685 West End Avenue, New York, NY

April, 2017- Jeanne Cronin of Q10 New York Realty Advisors, an affiliate of Houlihan-Parnes Realtors, is pleased to announce the closing of a $6.1 million underlying co-op loan on a full-service, 15-story, pre-war cooperative apartment building located on the Upper West Side of Manhattan in the 90’s. Built in 1928 and converted to cooperative ownership in 1981, the building offers a mix of unit types including many large 3-bedroom layouts with coveted period details. The building has a magnificent restored lobby with a unique vaulted ceiling. The loan was placed with a regional community bank. The lender provided a 15-year, interest-only loan and fixed the rate at application for the full 15-year term at 4.2%. The loan can be prepaid without penalty any time after the 8th loan year. The lender also provided a Libor-based floating rate revolving credit line with very flexible terms and no ‘non-usage’ fee. The co-op can also secure additional term financing from the lender which would not trigger any prepayment penalty. As per Cronin, “the lender was extremely sensitive to the financing needs of the co-op board and saw to it that the loan process was straightforward and seamless.”