40 Mitchell Place, White Plains, NY
April 2021 – Jeanne Cronin, Associate Broker and Senior Director of Houlihan-Parnes Realtors, LLC is pleased to announce the recent closing of a first mortgage loan in the amount of $1.5 million secured by a 3-story apartment building located in the City of White Plains, Westchester County, NY. The non-recourse PAR loan was written for a 12-year term, with the interest rate fixed for the first 7 years at 3.375%. The loan terms included a one-year period of IO. The lender, a major New York-based savings bank, successfully underwrote and closed the loan during the height of the COVID-19 pandemic.
The property has been owned and successfully operated by a Westchester-based real estate family for over 35-years. The subject is well located on a tree-lined street in the heart of downtown White Plains and is within convenient walking distance to a broad range of regional and national retailers, restaurants, office building and public transportation including the White Plains Metro North train station.