2075 Haviland Avenue - Bronx, NY

James Coleman, Houlihan Parnes

Bronx, NY Houlihan-Parnes Realtors, LLC has arranged a loan secured by a$2 million first mortgage encumbering a property located at 2075 Haviland Ave. in the Castle Hill neighborhood. The property is improved with a five-story brick walk-up rental apartment building constructed in 1916. There are 26 apartments, four retail stores and a basement containing the oil burning boiler and meters for gas and electric use.

The loan, arranged by James Coleman, was placed with a savings bank for a 10-year term at a five-year fixed interest rate of 3.375% on a 30-yr amortization schedule with interest only payments for the first two years and an interest rate reset in year six at 250 basis points above the then five-year USTCM. The lender charged a no commitment fee and the loan has a sliding scale penalty of 3-2-1-0-0 % for ACH five-year period in the case of prepayment.

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