662 Coe Avenue & 16 Hemingway Avenue, East Haven, CT
December 2020 – Jeremiah A Houlihan and James K Coleman of Houlihan-Parnes Properties have arranged first mortgage financing in the amount of $1,982,500 for a Shopping Center & Industrial/Storage Park located at 662 Coe Avenue & 16 Hemingway Avenue, East Haven, CT 06512. The Property, known as the South Shore Plaza, contains 45,000 square feet and is located on Route 142, one of the most travelled corridors of East Haven & Branford shoreline communities. There is approximately 18,000 square feet of Retail, 12,000 Sq. ft. of Storage & 15,000 sq. ft. of Industrial space.
The Property was purchased two years ago by an Investment Group based in White Plains, NY. Since then, the property has undergone extensive renovations to both the exterior and tenant spaces to bring the occupancy to 100%.
The Financing Package was placed with a NY Savings Bank for a 10-year term on a 25-yr amortization schedule with a fixed interest rate for 7 years and a fixed interest rate adjustment for the remaining 3 years.