840 Bronx Park South, Bronx, NY

August 2021: Ed Graf of Houlihan-Parnes Realtors, LLC, has arranged first mortgage, re-financing for a 5-story walk-up apartment building containing 13 residential units and 1 store on the ground floor. The property is located at 840 Bronx Park South, Bronx, New York.

The par, non-recourse loan of $1,860,000 was placed for a term of five years.  After the maturity of the 5-year term the loan automatically converts to a 25-year floating deal. The initial term is fixed at 3.0% with a 30-year amortization schedule.  The prepayment penalty is 5% for the 1st year with a declining 1% per year, thereafter.