180 East 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.