Mortgages

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 ˝-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 ˝-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 ˝ 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.