350 East 52nd Street, New York, NY 10022
July, 2018 – Jeanne Cronin, Senior Director of Houlihan-Parnes Realtors, LLC is pleased to announce the closing of a leasehold mortgage loan in the amount of $32.1 million secured by a 15-story apartment building with ground floor retail and a 90-space parking garage located on Manhattan’s East Side at First Avenue and 52nd Street. The non-recourse, interest-only loan was written for a 10-year term. The interest rate was fixed for 10-years. The loan was a PAR loan.
The building owner represents the fourth generation of his family who is actively involved in the ownership and management of New York real estate. The building is strategically located in the heart of Midtown East within walking distance of many midtown office buildings and other commercial/retail establishments as well as the United Nations. The building is consistently fully occupied. Jeanne Cronin placed the loan with a major International Bank with offices in New York. The lender was represented by the law firm of Hunton & Williams LLP. The Borrower was represented by Christopher J. Alvarado, Esq. Title insurance was provided by Lincoln Land Services. Larry Linksman of Bridge Funding, Inc. advised the borrower.