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Posted: April 5, 2016
Graf of Houlihan-Parnes arranges $1.5 million for 13-property portfolio
Ed Graf, Houlihan-Parnes Realtors LLCBinghamton, NY Houlihan-Parnes Realtors, LLC, has arranged first mortgage financing totaling $1.5 million. The financing was for the acquisition of a 13-property multifamily portfolio.
The bridge loan has a term of one year and is pre-payable without penalty after six months. The interest-only loan closed in two weeks allowing the borrower to meet a 1031 exchange deadline. They range from suburban garden style communities to city neighborhood single building properties.
The West Side Apartments portfolio comprises a total of 113 units, are all located within a three-mile radius. The sizes range from 2 to 24 apartments in each building. The sellers have owned the properties since 2006. The properties are located at: 97 Oak St., 12 Grand Blvd., 89, 93, 95, 126, 128, 157, 162-164 Chapin St., 99, 101, 103 Murray St.
Part of West Side Apartments portfolio, Binghamton, NYThis transaction was handled by Ed Graf of Houlihan-Parnes.
Houlihan-Parnes Realtors, LLC is a multi-faceted real estate investment company headquartered in White Plains, N.Y. Founded in 1891, it has been continuously family owned and operated since its inception. Its companies and affiliates invest and engage in the acquisition and ownership of all types of commercial properties throughout the U.S. We specialize in commercial mortgage finance, investment sales, property management, leasing, mortgage servicing and advisory and consulting services. Our mortgage brokerage affiliate, Q10 | New York Realty Advisors, is a member of Q10 Capital, LLC a leading commercial mortgage banking company with 22 offices in 20 states nationwide.
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