Houlihan-Parnes Realtors and GHP Office Realty announced the placement of an acquisition loan and credit facility totaling $11,000,000 on two properties located at 115-117 Stevens Avenue, Mt. Pleasant, New York.
Andrew Greenspan and James J. Houlihan arranged the interest only loan placed with a local bank at an interest rate of 4.25% for a term of three years.
The loan features a $2.5 million line of credit to fund building capital improvements and tenant improvement. The loan has a renewal option and flexible pre-pay schedule.
The borrower was represented by Elizabeth Smith of Goldberg Weprin Finkel Goldstein, LLP, as attorney.
115-117 Stevens Avenue contains a total of 182,630 rentable square feet, which will be managed and leased by GHP Office Realty.
The properties are located 10 minutes from Downtown White Plains and are within close proximity to Interstates 287 and 684.