Houlihan-Parnes/Q10NY close $50 million mortgage secured by Two Fordham Square; Smith of Goldberg Weprin Finkel Goldstein reps borrower

Houlihan Parnes Realtors and Q10 New York have closed a first mortgage loan in the amount of $50 million secured by Two Fordham Sq., a 250,000 s/f four and partial five-story mixed-use, office and retail building located at the "Crossroads of the Bronx"- Fordham Rd. and The Grand Concourse. The borrower is a partnership comprised of the partners of Houlihan Parnes and members of the Jemal family, headed by Jack and Sam Jemal. The non-recourse PAR loan was placed with a major N.Y. bank for a term of seven years. The interest rate was locked for the full term of the loan at 3.94% and provided for two years of IO with amortization based on a 30-year schedule thereafter. The borrower has the privilege to prepay the loan without penalty during the final 60-days of the loan term. The lender won the business based on its highly competitive loan terms and it uncanny knowledge and understanding of the Bronx commercial mortgage market. Two Fordham Sq. underwent a total gut renovation by the borrowers nine years ago when they acquired a then totally vacant building. It had housed both the former Alexander's and Caldor department stores which vacated the building in 1993 and 1997, respectively. The borrowers successfully leased the building within months of the completed renovation to a mix of national, regional and local retailers all of whom signed long-term leases and who occupy prime ground floor and lower level space (e.g. P.C. Richard, Marshalls (TJX) and Bally Fitness). Elizabeth Smith, Esq. of Goldberg Weprin Finkel Goldstein, LLP represented the borrower. Title was insured by Chicago Title and All New York Title Agency, Inc. The loan was placed by a team of mortgage brokers led by Jeanne Cronin, Mike O'Neill, Jerry Houlihan and Kelly Houlihan of Houlihan-Parnes and Q10NY. The building offers 3-1/2 floors of class A office space with 52,000 s/f floor-plates, a rarity in the area. The demand for quality office space in the Bronx continues to be extremely strong as evidenced by the fact the building has always been 100% occupied. The building's prime location is a strong draw and appeals to the existing office tenants in the building, several of whom are state and city-related agencies, including CUNY on the Concourse, Local 1199 Health & Hospital Workers Union and A.C.S.