Houlihan-Parnes Realtors has arranged a $30,000,000 first mortgage on an office condominium in the Bronx.
Bryan Houlihan and James J. Houlihan negotiated the placement of the mortgage on the 220,000 s/f property at 1775 Grand Concourse.
The seven-year, non-recourse loan has a fixed rate of four percent with interest only for two years. The loan, closed with a local bank, is prepayable throughout the term on a declining scale and the borrower has an option to extend the loan for an additional five years.
The mortgage covers a commercial condominium interest in the 300,000 s/f building that shares ownership with Verizon. Verizon owns two floors and has the central gear for switching all telephone land lines in the Bronx on those floors. The remaining six floors have been converted to an ancillary indoor parking garage, retail and professional office space. Current tenants include Con Edison, Special Citizens Futures Unlimited, Inovalon SME Inc, Safe Horizon, The Bronx Lebanon Hospital Center, Public Health Solutions and Abbott House.
The borrower was represented in the transaction by Sarah Benji and Elizabeth Smith of Goldberg Weprin Finkel Goldstein, LLP.
The property is owned by Sam Jemal of JJ Operating, Inc. and members of his family together with James J. Houlihan and members of Houlihan-Parnes Realtors, LLC.
The property was acquired in February 2012 from Verizon, and is the second large successful gut renovation engineered in the Bronx by the Houlihan and Jemal families.
Their initial project was the successful conversion of the vacant former Alexander’s/Caldor’s department store on the N/W corner of Fordham Road and the Grand Concourse into a multi-tenant retail/office building in 2001-2004.
That project has been fully leased since its inception and has been a great success, re-anchoring the Fordham Road and Grand Concourse business area.