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$1M arranged for Queens buildings.

Jack Houlihan of Houlihan-Parnes, Realtors has arranged a $1 million first mortgage on two five-story walk up buildings in the Ridgewood section of Queens, New York. The two buildings have a total of 97 apartments and 330 rooms and were built in 1928. Both buildings have undergone extensive renovations and have been owned by the same individuals since 1938.

The interest rate was fixed at 9 percent for the first five years of a 10-year term and payments are based upon a 25year amortizations schedule. The interest ratew ill adjust at the end of the fifth year at 1.5 percent above the Federal Home Loan Bank Board five-year advance rate and the lender charged a 1 percent fee. The loan is also non-recourse and involves a flexible prepayment penalty.
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Title Annotation:Property Management/Improvement; Section II; Houlihan-Parnes Realtors arranges financing for New York, New York apartment buildings
Publication:Real Estate Weekly
Date:Feb 24, 1993
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