Cronin of Q10|New York Realty Advisors arranges $13.75 million mortgage for Houlihan Parnes

Jeanne Cronin, managing director of Q10 | New York Realty Advisors, LLC, closed a $13.75 million first mortgage loan secured by a 135,000 s/f multi-tenanted class A office building located at 4 West Red Oak Ln. within the I-287 office corridor known as the Platinum Mile. The property was acquired by the principals of Houlihan-Parnes/GHP Office Realty in 2000. Over the years the owners have completed numerous capital improvement projects including additional parking, new roof, extensive lobby renovation, common area upgrades plus the addition of an on-site café and fitness center. The loan was placed with a New York-based bank. The non-recourse loan was written for a 10-year term with the rate fixed at 6.25% for the first five-years and based on a 30-year amortization schedule. The rate will be reset in year six. Jim Houlihan, a principal of Houlihan-Parnes, said, "We have witnessed unprecedented changes in the business of financing real estate the past several years and recognize the importance of establishing and maintaining strong lender relationships. We have closed other loans with this lender and have a high regard for their ability to close deals on the terms as initially committed. That 'certainty of execution' is important now, more than ever." Elizabeth Smith, Esq. of Goldberg Weprin Finkel Goldstein LLP represented the borrower, as attorney. Anita Hyland, Esq. of Cassin & Cassin LLP represented the lender, as attorney. The title was insured by Chicago Title.