51-55 Purdy Ave, Port Chester, NY
November 2019 – Jeremiah A. Houlihan and James K. Coleman of Houlihan-Parnes Properties have arranged acquisition first mortgage financing in the amount of $750,000 for a vacant 6-family house to be gut-renovated with on-site parking and two industrial garages located at 51-55 Purdy Avenue in Port Chester, NY. Also part of the financing package was a construction loan of $350,000 to complete the renovation of the six-family house. Located in the Opportunity Zone Area near downtown Port Chester at the corner of Purdy Ave and Townsend Ave, this renovation will contribute to the ongoing revitalization of the area. This purchase adds to the other properties in the area already purchased by this Investment Group.
The Financing Package was placed with a NY Savings Bank for a 3-year term at a market interest rate which included an interest only factor.