Location: Port Chester, NY
Property Type: Retail
Transaction Type: Mortgage
Loan Amount: $10,600,000
Details: Jim Houlihan and Steve McCulloch of Houlihan Parnes Realtors an affiliate of Q10 capital, LLC, are pleased to announce that on behalf of Post Road Realty LLC they have successfully renegotiated and increased the debt on a 46,740 square foot retail property in Port Chester, New York. Houlihan-Parnes placed the original fixed rate debt of $7,250,000 approximately 18 months ago to pay off a past-due CMBS loan. Houlihan-Parnes negotiated the rate down from 6.25% to 5% and due to new leasing activity and expansion to accommodate a new LA Fitness at the property was able to get the loan increased by an additional $3,350,000 to cover the costs of tenant improvements and other capital projects at the property. This additional debt also carries an interest rate of 5% and the total debt of $10,600,000 has a new 25 year amortization schedule. There was no fee paid to the lender and this is a non-recourse loan.
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: firstname.lastname@example.org.
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