Recent Transactions
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Property Name: 2501 Grand Concourse (Two Fordham Square)
Location: Bronx, NY Property Type: Office / Retail Transaction Type: First Mortgage Loan Amount: $50,000,000 |
Details: Houlihan Parnes Realtors and Q10 New York are pleased to announce the closing of a first mortgage loan in the amount of $50,000,000 secured by Two Fordham Square, a 250,000 square foot 4 & partial 5-story mixed-use, office and retail building located at the "Crossroads of the Bronx"- Fordham Road and The Grand Concourse. The borrower is a partnership comprised of the partners of Houlihan Parnes and members of the Jemal family, headed by Jack and Sam Jemal. The non-recourse PAR loan was placed with a major NY bank for a term of seven (7) years. The interest rate was locked for the full term of the loan at 3.94% and provided for 2-years of IO with amortization based on a 30-year schedule thereafter. The borrower has the privilege to prepay the loan without penalty during the final 60-days of the loan term. The lender won the business based on its highly competitive loan terms and it uncanny knowledge and understanding of the Bronx commercial mortgage market.
Two Fordham Square underwent a total gut renovation by the borrowers 9 years ago when they acquired a then totally vacant building. It had housed both the former Alexander’s and Caldor department stores which vacated the building in 1993 and 1997, respectively. The borrowers successfully leased the building within months of the completed renovation to a mix of national, regional and local retailers all of whom signed long-term leases and who occupy prime ground floor and lower level space (e.g. P.C. Richard, Marshalls (TJX) and Bally Fitness). The building offers 3-1/2 floors of highly desirable Class A office space with 52,000 sf floor-plates, a rarity in the area. The demand for quality office space in the Bronx continues to be extremely strong as evidenced by the fact the building has always been 100% occupied. The building’s prime location is a strong draw and appeals to the existing office tenants in the building, several of whom are state and city-related agencies, including CUNY on the Concourse, Local 1199 Health & Hospital Workers Union and A.C.S.
Elizabeth Smith, Esq. of Goldberg Weprin Finkel Goldstein, LLP represented the borrower. Title was insured by Chicago Title and All New York Title Agency, Inc. The loan was placed by a team of mortgage brokers lead by Jeanne Cronin, Mike O’Neill, Jerry Houlihan and Kelly Houlihan of Houlihan Parnes and Q10NY.
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Property Name: Best Western
Location: Manhattan, NY Property Type: Hotel/Hospitality Transaction Type: First Mortgage Loan Amount: $13,800,000 |
Details: Zeev Douek, a Director of Q10| New York Realty Advisors, LLC, is pleased to announce the closing of a $13,800,000 non-recourse loan on an 80-room limited service hotel located in the Midtown West /Convention Center district of Manhattan. The hotel draws many business travelers who are attending events at the Javits Center and also appeals to tourists as an affordable hotel option. The loan was a cash-out refinance of a 2006 loan. The loan was written for a 5-year term and the rate was fixed at 5.11%. The lender did not charge a fee. The lender moved very quickly and offered highly competitive loan terms and a willingness to customize the loan to meet the needs of the borrower. Q10 | New York Realty Advisors, LLC is a member of Q10 Capital, LLC a leading commercial mortgage banking and investment sales company with 26 offices in 20 states nationwide. Q10 has the resources and expertise to successfully provide debt and equity solutions to all types of real estate transactions regardless of property type, size, location and complexity. Our clients include local, regional and national developers, investors, property owners and REITS. They are given access to a wide variety of lending sources and a full range of financing products through our established relationships with local and national lending sources. For more information please contact Jeanne Cronin or Zeev Douek of Q10 | New York Realty Advisors at 914-694-6070 or visit our website at www.Q10capital.com
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Property Name: 555-565 Broadway
Location: Hastings on Hudson, NY Property Type: Apartment/Multi-Family Transaction Type: First Mortgage Loan Amount: $13,065,000 |
Details: Sheldon Stahl and Fred Stahl of Houlihan Parnes Realtors, LLC announce the placement of a new first mortgage on Hastings Terraces Apartments, two six story elevator apartment buildings located at 555-565 Broadway, Hastings on Hudson, New York. Located in Westchester County, the buildings, built in 1949 and 1950 are on 4.25 acres parcel of land and contain 120 apartments with magnificent views of the Hudson River. The property is within walking distance to the Hastings Metro North Station and has undergone extensive renovations over the last five years. The new loan of $13,065,000 has an interest rate of 4.5% interest only payments for the first two years and a five year term with an option to extend for an additional five years. The owner is an affiliated entity of Houlihan Parnes Realtors, LLC which placed this permanent financing with a local savings bank. Elizabeth Smith of Goldberg, Weprin represented the owner as attorney. John Martin of All New York Title insured the transaction. Houlihan-Parnes Realtors, LLC is a multi-faceted real estate investment company headquartered in White Plains, N.Y. Its companies and affiliates are engaged in the acquisition and ownership of all types of commercial real estate investment property in the continental United States. Its various companies and affiliates specialize in commercial mortgage finance, investment sales, property management, leasing, mortgage servicing and consulting. For more information, please contact James J. Houlihan at (914) 694-6070, ext. 324 or by e-mail at: jjh@houlihanparnes.com.
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Property Name: 4 Retail Properties in the New York Metropolitan area
Location: n/a, NY Property Type: Retail Transaction Type: First Mortgage Loan Amount: $12,260,000 |
Details: Houlihan-Parnes Realtors, LLC, affiliated with Q10 Capital, LLC, has closed 4 loans on retail properties in the New York Metropolitan area. Jim Coleman and Jerry Houlihan represented Houlihan-Parnes Realtors, LLC on these transactions. The loans were all placed for a 10 year term. The interest rate was fixed for the first 5 years at 4.75%.
The first property financed was 4174 White Plains Road located in Bronx, NY. It is located on the southeastern corner East 233rd Street. The property contains 12,250 sq. ft. with 14 tenants including T-Mobile, McDonald’s, Dunkin Donuts and H&R Block. There is also a 32 space parking lot in the rear of the property. A $5,000,000 loan was placed on this property.
The second property financed was a 13,000 sq. ft. retail strip with 14 tenants located at 44-25 Kissena Blvd. in Flushing, Queens. The tenants include Flushing Saving Bank. A loan in the amount of $3,860,000 was placed on this property.
The third property financed was Stoneridge Plaza in Middletown, NY. The property is a one story shopping center with 7 stores and onsite parking. The tenants include the US Post Office, Catskill Hudson Bank, and a newly opened Greek café. A loan in the amount of $1,700,000 was placed on this property.
The fourth property financed is located at 434 Mamaroneck Avenue, Mamaroneck, NY. The property is located within a block of the Mamaroneck MTA station. A loan in the amount of $1,700,000 was placed on this 2-story mixed-use property. It has 6 stores and 6 offices on the 2nd floor. The tenants include 2 popular Westchester restaurants, La Provencal and Turkish Meze. Elizabeth Smith of Goldberg Weprin Finkel Goldstein, LLP represented the borrowers on each of these transactions.
Houlihan-Parnes Realtors, LLC is a multi-faceted real estate investment company headquartered in White Plains, N.Y. Founded in 1891, its companies and affiliates are engaged in the acquisition and ownership of all types of commercial real estate investment property in the continental United States. Our mortgage brokerage affiliate, Q10 | New York Realty Advisors, is a member of Q10 Capital, LLC a leading commercial mortgage banking and investment sales company with 26 offices in 20 states nationwide.
Houlihan-Parnes and its affiliates specialize in commercial mortgage finance, investment sales, property management, leasing, mortgage servicing and consulting. For more information, please contact James J. Houlihan at (914) 694-6070, ext. 324 or by e-mail at: jjh@houlihanparnes.com.
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Property Name: 45 South Main Street
Location: Unionville, CT Property Type: Retail Transaction Type: First Mortgage Loan Amount: $5,600,000 |
Details: Ed Graf and Ted Sannella of Houlihan-Parnes Realtors, LLC have arranged for 1st mortgage re-financing of The River Edge Shopping Center, located at 45 South Main Street, Unionville, Connecticut. The 2.23 acre shopping center consists of a two-story retail and office building containing 51,628 square feet, it is situated at the intersection of Rte. 4 and Rte 177. The Center is "anchored" by CVS. Other tenants include: Verizon Wireless, People’s Choice Pizza, and Quest Diagnostics. The loan, $5,600,000, was placed for a 5 year term with a 30 year amortization schedule. The loan has a 5 year option. The interest rate of 5.25% is fixed for the 5 year term. The pre-pay is descending 5-4-3-2-1. The loan is a non-recourse loan. The lender did not charge a commitment fee.
