180 E 101st Street, New York, NY
December, 2017- James K. Coleman of Houlihan-Parnes Realtors LLC has arranged a loan secured by a first mortgage in the amount of $2,500,000 encumbering a property located at 180 East 101st Street in the East Harlem neighborhood of New York, NY. The property is improved with a 5-story brick apartment building constructed in 1920 containing sixteen (16) apartments.
The loan was placed with a local Savings Bank for a 10-year term with an initial 5-yr fixed interest rate of 3.65% on a 30-yr amortization schedule with an interest rate reset in year 5 at 275 basis points above the then 5-yr USTM rate. The loan was a par deal with a flexible prepayment penalty. The Borrower was represented by Ed Friedman of Novick-Edelstein.
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 company with 20 offices in 19 states nationwide.