660 White Plains Road, Tarrytown NY
May, 2018- Christie L. Houlihan, Bryan J. Houlihan, James J. Houlihan and Andy Greenspan of Houlihan-Parnes Realtors, LLC, are pleased to announce the placement of $30,000,000 of mortgage financing on the Class A office building located at 660 White Plains Road, Tarrytown, New York. The property was purchased in early 2017 by members of GHP Office Realty, Houlihan-Parnes Realtors, and RD Management. Since acquiring the property the owners, have invested millions of dollars in capital improvements and various building upgrades including a new state of the art fitness center and newly renovated lobby. By January 2018 the owner had increased occupancy from 78% to 98%.
The loan was structured into two facilities to preserve an existing below market rate and provide for additional funds to complete all renovation and tenant buildouts. The loan is for a term of 12 years with the initial rate fixed for 7 years. The property enjoys a robust and diverse tenant roster. Main tenants include: Prestige Brands, ENT and Allergy Associates, and KeyBank National Association. The borrower was represented by Elizabeth Smith of Goldberg Weprin Finkel Goldstein, LLP. Title was insured by All New York Title Agency.