Houlihan-Parnes places $20 million mini-perm on redevelopment deal

According to Kelly Houlihan Buckley and James Houlihan of Houlihan-Parnes Realtors, LLC a new mini-perm first mortgage totaling $20 million was placed on 1775 Grand Concourse. The mortgage covers a commercial condominium interest in the 300,000 s/f building that shares ownership with Verizon. Verizon owns 2 floors and has the central switching land lines for the Bronx on those floors. The remaining 6 floors have been converted to an ancillary indoor parking garage, retail space facing the Grand Concourse, and professional office space. The building features fully renovated common areas and interior spaces. The property is owned by Sam Jemal of JJ Operating, Inc. and members of his family together with members of Houlihan-Parnes Realtors, LLC. The property was acquired in February 2012 from Verizon, and is the second largest successful turnaround project engineered in the Bronx by the Houlihan and Jemal families.