82 Bank Street White Plains, NY
May 2019 – Jeremiah A Houlihan and James K. Coleman of Houlihan-Parnes Properties have arranged acquisition first mortgage financing in the amount of $4,650,000 for a 5-story brick apartment building containing 36 apartments and 4 ground floor stores in White Plains, NY. The financing was accomplished as part of the sale of the building to a local investor group. This was the first sale of the property in 40 years.
The property is located at 82 Bank Street at the south east corner of Fisher Avenue directly across from the White Plains post office. The property in under a HUD contract and the new owners plan to continue with this program and work to make further upgrades to the property.
The loan was placed with a local Savings Bank for a 7-year term at a 4.4% interest rate with an 18-month interest only component followed by a 30-yr amortization schedule. The Lender charged no commitment fee and the loan has manageable sliding scale prepayment penalty.