Jeremiah A Houlihan and James K Coleman of Houlihan-Parnes Properties have arranged for a 2^nd Mortgage Loan in the amount of $2,600,000 for the refinancing of the “Savin Rock Plaza,” a neighborhood Shopping Center, built in 1985, consisting of over 70,000 square feet with 700 feet of retail frontage on Captain Thomas Boulevard along the City of West Haven’s Long Island Sound Shoreline.  Tenancy includes Family Dollar, Peoples Bank, Dunkin Donuts, and various Local Retailers.  There is plenty of on-site parking and sidewalks along the storefronts.  The Shopping Center is 4 miles from Yale University, 1.5 miles from I-95 & 70 miles north of New York City.

The Loan was used to finance the conversion of vacant 2^nd floor offices into Eleven (11) Apartments accessed by an elevator, and to enable the relocation & expansion of Family Dollar from a 7,000-sf store to 18,000-sf mega-store.  Since the property’s purchase in June 2021, the property has been repositioned from a 50% to over an 80% occupancy.  This is a typical value add acquisition for the Owner/Operator, an Investment Group based in White Plains, NY.  Their portfolio includes several hundred thousand square feet of mixed-use and residential properties in Connecticut & New York.

The Financing Package was placed with a NY Savings Bank & Trust for a ten (10) year term, with the first two (2) years payable interest only on a five (5) year fixed rate, and then payable on a twenty-five (25) yr. amortization schedule thereafter.  The interest rate is reset in year five (5).

Houlihan-Parnes Properties is a full-service real estate company providing property/asset management, construction management, sales and mortgage brokerage, back-office operations, and real estate consulting. We specialize in the management of co-ops/ condos, residential, retail, and mixed-use properties. Our dedication to providing our clients with top-level hands-on management has made us successful in building equity and wealth for our clients through the assets we manage. For further information please contact James K. Coleman at 914-641-4336, jcoleman@houlihanparnes.com or Michael Cuniberti at 914-641-4355, mcuniberti@HPRealEstate.com.