Houlihan-Parnes Realtors announced that Jeanne Cronin, senior director, closed a leasehold mortgage for $32.1 million.
The loan was secured by a 15-story apartment building with ground floor retail and a 90-space parking garage located on the Upper East Side at First Avenue and 52nd Street.
The non-recourse, interest-only loan was written for a 10-year term. The interest rate was fixed for 10-years. The loan was a PAR loan.
According to Cronin, the building owner represents the fourth generation of his family who is actively involved in the ownership and management of New York real estate.
Cronin placed the loan with Barclays Bank, PLC. The lender was represented by the law firm of Hunton Andrews Kurth LLP.
The Borrower was represented by Christopher J. Alvarado, Esq. Title insurance was provided by Lincoln Land Services. Larry Linksman of Bridge Funding, Inc. advised the borrower.