1 Oakley Place, Mount Vernon, NY
March 2022: Jeremiah A. Houlihan has arranged acquisition financing with a 1st Mortgage in the amount of $600,000 encumbering a property located at 1 Oakley Place in the Fleetwood section of Mount Vernon. The property is improved with a 4-story plus basement brick walk-up apartment building containing 16 apartments plus a Basement Superintendent’s Unit. There are eight (8) Large 1-bedroom apartments four (4) 2-bedroom apartments and four (4) Small 1-bedroom apartments.
The loan has a fixed interest rate in the low-4% range for a 10-yr term on a 30-yr amortization schedule. The Loan was placed with a Connecticut-Based Commercial Bank.
The property was purchased by a family group with substantial holdings in the City of Mount Vernon. They plan on repositioning the property with updated leases and various renovations.