375 Executive Blvd, Elmsford, NY
JULY 2021: Bryan Houlihan and Rachel Greenspan, of Houlihan-Parnes Realtors, LLC and GHP Office Realty, LLC are pleased to announce the refinance of 375 Executive Boulevard, an industrial asset, in the highly desirable Cross Westchester Executive Park. They placed a first mortgage in the amount of $7,250,000 on the nearly 81,000 square foot fully leased building.
This multi-tenanted building was purchased in 2016 by the current owners. Ownership has maintained 100% occupancy since they took possession through their strong leasing program. The property boasts four loading docks and three drive-in doors for a variety of shipping and receiving options. The building is accessible from the Sprain Brook & Bronx River Parkways and is within one mile of Interstates 87 & 287.
RAL Supply Group, Inc, a publicly traded plumbing, heating, and air-conditioning wholesale company recently signed an eight-year lease for 25,000 square feet of the property. Additionally, The County of Westchester just renewed their existing 30,100 square foot lease for five more years.
The loan was placed with a local bank for a term of 15 years on a 30-year amortization schedule. The rate is fixed at 3.75% for 10 of the 15 years. The rate for the final 5 years will be determined by the greater of the fixed rate and the 5-year FHLBNY fixed advanced rate. There is a flexible tiered prepayment schedule on the deal. The Borrower was represented by John Hogan of Goldberg Weprin Finkel Goldstein, LLP, and the title was ensured by John Hughes of The Great American Title Agency, Inc.