602 Apartments, Upstate NY
July 2021: Ed Graf and Ted Sannella of Houlihan-Parnes Realtors, LLC, have arranged for 1st mortgage re-financing for a multi-family portfolio consisting of 602 apartments located in 13 apartment communities. The apartment complexes are located in the greater Binghamton New York area and are all within a 12-mile radius of each other. The properties range from suburban garden style communities to urban neighborhood multi-family buildings. The sizes of each complex range from 8 to 144 units. The portfolio of properties has been owned since 2007.
The loan amount is for $19,450,000. The interest rate is fixed for 5 years at 2.98%. There is a 5-year option to extend the loan. The par, non-recourse loan has an attractive descending pre-pay penalty which gives the owner flexibility in the future. The owners intend to use funding for renovations and upgrades to enhance the portfolio.
The borrower was represented in the transaction by Steven Tierney of Woods, Oviatt, Gilman L.P.P.