297 Knollwood Road, White Plains, NY
April 2021: Bryan Houlihan, Christie Houlihan and Rachel Greenspan, of Houlihan-Parnes Realtors, LLC and GHP Office Realty, LLC are pleased to announce the closing of a new first mortgage in the conservative amount of $4,500,000 on a four-story recently renovated Class-A office building located at 297 Knollwood Road, White Plains, New York.
The property is located in a prime central Westchester location on a rare four-way intersection of Interstate 287. The building’s irreplaceable location also provides easy access to the Sprain Brook Parkway, the Bronx River Parkway, the Saw Mill River Parkway as well as the Taconic State Parkway. The nearly 35,000 square foot, multi-tenanted property is very stable with 25 tenants of varying industries in occupancy. The property had positive absorption during the COVID-19 pandemic with five new leases signed. Most recently, the United States General Services Administration’s White Plains Office for Department of Social Services signed a 15-year lease renewal at the property.
Favorable terms were negotiated on the property with an established local bank using a 30-year amortization schedule. The loans have a fixed rate of 3.75% for 10 years of the 15-year term. The remaining 5 years of the loan will be determined by the greater of 3.75% or the 5-year FHLBNY advanced rate. The loan also features a flexible pre-payment schedule.
297 Knollwood Road has been managed and leased by GHP Office Realty since the current owners purchased the property in 1999. The borrower was represented by John Hogan of Goldberg Weprin Finkel Goldstein, LLP and title was arranged by John Hughes of The Great American Title Agency, Inc.