James J. Houlihan and Andrew Greenspan, of Houlihan-Parnes Realtors LLC and GHP Office Realty LLC, respectively, announced the placement of a first mortgage in the amount of $13.75 million on a Class-A, five-story office building on 4 West Red Oak Lane in White Plains, New York. The 134,000-square-foot property, located on the I-287 corridor in Westchester County, has been in the owner’s portfolio for the last 25 years.
The building boasts 400 parking spaces, half of which are in a covered structure, a café, fitness center, EV chargers and operable windows. Historically, the tenant base has included companies active in the real estate services, legal services, financial services, insurance and telecommunications sectors.
The mortgage was placed with a local bank for a term of five years at a rate of 6.25%. The rate is fixed for the term of the loan. There is a flexible tiered prepayment schedule placed on the deal. The borrower was represented by Kelly Molloy of Goldberg Weprin Finkel Goldstein LLP, and title was ensured by First American Title Insurance Company.
Houlihan-Parnes, Realtors LLC is a privately owned, vertically integrated commercial real estate investment and management firm, with a presence throughout the United States. GHP Office Realty is a division of Houlihan-Parnes Realtors LLC.
