term. The one-story building is 100% occupied with nine tenants made up of a mix of non-credit local retailers and restaurants. Recent additions include Java Crave Café, a coffee emporium, and Petra Restaurant which is sure to become a popular destination in this bustling, upscale Westchester village.

The loan was placed with a regional bank and the Borrower was represented by Elizabeth Smith of the firm Goldberg Weprin Finkel Goldstein, LLP.

 

123-129 Halstead Avenue, Mamaroneck, NY

Amount: $1,000,000

Rich Hendey and Steve McCulloch of Houlihan Parnes Realtors, LLC have placed a $1,000,000 loan on 123-129 Halstead Avenue located across the street from the Mamaroneck train station. The non-recourse loan was done at par and has a fixed rate of 4% for a period of five years with a 30 year amortization schedule. The Borrower has a five year option to renew. The recent façade renovation and upgrade to the common areas enabled the owners to attract a stable mix of office and retail tenants to further increase the value of this asset. The loan was placed with a regional bank and the borrowers were represented by John Nickelsberg of the law firm Rabine & Nickelsberg.

 

45 South Main Street, Unionville, CT

Amount: $5,418,500

Ed Graf of Houlihan-Parnes Realty Advisors, LLC has arranged the refinancing of Riversedge Plaza, a 51,628 sf shopping center located at 45 South Main Street, Unionville, Connecticut. The non-recourse $5,418,500 first mortgage is fixed for 5 years at 4% with a 30-year amortization schedule. The loan was done at par and has a 5-year extension option, plus a right to prepay throughout the term on a descending scale. The Center, anchored by a CVS Pharmacy, is located at the intersection of Rte. 4 and Rte. 177 in Hartford County in central Connecticut.

 

1775 Grand Concourse REFI

Amount: $20,000,000

Kelly Houlihan Buckley and James Houlihan of Houlihan-Parnes Realtors, LLC are pleased to announce the placement of a new mini-perm first mortgage on 1775 Grand Concourse in the Bronx. The mortgage covers a commercial condominium interest in the 300,000 square foot building that shares ownership with Verizon. Verizon owns 2 floors and has the central switching land lines for the Bronx on those floors. The remaining 6 floors have been converted to an ancillary indoor parking garage, retail space facing the Grand Concourse, and professional office space. The building features fully renovated common areas and interior spaces. The office space is extremely attractive due to the high ceilings with oversized windows providing great light and visibility. Current tenants include Con Edison, Special Citizens Futures Unlimited, Inovalon SME Inc, Safe Horizon, The Bronx Lebanon Hospital Center, Public Health Solutions and Abbott House. There are also several prospective leases in negotiation. The 8th floor which is 36,713 square feet is the only full floor still available for lease. There is still 12,000 sq. ft. of retail space and 67,991 sq. ft. of renovated office space available for lease. Ownership expects that they will complete the lease up of the entire commercial condominium in 2014.

The building is located just north of the Cross Bronx Expressway at East 175th Street. The building is well-serviced by public transportation. There is a subway station on the B&D lines of the NYC transit system at 175th Street, directly in front of the building. There are also bus routes, Bx1 & Bx2, along the 6-lane Grand Concourse, and the #4 elevated train is located three blocks away on Jerome Avenue. 1775 Grand Concourse provides easy access for both the east and west bound Cross Bronx Expressway, and the Major Deegan Expressway. The building compares very favorably with other competing buildings in the Bronx.

The property is owned by Sam Jemal of JJ Operating, Inc. and members of his family together with members of Houlihan-Parnes Realtors, LLC. The property was acquired in February 2012 from Verizon, and is the second large successful turnaround project engineered in the Bronx by the Houlihan and Jemal families. Their initial project was the conversion of the vacant former Alexander’s/Caldor’s department store on the corner of Fordham Road and the Grand Concourse into a multi-tenant retail/office building in 2001-2004. That project has been fully leased since its inception and has been a great success, re-anchoring the Fordham Road and Grand Concourse business area.

 

505 Main Street, New Rochelle, NY

Amount: $600,000

Ed Graf of Houlihan-Parnes Realtors, LLC has arranged the first mortgage, re-financing for a 3-story walk-up apartment building containing 4 residential units and 2 commercial tenants located at 505 Main Street, New Rochelle, NY.

The non-recourse loan of $600,000 was placed for a term of five years, with a five year option term. The initial term is fixed at 4.25% with a 30 year amortization schedule. The prepayment penalty is 5% for the 1st year with a declining 1% per year, thereafter.

 

Cooperative Apartment Building, Greenwich, CT

Amount: $2,000,000

Jeanne Cronin, Managing Director of Q10 | New York Realty Advisors (“Q10NY”), is pleased to announce the closing of a $2 million underlying co-op loan on a luxury cooperative apartment building in Greenwich, CT. The borrower opted for a 20-year self-liquidating loan. The rate was fixed at application for the full 20-year term at 4.84%. The loan can be prepaid without penalty any time after the 5th loan year. The co-op corporation also obtained a $1 million revolving line of credit which floats at 2.50% over Libor and has no non-usage fee.

The property is exceptionally well maintained and occupies a highly desirable location overlooking the Long Island Sound and Greenwich Harbor. The units have outstanding water views and virtually all resident owners have made extensive upgrades to their units.

As per Cronin, “The loan was closed with a bank that was sensitive to the financing needs of the co-op board and saw to it that the loan process was straightforward and seamless. The initial challenge was identifying a lender that was willing and able to commit to 20-year fixed rate loan on a small balance loan, albeit a low leverage loan, but the lender came through with flying colors.” The co-op board was represented by Scott Gerard, Esq. of Murtha Cullina LLP in Stamford, CT.

 

700-900 Corporate Blvd, Newburgh, NY

Amount: $3,750,000

Steve McCulloch of Houlihan Parnes Realtors LLC is pleased to announce the placement of a $3,750,000 first mortgage on the two office/flex buildings located at 700-900 Corporate Boulevard, Newburgh, NY. The non-recourse loan was done at par by a local commercial bank and has a fixed rate of 4.25% for the seven year term with a 30-year amortization schedule. The loan is prepayable throughout the term on a declining scale and also has a 5-year option to extend. The multi-tenanted buildings have a total of 72,000 square feet and are 100% occupied. Aubrey Riccardi of Goldberg Weprin Finkel Goldstein LLP represented the Borrower in the transaction.

 

30 & 40 Ramland Road, Orangeburg, NY

Amount: n/a

Houlihan-Parnes Realtors, represented by Andy Greenspan and James J Houlihan, placed new ten-year financing on two 40,000 sf buildings on 30 and 40 Ramland Road in Orangeburg, New York. The properties have been owned by an entity including some of the principals of Houlihan-Parnes since March 2000. The properties have undergone extensive renovation over time. The fixed-rate loan features a flexible pre-payment plan and also includes an option for a five year renewal. The borrower was represented by Mike Lynch of Lynch and Associates, and title was placed through Chicago Title.

 

602 Partners

Amount: $16,700,000

Ed Graf of Houlihan-Parnes Realtors LLC, has arranged for 1st mortgage re-financing for a multi-family portfolio, consisting of 602 apartments. The 13 properties are located in Binghamton, NY and the nearby cities of Endicott, Endwell and Johnson City.

The par, non-recourse loan, in the amount of $16,700,000, is fixed at 3.61% for 5 years with a 30 year amortization schedule. The loan can be prepaid with a prepayment premium at a descending rate. The borrower was represented in the transaction by Steven Tierney of Woods, Oviatt, Gilman L.P.P.

 

68 Lake Street, White Plains, NY

Amount: $7,850,000

Ed Graf of Houlihan Parnes Realtors, LLC has arranged a $7,850,000 first mortgage on the newly-constructed 30-unit apartment building located at 68 Lake Street, White Plains, N.Y.

The interest rate on the loan is fixed at 3.75% for the entire 7-year term with a 30-year amortization schedule. The non-recourse financing was done at par and has a prepayment privilege on a declining scale. There also is a 5 year option to extend. The borrower was represented by Steven Pearsall, Esq. of Gaboriault and Pearsall, P.C.

 

120 New Canaan Avenue, Norwalk, CT

Amount: $5,100,000

Steve McCulloch of Houlihan Parnes Realtors recently arranged permanent financing for a 25,000 square foot retail center in Norwalk, CT. The loan of $5,100,000 was used to acquire this property on behalf of a regional investor who needed to complete a 1031 exchange. This loan is a 5 year fixed rate mortgage at a rate of 3.86% on a 25 year schedule and was done on a par basis. This Rite Aid anchored center also includes 7 other local businesses. From application to close this loan was completed within 45 days and the lender is New York based commercial bank.

 

6108 Loomis Road, Farmington, NY

Amount: $225,000

Houlihan-Parnes Realtors, LLC, represented by Jerry Houlihan, is pleased to announce the financing of the Travelodge Hotel located at 6108 Loomis Road in Farmington, NY. The two-story, 109-room hotel is located in the Finger Lakes region of central New York with amenities that include a swimming pool, restaurant, and elevator.

Houlihan arranged a loan of $225,000 with a private group of investors for a 1-year term. The Lender was represented by W. Stephen Tierney, Esq. of Woods Oviatt Gilman LLP.

 

Arbors at Century City & Trinity Lakes Apartments

Amount: $21,000,000

Houlihan-Parnes, Realtors, LLC is pleased to announce the closing of two new first mortgages in the amount of $15,000,000 and $21,000,000. The ten year loans have a fixed interest rate of 4.85% with three years interest only. The two properties are located in Memphis, Tennessee and total 960 units. Built in 1985, the properties occupancies are 95%. Fred Stahl and Sheldon Stahl handled the loans for Houlihan-Parnes Realtors, LLC.

 

2285 Andrews Avenue North, Bronx, NY

Amount: n/a

Houlihan-Parnes Realtors, LLC, represented by Jerry Houlihan is pleased to announce the acquisition financing of 2285 Andrews Ave North in the Bronx, NY located on the west side of the street between West Fordham Road and West 183rd Street. The property is improved with a five-story walk-up apartment building built in 1922 containing a total of 37 rental units plus a super’s unit in the basement.

Houlihan arranged a loan equal to 75% of the sales price with a fixed interest rate of 3.75% for a 7-year period on a 30-yr. amortization schedule. The loan was placed with a Long Island based Bank represented by Stark, Amron & Liner LLP.

 

195 St. James Street, Brooklyn, NY

Amount: $1,500,000

Ed Graf of Houlihan-Parnes Realtors, LLC, has arranged for 1st mortgage financing in the amount of$1,500,000 on a newly-constructed 3-family brownstone located at 195 St. James Street in Brooklyn, NY. The privately-held loan has a term of one year with interest only payments and is prepayable after six months with no penalty.

 

Best Buy, Sugar Land, TX

Amount: $4,050,000

White Plains, NY – Jeanne Cronin, Managing Director of Q10 | New York Realty Advisors (“Q10NY”), is pleased to announce the closing of a $4.05 million first mortgage loan on a free-standing Best Buy store located in Sugar Land, TX (Suburban Houston). The property is highly visible from and has convenient access to I-69 (Southwest Freeway), a heavily trafficked thoroughfare that connects Sugar Land to Houston. The loan was originated and placed by Jeanne Cronin with a TX bank. The fixed-rate loan was written for a term of 10-years with the borrower having the option to extend the term for an additional 5 years. The lender fixed the interest rate at 4.75% for the full 10-year term.

The property is owned and managed by a Midwest-based real estate family with an extensive portfolio of credit and non-credit single tenant properties. The lease with Best Buy expires during the term of the loan but has several renewal options. As per Cronin, “although the tenant does not report sales, the lender recognized the strength of the location and the tenant’s long-term commitment to this store having recently spent a substantial amount of its own money upgrading the property.”

 

Free-Standing Rite Aid, Hickory, NC

Amount: $1,800,000

White Plains, NY – Jeanne Cronin, Managing Director of Q10 | New York Realty Advisors (“Q10NY”), is pleased to announce the closing of a $1.8 million first mortgage loan on a free-standing Rite Aid drug store in Hickory, NC. Q10NY is a member of Q10 Capital, LLC, a leading commercial mortgage banking company with an extensive network of correspondent lender relationships. Q10NY worked with its Q10 partner, Q10 | Professional Mortgage of North Carolina, which exclusively represents the lender, an insurance company. The borrower opted for a 15-year self-liquidating loan. The lender fixed the interest rate at 4.75% for the full loan term. There was no lender fee.

The property is owned and managed by a Midwest-based real estate family with an extensive portfolio of credit and non-credit single tenant properties. The lease with Rite Aid expires during the term of the loan. The lease has four, 5-year renewal options.

As per Cronin, “identifying a lender willing to finance an older Rite Aid with a short lease expiration was a challenge at first but both our Q10 partner and the lender recognized the strength of both the borrower and the real estate and structured a loan that that addressed the needs of all parties.”

 

41-51 West Fordham Road, Bronx, NY

Amount: $3,213,000

Houlihan-Parnes Realtors, LLC, represented by Mike O’Neill, is pleased to announce the financing of a $3,213,000 first mortgage on the 8,600 s.f. Rite Aid pharmacy building located at 41-51 West Fordham Road in the Bronx, New York. The 7-year, non-recourse loan has a fixed rate of 4% and was done on a 30-year amortization schedule. The loan, closed with a local Bank, is prepayable throughout the term on a declining scale and the Borrower has an option to extend the loan for an additional 5 years. The Borrower was represented in the transaction by Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP.

 

Five Towns Shopping Center, Woodmere, NY

Amount: $45,000,000

Houlihan-Parnes Realtors, LLC and Q10 New York Realty Advisors, LLC are pleased to announce the placement of an investment-grade $45,000,000 first mortgage on the Five Towns Shopping Center located at 253-01 Rockaway Boulevard, Woodmere, New York. The interest-only loan is fixed at a 3.425% rate for the full ten year term. The non-recourse financing was done at par with a National Lender. The 500,000 s.f. Center is located in the Five Towns area of Nassau County, just east of JFK International Airport. The Center has 19 tenants that include Lowe’s Home Center, K-Mart, TJMaxx, Conway, The Children’s Place, T-Mobile, and Applebee’s, as well as the new addition of a Walmart Marketplace and Modell’s. The loan was placed by Jim Houlihan, Mike O’Neill, and Bryan Houlihan of Houlihan-Parnes and the Borrower was represented in the transaction by Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP.

 

NE Philadelphia Industrial Portfolio

Amount: $29,000,000

White Plains, NY – Jeanne Cronin, Managing Director of Q10 | New York Realty Advisors is pleased to announce the closing of a first mortgage loan in the amount of $29,000,000 secured by a 14-building industrial portfolio located in Northeast Philadelphia, PA. The non-recourse loan was written for a 10-year term based on a 30-year amortization schedule. The interest rate was fixed at 4.22% for the term of the loan. The loan was a par loan.

The properties are owned, managed and leased by a prominent Philadelphia area family who has been in the real estate business for several decades and has amassed a substantial real estate portfolio over that period. They are savvy buyers with a focus on underperforming properties with significant upside potential. That strategy has worked extremely well and today their portfolio is a well-balanced mix of multi-tenanted and single tenant buildings ranging in size from 25,000 sf to >1 million sf.

As per Cronin, “the lender went above and beyond in addressing the Borrower’s needs. There were several unexpected issues that cropped up during the due diligence and closing process that the lender handled in a highly professional and pro-active way so that all parties’ interests were addressed and resolved to everyone’s satisfaction.”

Jeanne Cronin of Q10NY together with Larry Linksman of Bridge Funding originated and placed the loan.

 

83 East Avenue, Norwalk, CT

Amount: $2,350,000

Houlihan-Parnes Realtors, LLC and Q10 Realty Advisors, LLC are pleased to announce the placement of a new first mortgage in the amount of $2,350,000 on a property located at 83 East Avenue, Norwalk, Connecticut. The building is in an ideal location close to Norwalk Hospital, Metro North Railroad, exit 16 on I-95 and Route 7. The property is undergoing extensive capital improvements including a new lobby, bathrooms, elevators, landscaping, exterior lighting and painting. There are currently suites available ranging from 300-3,000 square feet. The 40,000 square foot office and medical building is home to 18 tenants and is managed and leased by GHP Office Realty. The interest-only loan was placed with a local bank at an interest rate of 4.25% for a term of 2 years with an option to extend. The loan was arranged by Bryan J. Houlihan and James J. Houlihan of Houlihan-Parnes Realtors, LLC. The title was arranged by Ray Cohen of Chicago Title. The borrower was represented by Robert Ocko of Harrington, Ocko & Monk, LLP, as attorney.

 

3311 Giles Place, Bronx, NY

Amount: $1,350,000

Jerry Houlihan of Houlihan-Parnes Realtors, LLC is pleased to announce the placement of a $1,350,000 underlying first mortgage on a 7-story cooperative apartment building constructed in 1962, containing two self-service elevators, 99 apartments, many with terraces, gardens and marble lobby. The building is located at 3311 Giles Place, which is northwest corner of Fort Independence Street and Giles Place near the Jerome Park Reservoir in Kingsbridge Heights section of the Bronx.

The 10-year, par loan has a fixed interest rate of 3.875% on a 30-year amortization schedule. The loan closed with a local Bank and is prepayable throughout the term on a declining scale. The Borrower was represented in the transaction by Norman Himmelfarb of Himmelfarb & Sher LLP.

 

170 Hamilton Avenue, White Plains, NY

Amount: $6,000,000

Houlihan-Parnes Realtors, LLC and Q10 Realty Advisors, LLC are pleased to announce the placement of a new first mortgage in the amount of $6,000,000 on a property located at 170 Hamilton Avenue, White Plains, New York. The property is located in the heart of downtown White Plains just steps away from Metro North Railroad station, the White Plains Courthouse and many shops and restaurants. The property is improved with a 60,000 square foot office and retail building with 16 tenants which is managed and leased by GHP Office Realty. The loan was placed with a local bank at an interest rate of 4.25% for a term of 5 years on a 30 year amortization schedule. The loan features a renewal option and flexible pre-pay schedule. The loan was arranged by Bryan J. Houlihan and James J. Houlihan of Houlihan-Parnes Realtors, LLC. The title was arranged by Michael Karger of Madison Abstract. The borrower was represented by Elizabeth Smith of Goldberg Weprin Finkel Goldstein, LLP, as attorneys.

 

272 N. Bedford Road, Mt. Kisco, NY

Amount: $4,400,000

White Plains, NY – Q10 | New York Realty Advisors, an affiliate of Houlihan-Parnes Realtors, is pleased to announce the closing of a $4.4 million first mortgage loan on a 50,000 square foot suburban office building located on North Bedford Road (a/k/a Route 117) in Mt. Kisco, Westchester County, NY. Jamie Schwartz and Jeanne Cronin originated and placed the loan with a regional bank. The non-recourse loan was written for a 10-year term with the interest rate fixed for the initial 5-years at 4.5%. The rate will be reset in year 6 for the 2nd 5-years of the loan term. The loan was a PAR loan.

Route 117 is a major north-south thoroughfare in central Westchester which is improved with a strong mix of commercial properties including class A and B office buildings, retail centers anchored by many national and regional tenants and a wide range of commercial tenants catering to the local needs of the surrounding upscale communities of Mt. Kisco, Chappaqua and Bedford.

The property is owned, managed and leased by a prominent Westchester family who has been in the real estate business for several generations. The building is extremely well maintained and currently fully leased and occupied.

As per Cronin, “the bank went ‘above and beyond’ in addressing the Borrower’s ‘timing’ needs which was instrumental in closing the loan. The borrower was very pleased with the bank’s accommodations.” The Borrower was represented by Jennifer Lofaro, Esq. of Bleakley Platt & Schmidt, LLP. The lender’s attorney was Amy Hecht, Esq. of Cullen and Dykman.

 

Various Buildings, Bridgeport, CT

Amount: $3,780,000

1575 IRANISTAN AVENUE, 80 GRANFIELD AVENUE, 30 GRANFIELD AVENUE, 850 HANCOCK AVENUE, 644-654 PARK STREET, 85 PRICE STREET, 898-900 NORMAN STREET, & 300 FRENCH STREET, BRIDGEPORT, CT

Houlihan-Parnes Realtors, LLC, represented by Jerry Houlihan is pleased to announce the placement of a $3,780,000 first mortgage for the acquisition of 8 multifamily buildings containing 160 apartments located in Bridgeport CT. These garden-style apartment buildings were built between 1960 and 1975 and have laundry facilities and on-site parking. The purchasing group bought the assets from US Bank, NA at a price of $5,000,000 and were contracted to close within 30 days. HP secured a 3-year, PAR loan with a floating interest rate of 0.75% above the prime rate on a 30-year amortization schedule. The loan was provided by a New Jersey based Bank and is prepayable throughout the term with no penalty. The loan also contains release provisions if any of the properties are sold.

 

380 Chenango Street, Binghamton, NY

Amount: $5,500,000

Ed Graf and Ted Sannella of Houlihan-Parnes Realtors, LLC have arranged for the re-finance of the first mortgage on a multi-family complex in Upstate New York. The property consists of 257 apartments and is located at 380 Chenango Street and 13 Pearne Street, Binghamton, New York.

The par, non-recourse loan, was placed for a seven year term with a 30 year amortization schedule. The loan amount is for $5,500,000. The interest rate, 3.58%, is fixed for the first seven years. The loan provides for a five-year renewal option. It can also be pre-paid with a declining prepayment premium. The borrower was represented by Steven Tierney of Woods, Oviatt, Gilman L.P.P.

 

30 Buxton Farms Road, Stamford, CT 06905

Amount: $7,400,000

Houlihan-Parnes Realtors, LLC and Q10 Realty Advisors, LLC are pleased to announce the placement of a new first mortgage in the amount of $7,400,000 on a property located at 30 Buxton Farms Road. The property is located just off the Merritt Parkway exit on Long Ridge Road. The property is improved with a 60,000 sq. ft. office building with 17 tenants. The loan was placed with a local bank at an interest rate of 4.5% for a term of 10 years on a 30 year amortization schedule. The loan features a renewal option and flexible pre-pay schedule. The loan was arranged by Kelly Houlihan and James J. Houlihan of Houlihan-Parnes Realtors, LLC. The title was arranged by Ray Cohen of Chicago Title Co. The borrower was represented by Elizabeth Smith and Aubrey Riccardi of Goldberg Weprin Finkel Goldstein, LLP, as attorneys.

 

4062-4072 White Plains Road, Bronx, NY

Amount: n/a

Jerry Houlihan of Houlihan-Parnes Realtors, LLC has arranged the purchase of a non-performing first mortgage and the simultaneous purchase of the fee simple to a mixed-use property located at 4062-4072 White Plains Road in the Wakefield section of the Bronx, NY. The property is an irregular 9,000 square foot lot improved with a 3-story mixed-use building, containing 2 retail stores and 2 apartments and a 1-story retail strip, containing 3 retail stores and a graveled used car lot. It contains 115 feet of frontage on White Plains Road and 80 feet of frontage on East 229th Street. The property will be re-stabilized and managed by Metro Property Group, LLC, subsidiary of Houlihan-Parnes.

 

Sunny Isle Shopping Center, St. Croix, Virgin Islands Re-Finance

Amount: $29,650,000

Ed Graf and Ted Sannella of Houlihan-Parnes Realtors, LLC have arranged the first mortgage re-financing of $29,650,000 for The Sunny Isle shopping center in St. Croix, U.S. Virgin Islands. The property contains 328,538 square feet, and is located at Route 70, Fredriksted, St. Croix, United States Virgin Islands.

The seven-year non-recourse loan has a floating interest rate of 90 day Libor +3.25% (3.65% at the time of closing) with a 30 year amortization schedule. H-P arranged for a 6.5% cap for the life of the loan. The lender did not charge a commitment fee. On site tenants include: Office Max, Radio Shack, Wendy’s, Subway, McDonald’s Cingular, Banco Popular, Champs and Sears.

 

35-73 Ramapo Valley Road, Mahwah, NJ

Amount: $16,500,000

The Mahwah Business Park is a 400,000 square foot facility that is a combination of office and warehouse space. The largest tenant is Extra Space Storage, a self storage center. The center also provides warehouse facilities to Accupac and Paulist Press. The 80,000 of office space is divided into small spaces with none over 4,200 square feet. The 5-year, non-recourse loan has a fixed rate of 3.99% with a 25 year amortization schedule. The loan is prepayable with a swap breakage feature that only results in a significant prepayment penalty if interest rates are lower than on the day the loan was originated.

The borrower was represented by Robert Tiburzi of Houlihan-Parnes Realtors, LLC. Goldberg Weprin Finkel Goldstein, LLP was borrower’s counsel. All New York Title Agency, INC. provided the title services.

 

1970-1992 Ralph Avenue, Brooklyn, NY

Amount: $2,500,000

Houlihan-Parnes Realtors, LLC and Q10 New York Realty Advisors, LLC are pleased to announce the placement of a $2,500,000 first mortgage on the 16,000 s.f. retail property located at 1970-1992 Ralph Avenue in the Flatlands section of Brooklyn, New York. The 7-year, non-recourse loan has a fixed rate of 4.08% with a 30-year amortization schedule. The par loan, closed with a local Bank, is pre-payable throughout the term with a swap breakage feature. The six tenants in the center include a Citibank branch, 7-Eleven store and a Boston Market restaurant. The Borrower was represented in the transaction by David S. Breger, Esq.

 

30-40 Ramland Road, Orangeburg, NY

Amount: $6,850,000

Houlihan-Parnes Realtors, LLC and Q10 Capital, LLC is pleased to announce the closing of a loan in the amount of $6,850,000 on properties located at 30-40 Ramland Road in Orangeburg, New York. The properties are located in Rockland County and are improved by two 40,000 sq. ft. two-story office buildings. The multi-tenant properties are located on 10+ acres and have 244 on-site parking spaces. The properties have been upgraded in the last 4 years with a new lobby and common areas, HVAC upgrades throughout the building, a new elevator, new restrooms, and a new roof. The parking lot was repaved and 45 new parking spaces were added.

The loan was placed for a term of 10 years with a local bank. The rate is fixed for the first 5 years of the term at 4.5% and is repayable on a 30 year schedule.

Michael Lynch, Esq. was the attorney for the borrowers and title insurance was provided by Ray Cohen of Chicago Title Insurance Co.

 

124-128 East Post Road, White Plains, NY

Amount: $650,000

Houlihan-Parnes Realtors & Q10 NY Realty Advisors, LLC are pleased to announce the placement of a $650,000 first mortgage on 124-128 East Post Road, a 5,800 s.f. building at the corner of Court Street in White Plains, NY. The 5-year, non-recourse loan is fixed at 4.50% interest on a 30-year amortization schedule, plus has a 5-year option.

124-128 East Post Road is located one block from Mamaroneck Avenue and currently houses Full Moon Thai Restaurant, El Cafetero, a Columbian Bakery & it’s newest addition Papaniche. Papanice Ristorante will be the second restaurant for Owner and Chef Ralph Pisani. Mr. Pisani’s other establishment, Abatinos in White Plains has been a mainstay in North White Plains for over 25 years.

The Borrower was represented in the transaction by Craig Weitz of Metro Property Group & Houlihan Parnes Realtors. Michael Lynch, Esq was borrowers counsel. Title was provided by Wayne Baird of First American Title.

 

717 SAW MILL RIVER ROAD, ARDSLEY, NEW YORK

Amount: $2,000,000

Houlihan-Parnes Realtors, LLC, is pleased to announce the placement of a $2,000,000 first mortgage on the 17,390 s.f. Ardsley Shopping Center located at 717-725 Saw Mill River Road in Ardsley, Westchester County, New York. The 5-year, non-recourse loan has a fixed rate of 4.50% with a 30-year amortization schedule. The loan, closed with a local Bank, is prepayable throughout the term on a declining scale and the Borrower has an option to extend the loan for an additional 5 years. The Borrower was represented in the transaction by Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP and title was provided by Jim Maloney of Chicago Title.

 

GREENBURGH SHOPPING CENTER, GREENBURGH, NEW YORK

Amount: $4,000,000

Houlihan-Parnes Realtors, LLC, is pleased to announce the placement of a $4,000,000 first mortgage on the 62,000 s.f. Greenburgh Shopping Center located at 77-97 Knollwood Road, in Greenburgh, Westchester County, New York. The 5-year, non-recourse loan has a fixed rate of 4.50% with a 30-year amortization schedule. The loan, closed with a local Bank, is prepayable throughout the term on a declining scale and the Borrower has an option to extend the loan for an additional 5 years. The Borrower was represented in the transaction by Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP and title was provided by Jim Maloney of Chicago Title.

 

30-32 E. 38th Street, Manhattan, NY

Amount: $3,850,000

Houlihan-Parnes Realtors, LLC, an affiliate of Q10 capital, LLC, has arranged a new first mortgage on the property located at 30-32 East 38th Street, New York, New York, a six story elevator apartment building located between Park Avenue and Madison Avenue in the Murray Hill section of Manhattan.

The ten year non-recourse loan of $3,850,000 has a fixed interest rate of 3.55% for 5 years with the first two years, interest only. The interest rate resets after five years at a spread over six months libor. Sheldon Stahl and Fred Stahl of Houlihan Parnes arranged the loan on behalf of an affiliated entity, and CLK Properties.

 

160-178 Harris Road, Bedford Hills, New York

Amount: $2,650,000

Houlihan-Parnes Realtors, LLC, an affiliate of Q10 capital, LLC, represented by Jerry Houlihan is pleased to announce the modification of a 2,650,000 first mortgage loan encumbering two contiguous 1- story steel frame and concrete buildings located at 160-178 Harris Road and 180-224 Route 117 By-Pass Road, Bedford Hills, New York. The property consists of the southernmost 2 buildings in a 3-building shopping center situated on 8 acres known as Northern Westchester Plaza Shopping center. The property is located at the northwest corner of Harris Road and the Route 117 Bypass Road (also known as Katonah Bypass Rd) in the Village of Bedford Hills, Town of Bedford, Westchester County, New York. The 7-year loan now has a fixed interest rate of 4.75% on a self-liquidating amortization schedule. The loan, which closed with a Queens-based Bank, is prepayable throughout the term on a declining scale.

 

Bronx, NY

Amount: $3,000,000

Houlihan-Parnes Realtors, LLC, an affiliate of Q10 capital, LLC, represented by Jerry Houlihan is pleased to announce the placement of three first mortgage loans in the aggregate amount of $3,000,000 encumbering properties improved with three one-story retail buildings located at 134-38 West Fordham Road, 26-30 West Kingsbridge Road and 1735-39 University Avenue in the Fordham neighborhoods of the West Bronx. The 10-year, PAR non-recourse loans have fixed interest rates for the first 5 years of 4.75%. The loans are based on a 30-year amortization schedule. The loans are prepayable throughout the term on a declining scale and the Borrower has an option to extend the loans for an additional 5 years. The Borrower was represented in the transaction by Elizabeth Smith of Goldberg Weprin Finkel Golstein, and title was provided by Chicago Title.

 

Westcliff Shopping Center, Fort Worth, Texas

Amount: $6,500,000

Jeanne Cronin, Managing Director of Q10 | New York Realty Advisors, LLC, an affiliate of Houlihan-Parnes Realtors, LLC is pleased to announce the placement of a $6.5 million first mortgage loan on a 137,000 square foot neighborhood shopping center in Fort Worth, TX. The non-recourse loan was fixed for a 5-year term at 4.25% based on a 30-year amortization period. The loan was a PAR loan. The borrower is a partnership among the principals of Houlihan Parnes, GHP Office Realty and RD Management. The borrower acquired the under-performing retail property in 2009 and through an aggressive management and leasing plan was successful in attracting several new tenants to the center, including the grocer Albertson’s LLC and Subway, the restaurant chain. Albertson’s completed extensive interior and exterior renovations to its store and has become a strong anchor for the property. The borrower also relocated and expanded the national discounter, Dollar General, to a new larger store within the center. All the new leases are long-term leases. Other tenants in the center include Cook Children’s Health Care, JPMorgan Chase, ACE Hardware and Edward Jones & Co. The occupancy of the center now exceeds 95%.

The loan was placed with one of the nation’s largest banks. Cronin said “the lender recognized the borrower’s real estate experience and expertise in owning, leasing and operating commercial properties and saw how they had successfully stabilized the tenancy and substantially increased the bottom line.” The Borrower was represented by Stuart Berg, Esq. of Kurzman Eisenberg Corbin & Lever, LLP.

 

143 Sherman Avenue, New York, NY

Amount: $2,200,000

Houlihan-Parnes Realtors, LLC, an affiliate of Q10 capital, LLC, represented by Jerry Houlihan and James Coleman is pleased to announce the refinancing of a $2,200,000 first mortgage loan encumbering a 1- story brick retail building located at 143-151 Sherman Ave, A/K/A 593-597 Academy Street, New York, New York. The property contains 8 retail stores consisting of 10,000 square feet with partial basements.

The 10-year loan has a fixed interest rate of 4.75% for the first 5 years on a 30-year amortization schedule. The loan is pre-payable throughout the term on a declining scale.

 

3033 Godwin Terrace, Bronx, NY

Amount: $1,500,000

Ed Graf of Houlihan-Parnes Realtors, LLC, an affiliate of Q10 capital, LLC, has arranged for 1st mortgage re-financing of a 42 multi-family unit apartment building, located at 3033 Godwin Terrace, Bronx, New York. The loan in the amount of $1,500,000 was placed for a 7year term with a 30 year amortization schedule. The interest rate of 4.00% is fixed for the 7 year term. The loan also provides for a n additional 5 year option. There is a descending pre-pay privilege. The loan is non-recourse. The borrower was represented by Alan Snider, Esq.

 

260 Boston Post Road, Port Chester, NY

Amount: $10,600,000

Jim Houlihan and Steve McCulloch of Houlihan Parnes Realtors an affiliate of Q10 capital, LLC, are pleased to announce that on behalf of Post Road Realty LLC they have successfully renegotiated and increased the debt on a 46,740 square foot retail property in Port Chester, New York. Houlihan-Parnes placed the original fixed rate debt of $7,250,000 approximately 18 months ago to pay off a past-due CMBS loan. Houlihan-Parnes negotiated the rate down from 6.25% to 5% and due to new leasing activity and expansion to accommodate a new LA Fitness at the property was able to get the loan increased by an additional $3,350,000 to cover the costs of tenant improvements and other capital projects at the property. This additional debt also carries an interest rate of 5% and the total debt of $10,600,000 has a new 25 year amortization schedule. There was no fee paid to the lender and this is a non-recourse loan.

 

6-8 East Sidney Ave, Mt. Vernon, NY & 829 Midland Ave, Yonkers, NY

Amount: $2,125,000

Jerry Houlihan of Houlihan-Parnes Realtors, LLC, an affiliate of Q10 capital, LLC, has arranged the refinancing of two mortgages encumbering two properties located at 6-8 East Sidney Ave in Mt. Vernon, NY and 829 Midland Ave. in Yonkers, NY. The aggregate amount of the mortgage loans is $2,125,000 with no fee to the lender.

The loans were placed at market interest rate for a 5 year period.

 

609 Van Cortlandt Park Ave, Yonkers, NY

Amount: $532,500

Jerry Houlihan of Houlihan-Parnes Realtors, LLC, an affiliate of Q10 capital, LLC, has arranged acquisition financing in the amount of 75% of the price for the purchase of a three-story brick walk-up apartment building containing 13 apts and on-site parking located at 609 Van Cortlandt Park Ave in Yonkers, NY. The property was purchased by a local family-business with holdings of over 600 apartments in the tri-state area for a price of about 4.5 X the gross rent roll. The loan was placed with a Savings Bank at a fixed interest rate of 4% for 10 years with an interest reset in the 6th year on a 30-yr amortization schedule. The Lender charged no commitment fee and the loan allows for prepayment subject to a penalty of 5% for 2 years, declining 1% every other year with a 60 day window.

 

4 loans on retail properties in the New York Metropolitan area

Amount: $12,260,000

Houlihan-Parnes Realtors, LLC, affiliated with Q10 Capital, LLC, has closed 4 loans on retail properties in the New York Metropolitan area. Jim Coleman and Jerry Houlihan represented Houlihan-Parnes Realtors, LLC on these transactions. The loans were all placed for a 10 year term. The interest rate was fixed for the first 5 years at 4.75%.

The first property financed was 4174 White Plains Road located in Bronx, NY. It is located on the southeastern corner East 233rd Street. The property contains 12,250 sq. ft. with 14 tenants including T-Mobile, McDonald’s, Dunkin Donuts and H&R Block. There is also a 32 space parking lot in the rear of the property. A $5,000,000 loan was placed on this property.

The second property financed was a 13,000 sq. ft. retail strip with 14 tenants located at 44-25 Kissena Blvd. in Flushing, Queens. The tenants include Flushing Saving Bank. A loan in the amount of $3,860,000 was placed on this property.

The third property financed was Stoneridge Plaza in Middletown, NY. The property is a one story shopping center with 7 stores and onsite parking. The tenants include the US Post Office, Catskill Hudson Bank, and a newly opened Greek café. A loan in the amount of $1,700,000 was placed on this property.

The fourth property financed is located at 434 Mamaroneck Avenue, Mamaroneck, NY. The property is located within a block of the Mamaroneck MTA station. A loan in the amount of $1,700,000 was placed on this 2-story mixed-use property. It has 6 stores and 6 offices on the 2nd floor. The tenants include 2 popular Westchester restaurants, La Provencal and Turkish Meze. Elizabeth Smith of Goldberg Weprin Finkel Goldstein, LLP represented the borrowers on each of these transactions.

Houlihan-Parnes Realtors, LLC is a multi-faceted real estate investment company headquartered in White Plains, N.Y. Founded in 1891, its companies and affiliates are engaged in the acquisition and ownership of all types of commercial real estate investment property in the continental United States. Our mortgage brokerage affiliate, Q10 | New York Realty Advisors, is a member of Q10 Capital, LLC a leading commercial mortgage banking and investment sales company with 26 offices in 20 states nationwide.

Houlihan-Parnes and its affiliates specialize in commercial mortgage finance, investment sales, property management, leasing, mortgage servicing and consulting. For more information, please contact James J. Houlihan at (914) 694-6070, ext. 324 or by e-mail at: jjh@houlihanparnes.com.

 

2501 Grand Concourse (Two Fordham Square), Bronx, NY

Amount: $50,000,000

Houlihan Parnes Realtors and Q10 New York are pleased to announce the closing of a first mortgage loan in the amount of $50,000,000 secured by Two Fordham Square, a 250,000 square foot 4 & partial 5-story mixed-use, office and retail building located at the "Crossroads of the Bronx" - Fordham Road and The Grand Concourse. The borrower is a partnership comprised of the partners of Houlihan Parnes and members of the Jemal family, headed by Jack and Sam Jemal. The non-recourse PAR loan was placed with a major NY bank for a term of seven (7) years. The interest rate was locked for the full term of the loan at 3.94% and provided for 2-years of IO with amortization based on a 30-year schedule thereafter. The borrower has the privilege to prepay the loan without penalty during the final 60-days of the loan term. The lender won the business based on its highly competitive loan terms and it uncanny knowledge and understanding of the Bronx commercial mortgage market.

Two Fordham Square underwent a total gut renovation by the borrowers 9 years ago when they acquired a then totally vacant building. It had housed both the former Alexander’s and Caldor department stores which vacated the building in 1993 and 1997, respectively. The borrowers successfully leased the building within months of the completed renovation to a mix of national, regional and local retailers all of whom signed long-term leases and who occupy prime ground floor and lower level space (e.g. P.C. Richard, Marshalls (TJX) and Bally Fitness). The building offers 3-1/2 floors of highly desirable Class A office space with 52,000 sf floor-plates, a rarity in the area. The demand for quality office space in the Bronx continues to be extremely strong as evidenced by the fact the building has always been 100% occupied. The building’s prime location is a strong draw and appeals to the existing office tenants in the building, several of whom are state and city-related agencies, including CUNY on the Concourse, Local 1199 Health & Hospital Workers Union and A.C.S.

Elizabeth Smith, Esq. of Goldberg Weprin Finkel Goldstein, LLP represented the borrower. Title was insured by Chicago Title and All New York Title Agency, Inc. The loan was placed by a team of mortgage brokers lead by Jeanne Cronin, Mike O’Neill, Jerry Houlihan and Kelly Houlihan of Houlihan Parnes and Q10NY.

 

575 Riverside Drive, New York, NY

Amount: $750,000

Houlihan-Parnes Realtors, LLC, represented by Michael Cuniberti, is pleased to announce the placement of a $750,000 first mortgage and $200,000 line of credit on the 6 story elevator coop building located at 575 Riverside Drive in New York, New York. The 10-year, non-recourse loan has a fixed rate of 5.59% on a 30 year schedule. The loan was placed without a Lender fee. The Borrower was represented in the transaction by Alan Snider Esq.

 

172 Dyckman Street, New York, NY

Amount: $2,500,000

Houlihan-Parnes Realtors, LLC, represented by Mike O’Neill, is pleased to announce the placement of a $2,500,000 first mortgage on the 10,000 s.f. retail building with 6 stores located at 172-178 Dyckman Street in the Inwood section of upper Manhattan. The 5-year, non-recourse loan has a fixed interest rate of 4.75% with interest only payments for two years. The loan, closed with a local Bank, is prepayable throughout the term on a declining scale and the Borrower has an option to extend the loan for an additional 5 years. The Borrower was represented in the transaction by Elizabeth Smith of Goldberg Weprin Finkel Golstein, and title was provided by First American Title.

 

299 Berkshire Ave & 798-810 Howard Ave., Bridgeport, CT

Amount: $1,680,000

Jerry Houlihan of Houlihan-Parnes Realtors, LLC has arranged first mortgage financing in the amount of $1,260,000 for the acquisition financing of two three-story brick apartment buildings in Bridgeport, CT containing 48 apartments and 2 stores. The properties were sold as a short sale for $1,680,000. The loan was placed with a Connecticut based Savings Bank at a fixed interest rate of 4.4% fixed for 5 years with a 5-yr option to renew at 225 bps above the FHLBB rate on a 10 year term payable on a 25-yr amortization schedule.

 

41-51 W. Fordham Rd., Bronx, NY

Amount: $3,350,000

Houlihan-Parnes Realtors, LLC, represented by Mike O’Neill, is pleased to announce the placement of a $3,350,000 first mortgage on the 8,600 s.f. Rite Aid pharmacy building located at 41-51 West Fordham Road in the Bronx, New York. The 5-year, non-recourse loan has a fixed rate of 5.25% and was done without a Lender fee. The loan, closed with a local Bank, is prepayable throughout the term on a declining scale and the Borrower has an option to extend the loan for an additional 5 years. The Borrower was represented in the transaction by Aubrey Riccardi of Goldberg Weprin Finkel Goldstein LLP and title was provided by Jim Maloney of Chicago Title.

 

1143 First Avenue, New York, NY

Amount: $1,970,000

Houlihan-Parnes Realtors, LLC, together with its mortgage brokerage affiliate, Q10 New York Realty Advisors, represented by Jeanne Cronin, Managing Director of Q10NY, are pleased to announce the placement of a $1,970,000 first mortgage on a 5-story, fully leased, apartment building with ground-floor retail located at 1143 First Avenue between East 62nd and East 63rd Streets in the heart of the Upper East Side of Manhattan. The retail units are leased to two restaurants: Sushi Seki and Taco City. Both restaurants have been mainstays in this location for over two decades. The apartments are predominantly 2-bedroom units that are in great demand and rarely become available. The 5-year, non-recourse, PAR loan has a rate of 4.25% which is fixed for the term of the loan. The loan is pre-payable throughout the term on a declining scale.

 

Staten Island, New York

Amount: $3,500,000

Jeanne Cronin, Managing Director of Q10 | New York Realty Advisors, LLC, is pleased to announce the closing of a $3.5 million first mortgage loan on a CVS-anchored neighborhood shopping center on Staten Island. The loan was placed with a NY-based lender. The interest rate was fixed for 7-years at 5.375% with an option to extend the loan for an additional 5-year term on either a fixed or floating-rate basis. The amortization was for 30-years. There was no lender fee charged. According to Cronin, “the Borrower was pleased to be able to lock the initial term of the loan for 7 years when competing lenders were offering loans with only 5 year fixed-rate terms.” Q10 | New York Realty Advisors, LLC is a member of Q10 Capital, LLC a leading commercial mortgage banking and investment sales company with 26 offices in 20 states nationwide. Q10 has the resources and expertise to successfully provide debt and equity solutions to all types of real estate transactions regardless of property type, size, location and complexity. Our clients include local, regional and national developers, investors, property owners and REITS. They are given access to a wide variety of lending sources and a full range of financing products through our established relationships with local and national lending sources. For more information please contact Jeanne Cronin of Q10 | New York Realty Advisors at 914-694-6070 or visit our website at www.Q10capital.com

 

Best Western, Manhattan

Amount: $13,800,000

Zeev Douek, a Director of Q10 | New York Realty Advisors, LLC, is pleased to announce the closing of a $13,800,000 non-recourse loan on an 80-room limited service hotel located in the Midtown West /Convention Center district of Manhattan. The hotel draws many business travelers who are attending events at the Javits Center and also appeals to tourists as an affordable hotel option. The loan was a cash-out refinance of a 2006 loan. The loan was written for a 5-year term and the rate was fixed at 5.11%. The lender did not charge a fee. The lender moved very quickly and offered highly competitive loan terms and a willingness to customize the loan to meet the needs of the borrower. Q10 | New York Realty Advisors, LLC is a member of Q10 Capital, LLC a leading commercial mortgage banking and investment sales company with 26 offices in 20 states nationwide. Q10 has the resources and expertise to successfully provide debt and equity solutions to all types of real estate transactions regardless of property type, size, location and complexity. Our clients include local, regional and national developers, investors, property owners and REITS. They are given access to a wide variety of lending sources and a full range of financing products through our established relationships with local and national lending sources. For more information please contact Jeanne Cronin or Zeev Douek of Q10 | New York Realty Advisors at 914-694-6070 or visit our website at www.Q10capital.com

 

340 Putnam St, Bridgeport, CT

Amount: $550,000

Jerry Houlihan of Houlihan-Parnes Realtors, LLC has arranged a first mortgage of $550,000 on an 18-unit, 3-story apartment building in Bridgeport, CT. The property was fire damaged and rebuilt to code by the owner. The owner had negotiated the purchase of the loan from the former lender at a discount. Houlihan-Parnes’ private mortgage division provided a bridge loan for 18 months to facilitate the purchase.

 

3427 Jerome Ave., Bronx, NY

Amount: $2,500,000

Houlihan-Parnes Realtors, LLC, represented by Mike O’Neill, is pleased to announce the placement of a $2,500,000 first mortgage on the 10,000 s.f. retail building with 5 stores located at 3427 Jerome Avenue in the Bronx, New York. The 5-year, non-recourse loan has a fixed rate of 4.75% with interest only for two years. The loan, closed with a local Bank, is prepayable throughout the term on a declining scale and the Borrower has an option to extend the loan for an additional 5 years. The Borrower was represented in the transaction by Jules Levy of Hofheimer Gartlir & Gross LLP and title was provided by Phil Linz of Stewart Title.

 

840 Bronx Park South, Bronx, NY

Amount: $1,100,000

Ed Graf of Houlihan-Parnes Realtors, LLC, has arranged first mortgage, re-financing for a 5 story walk-up apartment building containing 13 residential units and 1 store on the ground floor. The property is located at 840 Bronx Park South, Bronx, New York. The loan of $1,100,000 was placed for a term of five years, with a five year option. The initial term is fixed at 4.75% with a 30 year amortization schedule. The prepayment penalty is 5% for the 1st year with a declining 1% per year, thereafter. The loan is on a non-recourse basis. The lender did not charge a fee.

 

Winn Dixie grocery store in Anniston, AL and a Rite Aid drug store in Fayetteville, NC

Amount: $2,100,000

Jeanne Cronin, Managing Director of Q10 | New York Realty Advisors, LLC, is pleased to announce the closing of a $2.1 million loan secured by a first mortgage on a Winn Dixie grocery store in Anniston, AL and a Rite Aid drug store in Fayetteville, NC. The properties are part of a large portfolio of single tenant properties that the borrower has amassed over the past 25-years. The loan was placed with a leading commercial bank the proceeds of which were used to refinance a maturing CMBS loan. The borrower had the option to float over LIBOR or swap into a fixed-rate loan at any time during the term of the loan. The floor on the floater was set at 4-1/4% while the fixed rate option was approximately 25 basis points higher. The lender amortized the loan over a 25-year period. As per Cronin, “Both properties consistently reported strong store sales in their respective markets, a fact that did not go unnoticed by the lender and had a positive impact on the loan structure since the remaining lease terms for both tenants were relatively short.” Q10 | New York Realty Advisors, LLC is a member of Q10 Capital, LLC a leading commercial mortgage banking and investment sales company with 25 offices in 20 states nationwide. Q10 has the resources and expertise to successfully provide debt and equity solutions to all types of real estate transactions regardless of property type, size, location and complexity. Out clients are given access to a wide variety of lending sources and a full range of financing products through our established relationships with local and national lending sources. For more information please contact Jeanne Cronin of Q10 | New York Realty Advisors at 914-641-4383 or visit our website at www.q10capital.com.

 

45 South Main Street

Amount: $5,600,000

Ed Graf and Ted Sannella of Houlihan-Parnes Realtors, LLC have arranged for 1st mortgage re-financing of The River Edge Shopping Center, located at 45 South Main Street, Unionville, Connecticut. The 2.23 acre shopping center consists of a two-story retail and office building containing 51,628 square feet, it is situated at the intersection of Rte. 4 and Rte 177. The Center is “anchored” by CVS. Other tenants include: Verizon Wireless, People’s Choice Pizza, and Quest Diagnostics. The loan, $5,600,000, was placed for a 5 year term with a 30 year amortization schedule. The loan has a 5 year option. The interest rate of 5.25% is fixed for the 5 year term. The pre-pay is descending 5-4-3-2-1. The loan is a non-recourse loan. The lender did not charge a commitment fee.

 

587-621 E. Boston Post Road, Mamaroneck, New York

Amount: $1,400,000

Richard Hendey of Houlihan-Parnes Realtors, LLC has placed a $1,400,000 five year non-recourse loan on the property located at 587-601 East Boston Post Rd., Mamaroneck, NY. The building consists of a one story retail building with parking located in the rear of the property. The building is currently rented to twelve non credit retail stores. The loan was fixed at 4.78% for five years with a twenty-five year amortization schedule and a half point commitment fee paid to the lender.

 

555-565 Broadway, Hastings on Hudson, New York

Amount: $13,065,000

Sheldon Stahl and Fred Stahl of Houlihan Parnes Realtors, LLC announce the placement of a new first mortgage on Hastings Terraces Apartments, two six story elevator apartment buildings located at 555-565 Broadway, Hastings on Hudson, New York. Located in Westchester County, the buildings, built in 1949 and 1950 are on 4.25 acres parcel of land and contain 120 apartments with magnificent views of the Hudson River. The property is within walking distance to the Hastings Metro North Station and has undergone extensive renovations over the last five years. The new loan of $13,065,000 has an interest rate of 4.5% interest only payments for the first two years and a five year term with an option to extend for an additional five years. The owner is an affiliated entity of Houlihan Parnes Realtors, LLC which placed this permanent financing with a local savings bank. Elizabeth Smith of Goldberg, Weprin represented the owner as attorney. John Martin of All New York Title insured the transaction.

 

Lagrange Commons, Lagrangeville, NY

Amount: $2,500,000

Houlihan-Parnes Realtors, LLC is pleased to announce the refinancing of the 1st Mortgage on a 60,000 square foot A&P anchored shopping center built in 1996 with extensive frontage on Route 82 in Lagrangeville, NY. The property is ¼ mile from the Taconic Parkway and close proximity to several high-end residential developments. There is on-site parking for 323 cars and there is parking in the rear for service vehicles, trucks and the smaller retail tenants. The A&P contains approximately 75% of the total leasable area (45,000 sf) and has a lease expiring in November 2016 with 40 years of options thereafter (8/5-yr options). There is an approved existing pad on the southeast end of the parking lot for a 3,500 sf building. The loan was placed with a NY-based bank in the amount of $2,500,000 for a 10 year term. The Bank charged a ¾% commitment fee.

 

13 locations in Binghamton NY area

Amount: $13,800,000

Ed Graf and Ted Sannella of Houlihan-Parnes Realtors, LLC have arranged for 1st mortgage re-financing for a multi-family portfolio, consisting of 602 apartments. The package consists of 13 locations: Binghamton, Endicott, Endwell and Johnson City. The par, non-recourse loan, in the amount of $13,800,000, is fixed at 5.0% for 5 years with a 30 year amortization schedule. The borrower has a 5 year option. The loan can be prepaid with a prepayment premium at a descending rate. The borrower was represented in the transaction by Steven Tierney of Woods, Oviatt, Gilman L.P.P.

 

380 Chenango street and 13 Pearne Street, Binghamton, New York

Amount: $3,800,000

Ed Graf and Ted Sannella of Houlihan-Parnes Realtors, LLC, have arranged first mortgage financing for the purchase of a multi-family complex in Upstate New York The properties consists of 257 apartments and is located at 380 Chenango street and 13 Pearne Street, Binghamton, New York. The loan was placed for a five year term with a 30 year amortization schedule. The borrower has a five year renewal option. The interest rate is fixed for the first five years at 5.5%. The loan amount is for $3,800,000. The purchase price was for $5,150,000. The loan can be pre-paid with a declining prepayment premium.

 

Brownsville neighborhood of Brooklyn, NY

Amount: $2,000,000

Ed Graf of Houlihan-Parnes Realtors, LLC has arranged a private first mortgage loan secured by 2 industrial properties in Brooklyn, New York. The properties are located in an M1-1 zone in Brownsville neighborhood of Brooklyn. The loan amount of $2,000,000 was placed for a term of one year, with interest only payments.

 

4 West Red Oak Lane, White Plains, NY

Amount: $13,750,000

White Plains, NY – Jeanne Cronin, Managing Director of Q10 | New York Realty Advisors, LLC, is pleased to announce the closing of a first mortgage loan in the amount of $13,750,000 secured by a 135,000 square foot multi-tenanted Class “A” office building located at 4 West Red Oak Lane in suburban White Plains within the I-287 office corridor known as the Platinum Mile. This highly desirable sub-market is home to many Fortune 500 companies. It has experienced strong occupancy levels and has consistently outperformed other suburban markets. The property was acquired by the principals of Houlihan-Parnes/GHP Office Realty in 2000. Over the years the owners have completed numerous capital improvement projects including additional parking, new roof, extensive lobby renovation, common area upgrades plus the addition of an on-site café and fitness center. The loan was placed with a New York-based bank. The non-recourse loan was written for a 10-yr term with the rate fixed at 6.25% for the first 5-years and based on a 30-year amortization schedule. The rate will be reset in year 6. According to Jim Houlihan, a principal of Houlihan-Parnes “we have witnessed unprecedented changes in the business of financing real estate the past several years and recognize the importance of establishing and maintaining strong lender relationships. We have closed other loans with this lender and have a high regard for their ability to close deals on the terms as initially committed. That ‘certainty of execution’ is important now, more than ever.” Elizabeth Smith, Esq. of Goldberg Weprin Finkel Goldstein LLP represented the borrower, as attorney. Anita M. Hyland, Esq. of Cassin & Cassin LLP represented the lender, as attorney. The title was insured by Chicago Title.

 

12 Water Street, White Plains, NY

Amount: $2,000,000

Houlihan-Parnes Realtors, LLC is pleased to announce placement of new first mortgage in the amount of $2,000,000 on a 4-story office building located at 12 Water Street in White Plains, NY. The property is located one block from the White Plains Train Station. The building is leased by Con Edison who is currently completing an environmental clean up on the site. Elizabeth Smith of Goldberg Weprin Finkel Goldstein, LLP was the attorney who represented the borrower. The title was insured by John Martin of All New York Title.

 

Boston Post Road, Westchester, NY

Amount: $7,250,000

Steve McCulloch of Houlihan Parnes Realtors recently placed two loans totaling $7,250,000 on prime retail properties located in Westchester County. The new debt was used by the Owner to pay off an existing CMBS loan which had come due and provides the Owner with additional working capital for the properties. Both loans have interest rates fixed at 6.25% and are for terms of 5 years. Each loan has an option to renew upon maturity for an additional 5 years at no cost. This placement was complicated by the fact that the primary tenant occupying approximately 55% of the total space recently emerged from bankruptcy and had their lease expiring at the time the loan was funded. The Lender on this transaction structured the debt in a manner that provided the Owner, a well known local developer, funds for the renovation and associated costs of this space in the event the existing tenant opted not to renew their lease. These properties are very well located in a high traffic retail corridor and have been well maintained. The Owner is very experienced in the management of this type of property as well as others which gave the Lender the assurance needed to fund these loans where the primary tenants continued occupancy was uncertain.

 

505 Main Street, New Rochelle, NY

Amount: $625,000

Ed Graf of Houlihan-Parnes Realtors, LLC has arranged the first mortgage, re-financing for 3 story walk-up apartment building containing 4 residential units and 2 commercial tenants located at 505 Main Street, New Rochelle, NY. The loan of $625,000 was placed for a term of five years, with a five year option term. The initial term is fixed at 5.50% with a 30 year amortization schedule. The prepayment penalty is 5% for the 1st year with a declining 1% per year, thereafter. The loan is on a non-recourse basis.

 

Bridgeport, CT

Amount: $3,150,000

Jerry Houlihan of Houlihan-Parnes Realtors, LLC has arranged the acquisition financing of a 7-story brick double –elevator apartment building containing 67 apartments located on the Fairfield border in Bridgeport, CT. Built in 1964, the building contains laundry facilities, on-site indoor and outdoor parking for about 80 vehicles, security system, telephone –operated intercom system, and garage sprinkler system. Apartments are all updated with wall-to-wall carpeting, air-conditioning sleeves, and terraces. The loan was placed with an agency lender for a 7-year term at a market interest rate on a 30 year amortization schedule.

 

7-11 South Broadway

Amount: $6,500,000

Houlihan-Parnes Realtors, LLC is pleased to announce the placement of a $6,500,000 first mortgage on the 70,000 sf, multi-tenanted office building located at 7-11 South Broadway, White Plains, New York. The non-recourse loan is fixed at 6.25% for five years with a 30-year amortization schedule. The Lender received a ½-point fee, the loan can be prepaid with a declining prepayment premium, and the Borrower has a 5-year option to extend. The 4-story building in the central business district of White Plains is currently 83% occupied. The loan was placed by Mike O’Neill of Houlihan-Parnes and Elizabeth Smith of Goldberg Weprin represented the borrower in the transaction.

 

Westcliff Shopping Center, Fort Worth, Texas

Amount: $4,500,000

White Plains, NY – Jeanne Cronin, Managing Director of Q10 | New York Realty Advisors, LLC, is pleased to announce the closing of a $4.5 million first mortgage loan on a 135,000 square foot neighborhood shopping center in Fort Worth, TX. The non-recourse loan was fixed for a 5-year term at 6.65%. The borrower acquired the retail property in an all-cash transaction early in 2009 and recognized that through an aggressive management and leasing plan that the center had tremendous upside potential for numerous reasons, not the least of which was its strong location in an established, densely populated, upscale residential neighborhood close to Texas Christian University and less than 5 miles from downtown Fort Worth. In a matter of months, the borrower was successful in negotiating a long-term lease with a regional grocer new to the center who completed extensive interior and exterior renovations to its store. The center contains a mix of national, regional and local tenants several of whom have renewed and extended their leases. The initial phase of the repositioning plan has resulted in achieving a 90% occupancy level. The loan was placed with a Texas-based bank. As per Cronin, “the bank recognized the borrower’s real estate experience and expertise in owning and managing a commercial property of this complexity and magnitude. The borrower proved its investment acumen in a very short time, which did not go unnoticed by the bank.” The Borrower was represented by Stuart Berg, Esq. of Kurzman Eisenberg Corbin & Lever, LLP.

 

1922 McGraw Avenue, Bronx, NY

Amount: $1,850,000

Houlihan-Parnes Realtors, LLC is pleased to announce the placement of an underlying $1,850,000 first mortgage on the 6-story elevator co-operative apartment building at 1922 McGraw Avenue in the Parkchester section of the Bronx, NY. The interest-only loan is fixed at 6.05% for the full 10 year term. The co-operative corporation needed funds for major capital improvements, to replenish their reserves, and refinance the existing loan that was coming due this year. The co-op is 80%-sold and has 49 residential apartments and 4 professional units. The financing was handled by Andrew Hargadon and Mike O’Neill of Houlihan-Parnes and Aubrey Riccardi of the law firm, Goldberg Weprin Finkel Goldstein, represented the Borrower.

 

504 East 84th Street, New York, NY

Amount: $1,335,000

Jeanne Cronin, Managing Director of Q10 | New York Realty Advisors, LLC, is pleased to announce the closing of a $1,335,000 acquisition loan secured by a first mortgage on a rental apartment building located on East 84th Street on the Upper East Side of Manhattan. The 5-story walk-up building was built at the turn of the century. It contains 8 residential units including a large duplex unit with direct access to a ground level garden. The loan was placed with a local bank. As per Cronin, “The borrower’s investment horizon is long term and, as such, they sought a long-term fixed-rate loan. They did not want a loan in which the rate was reset after a period of time. The rate on the subject loan was locked for the full 15-year loan term at 6-1/4 %.” The Borrower was represented by Rubin Ferziger, Esq. and the lender was represented by the law firm Masone White Penkava & Cristofari. Q10 | New York Realty Advisors, LLC is a member of Q10 Capital, LLC a leading commercial mortgage banking and investment sales company with 29 offices nationwide. Q10 has the resources and expertise to successfully provide debt and equity solutions to all types of real estate transactions regardless of property type, size, location and complexity. Out clients are given access to a wide variety of lending sources and a full range of financing products through our established relationships with local and national lending sources. The combined offices of Q10 Capital originated in excess of $17 Billion of commercial mortgage loans over the past three years and currently service over $20 Billion in loans for our correspondent lenders. For more information please contact Jeanne Cronin of Q10 | New York Realty Advisors at 914-641-4383 or visit our website at www.q10capital.com.

 

239-253 West First Street, Mt. Vernon, NY

Amount: $1,000,000

Jeremiah A. Houlihan of Houlihan-Parnes Realtors is pleased to announce the placement of a $1,000,000 first mortgage for two 5-story apartment buildings located at 239-253 West First Street in Mount Vernon, NY. The property is located near the Bronx border and contains 44 apartments and 8 retail stores. The loan was placed with a Long Island based savings bank for a 10 year term at a market interest rate with no commitment fee.

 

253-01 Rockaway Blvd, Rosedale, NY (Five Towns Shopping Center)

Amount: $38,000,000

Houlihan-Parnes Realtors, LLC is pleased to announce the placement of a first mortgage of $38,000,000 on the 515,000sf Five Towns Shopping Center located at 253-01 Rockaway Boulevard, Rosedale, New York. The non-recourse loan has a fixed five-year rate with a 30-year amortization schedule. The Lender did not charge a fee and the loan can be prepaid with a declining prepayment premium. The center has many nationally recognized name tenants including K-Mart, TJMaxx, Applebee’s, Payless Shoes, Pizza Hut, and T-Mobile. Most recently, a new Lowe’s Home Improvement Center is being added to the center.

 

1465-1485 East Main Street, Bridgeport, CT

Amount: $2,450,000

Jerry Houlihan of Houlihan-Parnes Realtors, LLC has arranged first mortgage financing in the amount of $2,450,000 for the refinancing of two three-story brick apartment buildings in Bridgeport, Connecticut. The property is situated on a 1-acre lot located at the westerly blockfront of East Main Street between Pearl and Putnam Streets. It contains 45 residential units, on site parking for about 20 cars and a vacant tract of land which allows another building to be built there. Features include a brand new roof and a new heating system, marble stairwells in common areas and hallways, laundry facilities, and hardwood floors in all apartments. The loan was placed with a New York based Savings Bank at a market interest rate fixed for 5 years on a 10 year term payable on a 30-yr amortization schedule.

 

Binghamton, New York - portfolio consisting of 111 units

Amount: $1,155,000

Ed Graf and Ted Sannella of Houlihan-Parnes Realtors, LLC are pleased to announce the placement of a first mortgage for the purchase of a multi-family portfolio located in Binghamton, New York. The portfolio consists of 111 units and is located at 88-90 Henry, 777 Chenango, 7-9 Eaton, 10 Florence, 27 Tompkins and 30 Webster. The purchase price for the portfolio is in the amount of $1,500,000. The fixed loan has a 5 year term with a five year option. The first mortgage loan is for $1,155,000. The loan can be pre-paid at 1% years 1-4 and years 6-9. The transaction was handled by Steve Tierney of Wood, Oviatt, Gilman L.P.P.

 

"DUMBO" section of Brooklyn, NY

Amount: $22,000,000

Jerry Houlihan & Ed Graf of Houlihan Parnes Realtors, LLC are pleased to announce the placement of institutional first mortgages in the amount of $22,000,000 for the financing of four mixed-use buildings and a free-standing single-tenant landmark building located in the DUMBO section of Brooklyn, NY. DUMBO, which stands for “Down Under the Manhattan Bridge Overpass” is situated between the Brooklyn & Manhattan bridges and has been transformed from a bustling commercial port for steam-boat ferries in the 19th century to a premier NYC arts/cultural destination and a coveted residential & retail location. The buildings contain a total of 35 residential units, 5 stores and a Trader Joes supermarket. The loans were placed with for a 10 year term payable on a 30-yr amortization schedule. The Bank charged no commitment fee and was represented by Cassin, Cassin LLP

 

6-8 East Sidney Avenue - Mount Vernon, NY

Amount: $1,875,000

Jerry Houlihan of Houlihan-Parnes/iCap Realty Advisors, LLC has arranged first mortgage financing in the amount of $1,875,000 for the acquisition of a brick walkup apartment building in Mount Vernon, NY. The building contains apartments and retail stores with gross rents in excess of $500,000. The loan was placed with a Long Island based Savings Bank at a floating interest rate of prime plus 1.25% payable interest only for 3 years. The Borrowers, Milio Realty Corp., a Property Investment and Management Company based in Yonkers, NY have holdings of approximately 600 apts in the tri-state area.

 

3 Properties located in the Bronx, New York

Amount: $2,640,000

Jerry Houlihan of Houlihan Parnes Realtors, LLC is pleased to announce the placement of three institutional first mortgages in the aggregate amount of $2,640,000 for the refinancing of three neighborhood 1-story taxpayers with a total of approximately 14,000 square feet located in the Fordham and Tremont sections of the North Bronx, NY. All are situated west of Jerome Avenue near I-87. The loan was placed with a Savings Bank at a market interest declining rate fixed for 7 years on a 12 year term payable on a 30-yr amortization schedule. The loan features a prepayment option and the last 2 years of the loan are prepayable without penalty. The Bank charged no commitment fee. Aubrey Riccardi of Goldberg, Weprin, & Ustin represented the borrowers. Title was insured by James Maloney of Chicago Title Co.

 

400 Westchester Avenue, Harrison, New York

Amount: $14,400,000

James Houlihan and Christie Houlihan of Houlihan-Parnes Realtors, LLC have arranged a $14,400,000 1st mortgage refinancing for 400 Westchester Avenue in Harrison, New York, the new home of Fordham University’s Westchester campus. It is located at the intersection of I-287 and I-684. The building, a campus-like setting, is owned by principals of Houlihan-Parnes/GHP Office Realty and Benerofe Properties. Fordham University has signed a 20 year lease for the fully renovated building. The building contains 62,500 sq ft to be used for classrooms and offices. It also features a courtyard and outdoor patio for use by Fordham. A complete building renovation by the Owner’s features new building systems, new curtain walls, a new parking lot with additional parking, new roof, new elevator, extensive sight lighting upgrade, and landscape revitalization. Fordham and the building owners have completed an interior renovation that includes 26 classrooms with modern, state-of-the-art technological amenities, including “smart boards” and teleconferencing capabilities. “Fordham has been committed to maintaining its historic presence in Westchester. Thus I am delighted to say we will be not only be staying, but raising our visibility in the county,” said Joseph M. McShane, S.J., president of Fordham. “We are looking forward to working with the communities in West Harrison and White Plains, and with our neighbors in business and government in Westchester n this new venture.” The non-recourse loan is fixed at 6.08% for 10 years. The first five years are based on a 30 year amortization schedule, and the latter five years will be based on a 20 year amortization schedule. The lender received a ½-point fee. Thomas M. Leslie, Esq. of Thacher Proffitt & Wood LLP represented the borrowers. Joseph P. Harrington, Esq. of McCarthy Fingar LLP represented the lender. The title was insured by All New York Title.

 

400-422 East Sanford Boulevard, Mount Vernon, New York

Amount: $4,000,000

Ed Graf of Houlihan-Parnes Realtors, LLC has arranged for 1st mortgage re-financing for a two story retail building. The property contains 12,500 square feet of rentable space, and is located at 400-422 East Sanford Blvd., Mount Vernon, New York. The non-recourse loan for $4,000,000 is fixed at 6.375% for five years with a 30 year amortization schedule. The borrower has a 5 year option. The loan can be prepaid with a prepayment premium at a descending rate.

 

4174 White Plains Road - Bronx, New York

Amount: $5,000,000

Houlihan-Parnes Realtors, LLC is pleased to announce the placement of a $5,000,000 first mortgage on the 12,000 s.f. one-story retail building at 4174 White Plains Road, Bronx, New York. The 7-year, non-recourse loan is fixed at 6.5% interest, with interest only payments for 3 years and a 30-year amortization schedule thereafter. The Lender received a ½-point fee and allows for a 5-year fixed rate option period. The property consists of the entire blockfront on the east side of White Plains Road between East 232nd & 233rd Streets in the Wakefield section of the north Bronx. There are thirteen tenants, including T-Mobile, Dunkin’ Donuts and McDonald’s. The loan was arranged by Mike O’Neill, Mike Schwartz and Andrew Hargadon of Houlihan Parnes. Title was arranged by Phil Linz of Stewart Title Insurance and the borrower was represented in the transaction by Jules E. Levy, Esq. of Hofheimer Gartlir and Gross, LLP.

 

3408-3418 Boston Post Road - Bronx, New York

Amount: $2,000,000

Ed Graf of Houlihan-Parnes Realtors, LLC has arranged for 1st mortgage re-financing for a one story strip shopping center. The property contains 12,600 square feet of rentable space, and is located at 3408-3418 Boston Post Road, Bronx, New York. The non-recourse loan for $2,000,000 is fixed at 6.5% and is for five years with a 30 year amortization schedule. The borrower has a 5 year option. The loan can be prepaid with a declining prepayment premium at a descending rate.

 

Sunny Isle Shopping Center - Route 70, Freriksted Street, St. Croix

Amount: $31,400,000

Ed Graf and Ted Sannella of Houlihan-Parnes Realtors, LLC have arranged 1st mortgage re-financing for a shopping center in the amount of $31,400,000. The property contains 328,538 square feet, and is located at Route 70, Freriksted, St. Croix, United States Virgin Island. The non-recourse loan is fixed at 6.5% for five years with a 30 year amortization schedule. The lender did not charge a commitment fee. On site tenants include: Office Max, Radio Shack, Wendy’s, Subway, McDonald’s Cingular, Banco Popular, Champs and Sears.

 

1038 Southern Boulevard - Bronx, New York

Amount: $750,000

Houlihan-Parnes Realtors, LLC is pleased to announce the placement of a $750,000 first mortgage on the 5-story walk-up apartment building at 1038 Southern Boulevard in the Bronx, NY. The non-recourse loan is fixed at 5.9% for five years with a 30-year amortization schedule. The Lender did not charge a fee, the loan can be prepaid with a declining prepayment premium, and the Borrower has a 5-year option to extend. The building, just off of Westchester Avenue, has 17 apartments and two stores. The financing was handled by Mike O’Neill of Houlihan-Parnes/ iCap and Aubrey Riccardi of Goldberg Weprin & Ustin represented the Borrower.

 

132-134 East 125th Street, A/K/A 2050-2060 Lexington Avenue - New York, New York

Amount: $3,850,000

Jerry Houlihan of Houlihan Parnes Realtors, LLC is pleased to announce the placement of an institutional first mortgage in the amount of $3,850,000 for the refinancing of three contiguous 2-story buildings with approx. 7000 square feet located at the southwest corner of East 125th Street and Lexington Avenue in the East Harlem section of Manhattan, NY. Situated at the entrances to the 4, 5 & 6 subway stations, this intersection is home to national rated tenants such as Seaman’s Furniture & a Pathmark supermarket. The Metro-North 125th Street station for the Harlem line is a block away at 125th St and Park Avenue. The area has and is experiencing a tremendous amount of new construction and development. The loan was placed with a savings bank at a market interest rate fixed for 5 years on a 10 year term payable on a 30-yr amortization schedule. The bank charged no commitment fee and was represented by Stark Amron & Liner, LLP

 

45 South Main Street, Unionville, Connecticut

Amount: $4,600,000

Ed Graf and Ted Sannella of Houlihan-Parnes Realtors, LLC are pleased to announce the placement of a $4,600,000 first mortgage for the purchase of a 51,628 square foot, shopping center located at 45 South Main Street, Unionville, Connecticut. The purchase price for the shopping center was $5,450,000, the loan amount ($4,600,000) represents 84.4% LTV. The non-recourse loan is fixed at 6% for five years with a 30 year amortization schedule. The lender did not charge a fee; the loan can be pre-paid with a declining prepayment premium. The buyer has a 5-year option to extend loan.

 

44-25 thru 44-47 Kissena Boulevard, Flushing, New York

Amount: $4,000,000

Jerry Houlihan of Houlihan-Parnes Realtors, LLC, is pleased to announce the financing of the first mortgage in the amount of $4,000,000 on a 12,800 square foot retail building located at 44-25 thru 44-47 Kissena Boulevard in Flushing, NY. The property is between Elder and Cherry Avenues within ½ mile of the Flushing subway station at Main Street. The building is fully leased and anchored by Flushing Savings Bank. Built in 1960 of steel, concrete, and brick, there is 240 feet of retail frontage on the Kissena Boulevard and on-site parking for 30 cars in the rear of the building for the retail business owners. The loan was placed with a Long Island based Savings Bank at a market interest rate fixed for 7 years of a 12 year term payable on a 30 year amortization schedule.

 

60 Greene Street, New York, NY

Amount: $4,000,000

Ed Graf of Houlihan-Parnes Realtors, LLC has arranged for 1st mortgage re-financing for a single tenant retail condominium. The property contains 7,649 square feet of rentable space (3,938 square feet of ground floor and 3,711 basement space), and is located at 60 Greene Street, New York, New York. The loan was placed for a 5 year term with a 30 year amortization schedule. The loan has a 5 year option. The interest rate of 5.75% is fixed for the 5 year term. The re-finance loan is for $4,000,000. The lender did not charge a commitment fee.

 

218 Route 17 North, Rochelle Park, NJ

Amount: $10,000,000

Houlihan-Parnes Realtors, LLC is pleased to announce the placement of a $10,000,000 first mortgage on the 95,000 sf, multi-tenanted office building located at 218 Route 17 North, Rochelle Park, New Jersey. The non-recourse loan is fixed at 6% for seven years with a 30-year amortization schedule. The Lender did not charge a fee, the loan can be prepaid with a declining prepayment premium, and the Borrower has a 5-year option to extend. The 5-story building was acquired in 2001 by GHP Office Realty and is currently 95% occupied.

 

217 East Harsdale Avenue, Hartsdale, NY

Amount: $2,800,000

James K. Coleman of Houlihan Parnes/ iCap Realty Advisors, arranged the sale of a two story mixed use building located at 217 East Hartsdale Avenue in Hartsdale, NY. The property is very well located in the heart of the business area of Hartsdale and is adjacent to the Metro North train station. The building was built in 1961 and contains 10,500 square feet and has four retail tenants along with four office tenants. Mr. Coleman also handled the arrangement for the financing for this sale. The loan amount was $2,800,000 with a 5.75% interest rate for 5 years with a 5 year option through Signature Bank.

 

Strawberry Park, Preston, CT

Amount: $2,500,000

Dave Rabinowitz and James K. Coleman of Houlihan Parnes Realtors, LLC recently placed private financing on a 153 acre resort and RV campground known as STRAWBERRY PARK located in Preston Connecticut. The property includes 3 outdoor swimming pools, whirlpools and wading pools, a 20,000 sq. ft. two story recreational building with a food service operation, game room, and restrooms with hot showers. Other amenities include a large enclosed amphitheatre, shuffleboard, bocce ball, basketball and volleyball courts, 2 regulation soccer fields, one regulation softball field, a horseback riding facility and petting zoo. The property is located only a short distance to both The Mohegan Sun and The Foxwoods Casinos. The mortgage placed was $2,500,000. The loan called for a fixed rate of interest for 1 year with interest only payments for the entire term of the loan. The loans were placed privately with a group of investors brought together by HP CAPITAL, LLC, a subsidiary of Houlihan-Parnes. The borrower was referred to the lender by Jeanne Cronin of iCap Realty Advisors of New York.

 

387-391 Main Street, Poughkeepsie, New York

Amount: $3,150,000

Jerry Houlihan of Houlihan-Parnes Realtors, LLC has arranged first mortgage financing in the amount of $3,150,000 for the acquisition of a 5-story 35,000 square foot office building located on Main Street in downtown Poughkeepsie, N.Y. The property is within close proximity to all of the city’s amenities, public library, court house and the Poughkeepsie train station. The building is fully leased to the Dutchess County Board of Health. It has offices for the County’s environmental and structural engineers as well as medical offices for the public. The building has been recently renovated with a new roof and new stucco on the exterior as well as a new emergency generator and heat exchangers on the interior. All of the offices and common areas have been newly carpeted and painted. The loan was placed with a Long Island based Savings Bank at a market interest rate fixed for 5 years on a 10 year term payable interest only for 2 years with the remaining 8 years payable on a 25-yr amortization schedule.

 

1832 Wallace Avenue, Bronx, New York

Amount: $225,000

David Rabinowitz of Houlihan Parnes Realtors, LLC has arranged a private first mortgage loan of $225,000 on 1832 Wallace Avenue in the Morris Park area of the Bronx. The property is a three family detached house that the borrower plans to renovate. The first mortgage/bridge loan was an interest only fixed rate mortgage with a term of 12 months with no pre-payment for the first 3 months. The borrower was represented by Kathleen Bradshaw, Esq. of the Bronx. The lender was represented by Joshua Deutsch, Esq. of Deutsch & Schneider of Glendale, NY.

 

171 River Street, Troy, New York

Amount: $275,000

David Rabinowitz of Houlihan Parnes Realtors, LLC also has arranged a private first mortgage loan of $275,000 on 171 River Street located in the up and coming Water Front District of Troy, NY. The property is a brick 4 story loft- warehouse building, originally built in 1880 containing a total of 25,800 square feet. The building will be converted into retail and residential use.The first mortgage used for acquisition was an interest only fixed rate mortgage with a term of 12 months with no pre-payment for the first 6 months. The lender was represented by Brian Goldberg, Esq. and Joshua Deutsch, Esq. of Deutsch & Schneider of Glendale, NY.

 

40 Garden Street, Poughkeepsie, NY

Amount: $1,850,000

Jerry Houlihan of Houlihan-Parnes Realtors, LLC has arranged first mortgage financing in the amount of $1,850,000 for the acquisition of a 5-story 27,000 square foot office building in downtown Poughkeepsie, N.Y. The property is located at 40 Garden Street at the southwest corner of Mill Street (Route 44) and Garden Street and contains on-site parking The buildings’ tenants include Stewart Title, Chase Bank & the Poughkeepsie Teachers union The loan was placed with a Long Island based Savings Bank at a market interest rate fixed for 5 years on a 10 year term payable interest only for 2 years with the remaining 8 years payable on a 25-yr amortization schedule.

 

490 Westport Avenue, Norwalk, CT

Amount: $5,800,000

Houlihan-Parnes Realtors, LLC are pleased to announce the placement of a $5,800,000 first mortgage interim loan to finance the acquisition of a 7,400 sq. ft. Ski Market store and a 40,140 sq. ft. Fitness and Tennis Center on Westport Avenue (US I), Norwalk, CT. The 5 year, floating rate interim loan floats at 135 BP over one month LIBOR and the lender has the option to fund a $400,000 earn out in six months.

 

Six stores located in New York and Connecticut

Amount: $1,500,000

Houlihan-Parnes Realtors, LLC have arranged a $1,500,000 permanent loan for the Knoyzz Clothing Company. Knoyzz has six stores located in Rye Brook and Mount Kisco NY, Westport, Greenwich, New Canaan, and Glastonbury, CT. The eight year loan features interest only for the first year and can be prepaid without a penalty.

 

602 Apartments in 13 Locations

Amount: $11,920,000

Ed Graf and Ted Sannella of Houlihan-Parnes Realtors are pleased to announce the placement of a $11,920,000 first mortgage for the acquisition of a multi-family portfolio, consisting of 602 apartments. The package consists of 13 locations: Binghamton, Endicott, Endwell and Johnson City. The non-recourse, par loan is fixed for five years, with interest only for the initial two years. Second mortgage financing is permitted. The pre-payment in Upstate New York is allowed from day one. The borrower was represented in the transaction by Steven Tierney of Woods, Oviatt, Gilman L.P.P.

 

727 Commack Road, Brentwood, NY

Amount: $4,000,000

Houlihan-Parnes Realtors is pleased to announce the placement of a $4,000,000 first mortgage on the 60,000 sf neighborhood shopping center known as Brentwood Plaza in Long Island, New York. The loan is fixed at 6% for ten years, with monthly payments of interest only for 5 years and 30-year amortization thereafter. There was no fee to the Lender and no escrow deposits are required. The property consists of 19 stores anchored by a Compare Foods supermarket. The Borrower was represented in the transaction by Aubrey Riccardi of Goldberg Weprin & Ustin LLP, and title was provided by Phil Linz of Stewart Title.

 

109 Avenue, Ozone Park, New York

Amount: $1,200,000

Jerry Houlihan and James Coleman of Houlihan Parnes Realtors are pleased to announce the placement of a private first mortgage in the amount of $1,200,000 for the refinancing of four two-story buildings containing 4 commercial stores and four 2-bedroom apts. The property is located on the corner Rockaway Boulevard and 109th Avenue in the Ozone Park of Queens. The loan is payable monthly with interest only payments and is for a 1 year term. It contains no prepayment penalty after 6 months of interest payments.

 

1410-1416 Manhattan Avenue in Union City, NJ

Amount: $6,000,000

Dave Rabinowitz and James K. Coleman of Houlihan Parnes Realtors recently placed private financing on a premier development high-rise site located at 1410-1416 Manhattan Avenue in Union City, NJ. This 27,000 square foot property is located on the eastside of Manhattan Avenue and sits on the Palisades overlooking the Hudson River with an unobstructed view of New York City. The owner has recently succeeded in having the zoning amended to allow for the construction of an 18 story building containing 90 units with a total of 120,000 square feet of residential space plus 90,000 square feet for parking. The total financing package of $6,000,000 included a first mortgage of $4,200,000 and 2nd mortgage of $1,800,000. The loans called for a fixed rate of interest for 1 year with interest only payments for the entire term of the loan. The loans were placed privately with a group of investors brought together by HP CAPITAL, LLC, a subsidiary of Houlihan-Parnes. Elizabeth Smith of Goldberg, Weprin & Ustin handled legal matters for the lenders.

 

762 State Route 28, Oneonta, New York

Amount: $1,406,000

Ed Graf of Houlihan-Parnes Realtors has arranged first Mortgage financing for the acquisition of a one story retail building, containing 5,300 square feet, located at 762 State Route 28, Oneonta, N.Y. The loan of $1,406,000 was placed for a term of ten years, with interest only payments for the first two years.

 

801 Encino Place NE, Albuquerque, NM

Amount: $3,960,000

Ed Graf and Ted Sannella of Houlihan-Parnes Realtors has arranged first Mortgage financing for the acquisition of Medical Arts Square, a medical office property consisting of 51,800 square feet, located at 801 Encino Place NE, Albuquerque, NM. The loan of $3,960,000 was placed for a term of five years, with interest only payments for the first two years. The interest is fixed at 5.89% for the five years. The securitized loan allows for a pre-payment penalty of 2% after year three and 1% after year four.

 

2020 Central Avenue, Yonkers, New York

Amount: $4,400,000

Jerry Houlihan and James Coleman of Houlihan Parnes Realtors are pleased to announce the placement of an institutional first mortgage in the amount of $4,400,000 for the financing of the acquisition of a one and part two-story and basement concrete and masonry commercial building containing 17,650 square feet above grade with on-site parking for 45 cars. The property is located on Central Park Avenue in Yonkers, one of Westchester County’s busiest retail vehicular arteries. The loan was placed with a New York based Savings Bank at a floating interest rate at 2% above the LIBOR index for a 3-year period. The loan is payable interest only monthly and contains no penalty for prepayment.

 

151 Ludlow Street, Yonkers, New York

Amount: $1,050,000

Jerry Houlihan of Houlihan Parnes Realtors is pleased to announce the placement of an institutional first mortgage in the amount of $1,050,000 for the financing of the acquisition of a 3-story 30,000 square foot industrial brick building at the corner of 151 Ludlow Street at the corner of Bridge St in Yonkers. The property is located just a few blocks south of the redevelopment zone of downtown Yonkers The loan was placed with a fixed interest rate for the first 5 years of a 10-year term on a 30-yr amortization schedule. The Lender charged no commitment fee and the loan allows for flexible prepayment.

 

25 buildings in 10 states

Amount: $153,000,000

Houlihan-Parnes Realtors announces today that they have arranged acquisition financing for a portfolio consisting of twenty-five office and industrial properties in 10 states (NY, MA, FL, MD, IN, IA, TX, CA, PA, IL) totaling 2,400,000 square feet of space. We have arranged $153,000,000 of acquisition financing. The deal is highly structured and features maximum flexibility to allow for the re-development and/or disposition of the assets on an individual basis. The purchaser was represented by Thomas Leslie and Greg Murphy of Thacher Proffitt & Wood. James J. Houlihan and Andrew M. Greenspan, of GHP Office Realty, handled this transaction.

 

340 Putnam Avenue, Bridgeport, Connecticut

Amount: $875,000

Jerry Houlihan of Houlihan-Parnes Realtors is pleased to announce the placement of a 1st mortgage financing in the amount of $875,000 which enabled a Stamford based buyer to purchase an 18-unit, 3-story concrete apartment building, built in 1991, for a price of $1,250,000. The property is located at 340 Putnam Street, Bridgeport, Connecticut. The loan closed with an interest rate of 6.15% fixed for 10 years on a 30 year amortization schedule. There was no fee paid to the lender.

 

49 Sunset Avenue Westhampton Beach, New York

Amount: $100,000

Ed Graf of Houlihan-Parnes Realtors has arranged a private second mortgage on a mixed-use 5,000 square foot property, located at 49 Sunset Blvd., Westhampton Beach, New York. The 2 story, steel-frame/block construction building consists of a coffee shop a bait shop on the first floor. The 2nd story has a 2 bedroom apartment. The loan of $100,000 was placed for a term of one year, with interest only payments. Prepayment is allowed after 6 months with no penalty.

 

115 Main Street & 19 Seabreeze Avenue, Westhampton, NY

Amount: $200,000

Ed Graf of Houlihan-Parnes Realtors has arranged a private second mortgage loan of $200,000, which will be a blanket loan on two Westhampton Beach properties: 115 Main Street, a 2-story wood frame mixed use building with 3 retail tenants on the ground floor and 2 apartments on the second level, and 19 Seabreeze Avenue, a 1 story wood frame 13 unit motel. The loan of $200,000 was placed for a term of one year, with interest only payments. Prepayment is allowed after 6 months with no penalty.

 

225 E. 111th Street, New York, New York

Amount: $800,000

Jim Coleman of Houlihan Parnes Realtors has arranged a private first mortgage loan in the amount of $800,000 for the purchase of a vacant parcel of land located at 225 E. 111th Street in the East Harlem section of Manhattan. The purchaser of the property will be completing plans to construct a seven story condominium building which will consist of 12 loft style apartments. The land is located in an area that has already seen renovations to existing apartment buildings, brownstones, and new construction. The loan was made for a 1 year term and the lender was represented by Mike Lynch of Lynch and Associates.

 

310-330 Lenox Road Brooklyn, New York

Amount: $7,850,000

Houlihan-Parnes Realtors is pleased to announce the placement of a $7,850,000 underlying first mortgage on the co-operative apartment complex known as The Gentry Apartments in Brooklyn, New York. The loan is fixed at 5.35% for ten years, equivalent to 76 basis points over 10-year Treasuries, with monthly payments of interest only. There was no fee to the Lender and no escrow deposits are required. The property consists of two 6-story buildings with 247 co-operative units and an underground parking garage. The Borrower was represented in the transaction by Krista Halpin of Kurzman Karelsen & Frank LLP.

 

Northampton, Massachusetts

Amount: $7,000,000

Ted Sannella of Houlihan Parnes Realtors has arranged a mortgage in the amount $7,000,000 for 70,000 square foot retail building with 45 tenants located in Northampton, Massachusetts. The loan is a five year fixed rate loan based on a 25 year payout with 2 years interest only.

 

505 South Second Avenue, Mount Vernon, NY

Amount: $1,525,000

Jerry Houlihan of Houlihan-Parnes Realtors is pleased to announce the arrangement of a $1,525,000 1st mortgage following the acquisition of a 5-story brick walk up apartment building located at 505 South Second Avenue in Mount Vernon, N.Y. The building is located at the southeast corner of Sanford Boulevard and South Second Avenue near the Pelham border in Mount Vernon. It contains 39 apartments, 2 retail stores, storage, and laundry facilities. The features a rate fixed for seven years on a 30 year amortization schedule with a 5- year option to renew at market interest rates. There was no commitment fee paid to the Lender.

 

345 Railroad Avenue Bridgeport, CT

Amount: $590,000

Jerry Houlihan and James Coleman have placed another private 1st mortgage in the amount of $590,000 for the acquisition of a 33,000 sf warehouse building located at 345 Railroad Avenue in Bridgeport, CT. The property is a 3-story brick building that containing 2 tenants that use the leased spaces for storage and distribution. There are 2 loading bays, a freight elevator, and onsite parking. The funding of the loan enabled the buyer to close quickly and begin the repositioning of the asset. Steven Pearsall of Gabroriault & Pearsall, PC represented the lender.

 

Route 20 Patterson, NJ

Amount: $11,300,000

Houlihan-Parnes Realtors is pleased to announce the placement of a $11,300,000 first mortgage permanent loan to finance a 20,000 sq. ft. Pep Boys store and a 32,500 sq. ft. Micro Center on Route 20, Patterson NJ. The 15 year, fixed rate permanent loan represents 75 % of the appraised value with a 30 year amortization period. The lender provided the borrower with a fifteen month forward rate loan structure during the construction period which fixed the rate and guaranteed the full loan proceeds.

 

Panorama Trail South Rochester, NY

Amount: $3,100,000

Dave Rabinowitz and James K. Coleman of Houlihan-Parnes Realtors have arranged a private first mortgage for 5.67 acres of land in Penfield (Rochester), NY in the amount of $3,100,000. The land as been approved for the construction of a 158 room Hilton Garden Inn as well as an 82 room Main Stay Suites hotel. A 12 month bridge loan was placed with a group of investors from H-P CAPITAL, LLC, an affiliate of Houlihan-Parnes/iCap Realty Advisors, LLC. This loan will allow the borrowers to finalize their investment group and obtain institutional construction financing. The property is located at the Panorama Trail South exit of Route 441 with direct access to Interstate 490 and the entire Rochester SMSA. The site is located in very close proximity to a new Home Depot shopping center as well as the national corporate headquarters of Paychex. Additionally, there are three prestigious country clubs and two corporate parks with nearly 2,000,000 square feet of modern office space within a 2 mile radius of the property.

 

45-02 30th Avenue Astoria, NY

Amount: $910,000

Jerry Houlihan of Houlihan Parnes Realtors is pleased to announce the placement of an institutional first mortgage in the amount of $910,000 for the refinancing of a 3-story retail and residential brick building at the corner of 30th Avenue and 45th Street in Astoria, NY. The building is home to the “Quays” Irish pub, where a part of the movie “The Bronx Tale” was filmed. The loan was placed with a Savings Bank at a fixed interest rate of 6 1/4% fixed for the first 5 years of a 10-year term on a 30-yr amortization schedule. The Lender charged no commitment fee and the loan allows for prepayment on a declining basis

 

53 Bonnie Brook Road, Westport CT

Amount: $500,000

James Coleman of Houlihan Parnes Realtors has arranged a second private mortgage loan of $500,000 in conjunction with the purchase and renovation of a single family residence located at 53 Bonnie Brook Road. The house will undergo a large expansion and renovation which will result in 5,000 square foot residence with 5 bedrooms and 3.5 baths. The loan was made for a one year term and enables the developer to enhance the features of the house. The lender was represented by Lisa Gioffre of Gioffre and Gioffre of Purchase, N.Y.

 

29 Thanet Circle in Princeton, New Jersey

Amount: $13,320,000

Houlihan-Parnes Realtors is pleased to announce the placement of a $13,320,000 permanent loan for the refinancing of 29 Thanet Circle, Princeton, NJ, a 53,000 SF office building in the Route US-1Princeton corridor. The loan terms consist of an interest only, fixed rate of 5.76% (96 basis points over the 10 year U. S. Treasury) with a 10 year term. The loan represents 80% of the appraised value. The 29 Thanet Circle building was acquired during February 2004 by GHP Office Realty, headquartered in White Plains, NY. GHP completed a 100% renovation during 2006 and the building is fully leased with Church & Dwight Co. Inc. (Arm & Hammer) leasing 41,220 SF for 16 years and two five year options at FMV. The building is owned and operated by GHP Office Realty, the office building division of Houlihan-Parnes/iCap Realty Advisors, LLC which is presently one of the New York area’s leading owners, operators and purchasers of suburban, Class A office space. The partnership owns and manages over 5,000,000 square feet in 94 different properties in the tri-state area. Major multi-tenanted properties are located in Westchester, Rockland and Nassau Counties in New York. Additional holdings extend from Fairfield County, CT to Princeton, NJ.

 

123 West 15th Street New York, New York

Amount: $2,800,000

James Coleman and David Rabinowitz of Houlihan Parnes Realtors have arranged a private first mortgage loan of $2,800,000 at 123 West 15th Street New York, New York. The property is currently a 4-story walk-up SRO building. The owner has filed plans with the City of New York to add an additional 3 floors on top of this property and convert the building to a condominium. The property is located between 7th & 8th Avenue in the Chelsea section of Manhattan. The area has undergone a regentification in the past several years and renovations and new residential construction have taken place on this street. The funding of this loan enables the owner to complete the initial work needed to convert the property to condominium status. The lender was represented by Andrew Albstein of Goldberg Weprin & Ustin.

 

7 Elm Place Rye, New York

Amount: $1,100,000

Jim Coleman of Houlihan Parnes Realtors has arranged a private first mortgage in the amount of $1,100,000 for the acquisition of a one story retail building located at 7 Elm Place Rye, New York. The property was purchased by the existing retail tenant for a long term investment. The tenant was able to take advantage of a unique opportunity to purchase the property on a very quick turn around as a result of having this type of bridge financing available to him. This purchase enables the tenant to plan for the long term without fears of losing its lease within a few years. The loan is for a one year period with flexibility to extend or prepay in order to secure long term financing. Marc Saidel of Yorktown Heights represented the lender

 

49 Sunset Avenue Westhampton Beach, New York

Amount: $1,625,000

Ed Graf of Houlihan Parnes Realtors has arranged 1st Mortgage financing for the acquisition of a mixed-use 5,000 SF building located at 49 Sunset Ave., Westhampton Beach, New York. The Nonconforming loan was placed for a one year term, interest-only, with a 1 year option to re-new. The loan is for $1,625,000 and represented 77% of the purchase price. At the time of purchase, the property was vacant. The 2 story mixed-use building consists of a restaurant/coffee bar downstairs and a 3 bedroom apartment upstairs.

 

11-33 Court St. Newark, N.J.

Amount: $2,240,000

Jerry Houlihan and Jim Coleman of Houlihan Parnes Realtors is pleased to announce the placement of an private first mortgage in the amount of $2,240,000 for the acquisition of a 21,000 sf masonry one-story shopping center located 11-33 Court Street in Newark, New Jersey. The building was built in the late 1980’s and it containing 12 retail stores and on-site parking for approximately 60 vehicles. The loan facilitated the acquisition of the property from the City of Newark who had been managing it due to non- payment of taxes by the previous owner. It was funded as a bridge loan for a 1-year period so that the new owners can reposition the property and take advantage of the increase in its value. The loan was placed with a Lender through the private-financing arm of HP/iCap. Robert Loshciavo of Goldberg, Weprin, & Ustin represented the lender in this transaction.

 

Clonharragh in the seaside town of Duncannon in County Wexford, Ireland

Amount: $600,000

James Coleman of Houlihan Parnes Realtors and Randi Rosenblatt of Gold and Rosenblatt have arranged a private first mortgage loan of $600,000 on a 9.1 acre plot of land located in Clonharragh in the seaside town of Duncannon in County Wexford, Ireland. The loan is a short term bridge loan giving the owner the opportunity to reposition the land. At the present time the value of the land, as it sits, is $1,800,000. This land will have great value in the years to come and will eventually have houses built overlooking the Irish Sea. Hugh Finnegan of Sullivan and Worester along with Irish co counsel represented the lender.

 

201-205 Park Ave., Albany, New York

Amount: $2,025,000

Ed Graf of Houlihan-Parnes Realtors has also arranged 1st Mortgage re-financing for 46 residential units located along 201-205 Park Ave., Albany, New York. The loan was placed for a ten year term with a 30 year amortization schedule with a fixed interest rate for seven years the loan is for $2,025,000. The lender charged no commitment fee.

 

Albany, New York

Amount: $3,150,000

Ed Graf of Houlihan Parnes Realtors has arranged 1st Mortgage re- financing for 40 2-story walk-up buildings with a total of 94 apartments located at 105-44 Green Street, 63-105 Herkimer Street, 94 Madison Avenue, 51-71 South Ferry Street and 44-77 Westerloo Street, Albany, New York. The loan was placed for a ten year term with a 30 year amortization schedule with a fixed interest rate for seven years. The re-finance loan is for $3,150,000 The sum of $2,550,000 was advanced at closing, the balance will be disbursed as an earn-out. $450,000 of the earn-out has already been disbursed, three months after the closing. The lender charged no commitment fee.

 

Binghamton, New York

Amount: $2,120,000

Ed Graf of Houlihan-Parnes Realtors has also arranged 1st Mortgage financing for the acquisition of 111 apartments located at 97-99 Oak Street, 101-103 Murray Street, 12 Grand Boulevard, and 89-95, 126-128 and 157-162 Chapin Street, Binghamton, New York. The loan was placed for a ten year term with a 30 year amortization schedule with a fixed interest rate for for three years. The loan is for $2,120,000 and represented 80% of the purchase price. The lender charged no commitment fee. The prepayment premium is 2% the first year, 1% the second year, and 0% the third year.

 

3465 & 3393 Broadway, New York, NY

Amount: $4,800,000

The placement of $4,800,000 in first mortgage financing on two 6-story elevator apartment buildings with stores took place. 3465 Broadway is at the corner of West 141st Street and 3393 Broadway at West 138th Street in upper Manhattan. Both non-recourse loans were fixed at 5% for five years on a 30-year amortization schedule. 3465 Broadway has 6 stores on Broadway and 33 residential units. 3393 Broadway has 5 stores on Broadway and 32 residential units.

 

Howard Johnson's - 1114 East Putnam Avenue, Greenwich, CT

Amount: $5,000,000

An interim loan for the acquisition of a Howard Johnson Hotel has been arranged. The 2-story hotel consists of 104 rooms located in Greenwich, CT. The three year, limited recourse loan has a floating interest rate of 200BP over 30 day LIBOR, interest only and can be prepaid without a penalty.