Location: Mamaroneck, NY
Property Type: Retail
Transaction Type: First Mortgage
Loan Amount: $1,800,000
Details: Rich Hendey of Houlihan Parnes Realtors, LLC has arranged a $1,800,000 first mortgage on the 9,000 sf retail property located at 58 Garth Road in Scarsdale, NY. The non-recourse loan is fixed for five years at 3.33% interest with a 30-year amortization schedule and was done at par. The Borrower has a 5-year option to extend and a right to prepay the loan on a declining scale throughout the term. The one-story building is 100% occupied with nine tenants made up of a mix of non-credit local retailers and restaurants. Recent additions include Java Crave Café, a coffee emporium, and Petra Restaurant which is sure to become a popular destination in this bustling, upscale Westchester village.
The loan was placed with a regional bank and the Borrower was represented by Elizabeth Smith of the firm Goldberg Weprin Finkel Goldstein, LLP.
More Info: Rich Hendey at 914-641-4304 or