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Houlihan-Parnes Realtors, LLC.

Steve McCulloch and Mike O'Neill of Houlihan-Parnes Realtors, LLC have arranged a $1.275 million first mortgage to facilitate the acquisition of a 36-unit garden apartment complex known as the Hudson Harbor View Apartments in Haverstraw, NY The property was acquired by an investment group led by Houlihan Parnes Realtors, LLC.

The non-recourse loan, at 75 percent of the purchase price plus costs, has an interest rate fixed at 7.25 percent for 7 years, with payments based on a 25-year amortization schedule. The New York based lender did not charge a fee, and the loan, as well as having a flexible, sliding-scale prepayment privilege, also allows for a five-year option at 2.5 percent over the FHLBNY rate.

The mortgaged property consists of two two-story buildings of brick construction with a total of 36 rental apartments that are part of a larger condominium development at the intersection of Routes 9W and 202 in Rockland County, NY.
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Publication:Real Estate Weekly
Geographic Code:1U2NY
Date:Nov 17, 1999
Words:157
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