55 South Main Street, Port Chester, NY
August 2019 – Jeremiah A. Houlihan and James K. Coleman of Houlihan-Parnes Properties have arranged first mortgage financing in the amount of $4,500,000 for the refinancing of “Gateway Plaza”, a 4-story Office building located at the intersection of Purdy Avenue & South Main Street (US-1) in downtown Port Chester. The building contains 40,000 square feet with on-site parking and is within walking distance to the Metro-North train station, the Capitol Theatre, the “Waterfront at Port Chester” mall and other amenities. The building received a local award for overall design and was one of the initial sparks of the renaissance of Downtown Port Chester in the early 1990’s.
The building was purchased in the spring of 2018 with 60% occupancy for $4,250,000. The owners and management aggressively improved the building’s interior and exterior and within a one-year period had it 100% leased enabling them to recapture their initial investment.
The Loan was placed with a NY Savings Bank for a 7-year term at a market interest rate with an 18-month interest only component and then a 30-yr amortization schedule. The lender charged no commitment fee and the loan has sliding scale prepayment penalties.