177 Grand Street, White Plains, NY
December 2018 – Jeremiah A Houlihan and James Coleman of Houlihan-Parnes Properties have arranged a 1st mortgage financing in the amount of $7,125,000 for a multi-family property in White Plains, NY. The property was held in the same ownership for over 40 years and were sold to a White Plains based real estate company for an undisclosed price.
177 Grand Street located at the northeast corner of East Post Rd in White Plains is 5-story elevator brick building that contains 56 apartments and 9 ground floor retail stores.
The 1st Mortgage Loan was placed with a NY Savings Bank for 7-year terms at a 4.75% interest rate with a 2-yr interest only component on 30-yr amortization schedules. The Lender charged no commitment fee and the loan has sliding scale prepayment penalties.