Houlihan-Parnes has arranged a $31 million loan to refinance a Tarrytown office property the company owns as part of a joint venture.
Rachel Greenspan, Bryan Houlihan and Christie Houlihan of Houlihan-Parnes Realtors, LLC and GHP Office Realty are placed the $31 mortgage on 660 White Plains Road, Tarrytown, New York.
The property was purchased in early 2017 by members of GHP Office Realty, Houlihan-Parnes Realtors, and RD Management.
Since acquiring the property, the owners have invested millions of dollars in capital improvements and various building upgrades, including a new state-of-the-art fitness center and newly renovated lobby.
GHP Office Realty has been able to increase occupancy at the property from 78 to 98 percent due to the vast amount of improvements made to the property.
The loan was placed with a local bank with a fixed rate of 3.13 percdent on a 10-year term. The property’s tenants include Prestige Brands, ENT and Allergy Associates, and KeyBank National Association.
The borrower was represented by Elizabeth Smith of Goldberg Weprin Finkel Goldstein, LLP. Title was insured by John Martin of All New York Title Agency.
GHP Office Realty is a division of Houlihan-Parnes Realtors, one of the New York area’s leading owners, operators, and purchasers of suburban commercial properties. Regionally, the partners own and manage buildings in Westchester and Rockland Counties, NY, Fairfield County, CT, and Bergen County, NJ. The privately-owned Houlihan-Parnes owns some six million square feet of office, retail and industrial space and 15,000 multifamily units.