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Posted: May 12, 2014
Hendey of Houlihan Parnes places $1.8 million loan at 3.33% fixed on non-credit retail
Rich Hendey of Houlihan Parnes Realtors, LLC has arranged a $1.8 million first mortgage on the 9,000 s/f retail property located at 58 Garth Rd. The non-recourse loan is fixed for five years at 3.33% interest with a 30-year amortization schedule and was done at par. The borrower has a 5-year option to extend and a right to prepay the loan on a declining scale throughout the term. The one-story building is 100% occupied with nine tenants made up of a mix of non-credit local retailers and restaurants. Recent additions include Java Crave Café, a coffee emporium, and Petra Restaurant which is sure to become a popular destination in this bustling, upscale Westchester village.
The loan was placed with a regional bank and the borrower was represented by Elizabeth Smith of the firm Goldberg Weprin Finkel Goldstein, LLP.
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