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Parallel Capital.

Parallel Capital recently closed a variety of retail, multi-family, office and manufactured home community mortgage loans, according to Robert S. Schneiderman, executive vice president.

In Huntington Station, NY, Parallel closed a loan in the amount of $550,000 for 2077-2089 New York Avenue, a 9,940 square-foot retail property. The loan delivers debt service coverage of 1.34 with an 8.87 percent interest rate and a loan-to-value of 61 percent. The loan was written for a term of 10 years with a 25-year amortization. The strip center was built in 1959.

Parallel closed a loan in the amount of $355,000 for the South Main Street Apartments in Cheshire, CT. The loan was written for a term of 10 years with a 25-year amortization. The loan delivers debt service coverage of 1.28 with a 8.34 percent interest rate and a loan-to-value of 78 percent. The seven-unit multi-family property was built in 1900 and was renovated in 1988.

In New York City, Parallel closed a loan in the amount of $3 million for 43 West 47th Street, an office property Written for a term of 10 years with a 25-year amortization, the loan delivers debt service coverage of 1.34 with a 8.34 percent interest rate and a loan-to-value of 73 percent. The 11,000 square-foot office property was built in 1890 and renovated in 1999.

In Gates, NY, Parallel closed a loan in the amount of $2.3 million for 75 Bermar Park, a 48,000 square-foot office property built in 1998. The loan, which carries an interest rate of 8.45 percent, delivers debt service coverage of 1.27 and a loan-to-value of 67 percent. The loan was written for a term of 10 years with a 25-year amortization.

Parallel also closed a loan in the amount of $1 million for Palazzolo Plaza, an office property in Greenburgh, NY The loan delivers debt service coverage of 1.27 with an 8.48 percent interest rate and a loan-to-value of 63 percent. The loan was written for a term of 10 years with a 30-year amortization. The 12,000 square-foot office property was built in 1987.

Parallel closed a loan in the amount of $1 million for Airport Business Park, an office property in Fairfield, CT. The loan, which carries an interest rate of 8.72 percent, was written for a term of 10 years with a 25-year amortization, and delivers debt service coverage of 1.31 and a loan-to-value of 65 percent. The 24,851 square-foot office property was built in 1988.

Klein Bank Financial Services has arranged financing in the amount of $1.2 million on a five-story walk-up apartment building in the Washington Heights section of Manhattan. The property contains 62 units.

The loan closed with an interest rate of 6.87 percent and was for 17 years. It closed with a major New York area lender.
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Publication:Real Estate Weekly
Geographic Code:1U2NY
Date:Nov 17, 1999
Words:484
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