Jerry Houlihan of Houlihan-Parnes/iCap Realty Advisors, LLC arranged the $1.875 million first mortgage for the acquisition. The loan was placed with a Long Island-based savings bank at a floating interest rate of prime plus 1.25% payable interest only for 3 years.
Milio Realty is a property management, investment and sales firm based in Yonkers. Milio Realty has holdings of 600 apartments in the tri-state area.
Houlihan-Parnes/iCap is a nationally affiliated, multi-faceted real estate investment company headquartered in White Plains. Its companies and affiliates are engaged in the acquisition and ownership of all types of commercial real estate investment property in the continental U.S. Its various companies and affiliates specialize in commercial mortgage finance, investment sales, property management, leasing and mortgage servicing.