Houlihan-Parnes Realtors/iCap Realty Advisors.

Jack Houlihan, of Houlihan-Parnes Realtors/iCap Realty Advisors, has arranged a $2,10 ,000 first mortgage for two office buildings totaling 28,294 SF on New King St., near the Westchester County Airport in Purchase, N.Y. The two buildings, which sit on 4.2 acres of land, are leased to three tenants at varying lease terms and are owned by Westchester county-based investors with whom Jack Houlihan has financed approximately 10 over the past few years.

The property was financed with a bank located in the New York metropolitan area, which fixed he interest rate at 7.25% for the first five years of a 10-year loan term. Amortization payments will be based upon a 25-year amortization schedule and the 10- year term ill include a rate adjustment at the end of the fifth year at 1.75% over then applicable five-year Federal Home Loan Bank Board advance rate. The lender charged a fee of l/2 of 1% of the loan amount and the prepayment penalty is flexible with a 5% penalty during the first and sixth year, 4% penalty during the second and, seventh year, 3% penalty during the third and eighth year, 2% during the fourth and ninth year, and 1% during the fifth and tenth year, with the last 90 days of years five and 10 open to prepayment without penalty.