March 22, 2022 – Jeanne Cronin, Associate Broker with Houlihan-Parnes Realtors, LLC, is pleased to announce the closing of a $4 million underlying co-op loan on a luxury cooperative apartment building located in Greenwich, CT. The co-op corporation was presented with several attractive financing choices and opted for a 20-year fixed-rate loan. The PAR loan closed in the 1st Quarter of 2022. The interest rate was fixed at 3.75°o for the fUll 20-year loan term. The loan can be prepaid without penalty any time after the 3rd loan year. The property occupies a highly desirable location overlooking Greenwich Harbor and the Long
Island Sound and is within walking distance of the Greenwich (Metro North) train station and downtown Greenwich. The units have outstanding water views and virtually all resident owners have made extensive upgrades to their apartments. As per Cronin, “The loan was closed with a New York-based bank with a strong community footprint and focus. The bank was sensitive to the financing needs of the co-op board and saw to it that the loan process was straightforward and seamless.” The cash-out financing provided hinds that the co-op will apply, over time, for capital improvements, as needed.