Moloff and Waldman of Cooper-Horowitz arrange $6.5 million permanent mortgage

Michael Moloff and Mark Waldman of Cooper-Horowitz, Inc., arranged $6.5 million in permanent financing for The Radisson Hotel of New Rochelle. A five-year mortgage was secured at a rate of 7% with a five-year extension option. Moloff and Waldman negotiated on behalf of the borrower, Brock Services Corp. Associate broker Moloff said, "First Central Savings Bank provided the most competitive loan available in the market, with a 7% interest rate and non-recourse financing. The conservative loan structure and strength of the sponsorship provided the security and confidence necessary to arrange the financing." The Radisson Hotel consists of a 10-story 135,000 s/f full-service hotel and corporate office building. The property features 129 guest rooms, 12 office tenants and 225 parking spaces. The property is located 19 miles north of Manhattan off I-95, within walking distance to Metro North and Amtrak rail stations. It is one of the only full service hotesl in the city and has amenities including, outdoor pool, business center, full service restaurant, lounge, and 6,400 s/f of banquet facilities. Cooper-Horowitz has been in business since 1964 and has arranged financing for thousands of commercial properties. They also have an extensive advisory service for the most complex real estate transactions. Their total volume is in excess of $14 billion annually. Aside from the principals of the company who have been involved in the financing industry for over 90 years combined, their staff includes over 25 professionals, most of whom have been with the firm for over 20 years.