James Houlihan and Christie Houlihan of Houlihan-Parnes/iCap Realty Advisors have arranged a $14.4 million first mortgage refinancing for 400 Westchester Ave., the new home of Fordham University's Westchester campus. It is located at the intersection of I-287 and I-684. The building is owned by principals of Houlihan-Parnes/GHP Office Realty and Benerofe Properties.
Fordham University has signed a 20-year lease for the fully renovated building. The building contains 62,500 s/f to be used for classrooms and offices. The non-recourse loan is fixed at 6.08% for 10 years. The first five years are based on a 30-year amortization schedule, and the latter five years will be based on a 20-year amortization schedule. The lender received a 0.5-point fee.
Thomas Leslie, Esq. of Thacher Proffitt & Wood LLP represented the borrowers. Joseph Harrington, Esq. of McCarthy Fingar LLP represented the lender. The title was insured by All New York Title. Tags: