Coolidge Orange/Dutchess Counties, Poughkeepsie/Hopewell Junction
September, 2017- Robert V. Tiburzi, Jr. and James K. Coleman of Houlihan-Parnes Realtors, LLC have secured the placement of $50,000,000.00 of first mortgages at 4.04% fixed rate interest-only for a term of 10 years. The closing took place within five weeks from receipt of the lender’s application. The four garden apartment properties, which contain 657 residential units and share common ownership in Orange and Dutchess Counties, are located at 510 Maloney Road, Poughkeepsie, NY; 228 Route 376, Hopewell Junction, NY; and 644 Silverlake-Scotchtown Road and 100-700 Stratford Lane in Middletown, NY. “We were pleased to secure favorable terms with such a quick turnaround, “said Tiburzi. “This is a testament to the vitality of the multifamily market, and to the importance of partnering with the right lender,” he continued. A comprehensive management plan and significant property improvements instituted by the owners enhanced the value of the properties. The borrower was represented by Elizabeth Smith, Esq. of Goldberg Weprin Finkel Goldstein, LLP.