Lagrange Commons

Property Name: Lagrange Commons
Location: Lagrangeville, NY
Property Type: Retail
Transaction Type: First Mortgage
Loan Amount: $2,500,000
Details: Houlihan-Parnes Realtors, LLC is pleased to announce the refinancing of the 1st Mortgage on a 60,000 square foot A&P anchored shopping center built in 1996 with extensive frontage on Route 82 in Lagrangeville, NY. The property is 1/4 mile from the Taconic Parkway and close proximity to several high-end residential developments. There is on-site parking for 323 cars and there is parking in the rear for service vehicles, trucks and the smaller retail tenants. The A&P contains approximately 75% of the total leasable area (45,000 sf) and has a lease expiring in November 2016 with 40 years of options thereafter (8/5-yr options). There is an approved existing pad on the southeast end of the parking lot for a 3,500 sf building. The loan was placed with a NY-based bank in the amount of $2,500,000 for a 10 year term. The Bank charged a 3/4% commitment fee. 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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