Location: Mt. Kisco, NY
Property Type: Mixed Use
Transaction Type: First Mortgage
Loan Amount: $4,400,000
Details: White Plains, NY – Q10 | New York Realty Advisors, an affiliate of Houlihan-Parnes Realtors, is pleased to announce the closing of a $4.4 million first mortgage loan on a 50,000 square foot suburban office building located on North Bedford Road (a/k/a Route 117) in Mt. Kisco, Westchester County, NY. Jamie Schwartz and Jeanne Cronin originated and placed the loan with a regional bank. The non-recourse loan was written for a 10-year term with the interest rate fixed for the initial 5-years at 4.5%. The rate will be reset in year 6 for the 2nd 5-years of the loan term. The loan was a PAR loan.
Route 117 is a major north-south thoroughfare in central Westchester which is improved with a strong mix of commercial properties including class A and B office buildings, retail centers anchored by many national and regional tenants and a wide range of commercial tenants catering to the local needs of the surrounding upscale communities of Mt. Kisco, Chappaqua and Bedford.
The property is owned, managed and leased by a prominent Westchester family who has been in the real estate business for several generations. The building is extremely well maintained and currently fully leased and occupied.
As per Cronin, “the bank went ‘above and beyond’ in addressing the Borrower’s ‘timing’ needs which was instrumental in closing the loan. The borrower was very pleased with the bank’s accommodations.” The Borrower was represented by Jennifer Lofaro, Esq. of Bleakley Platt & Schmidt, LLP. The lender’s attorney was Amy Hecht, Esq. of Cullen and Dykman.
Q10 | New York Realty Advisors, LLC is a member of Q10 Capital, LLC a leading commercial mortgage banking and investment sales company with 24 offices nationwide. Q10NY 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 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. Our affiliation with Houlihan-Parnes Realtor, a multi-dimensional privately owned real estate company founded in 1891 provides a level of professionalism and expertise unmatched in the market. For more information please contact Jeanne Cronin of Q10 | New York Realty Advisors at 914-641-4383 or visit our website at www.q10capital.com or www.houlihanparnes.com
More Info: James J. Houlihan at 914-694-6070 or