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  • Writer's pictureMAREJ

Houlihan-Parnes affiliate arranges a $7.5m loan for a full-service hotel

Nassau County, NY — Jeanne Cronin and Zeev Douek of Q10 New York Realty Advisors, an affiliate of Houlihan-Parnes Realtors, LLC, have arranged a $7.5 million permanent loan on a full service hotel currently operating under the Best Western flag. The property is well located on Sunrise Highway in downtown Rockville Centre a short walk from many local businesses, stores and restaurants as well as the Rockville Centre train station. The property has consistently operated at higher than average occupancy levels by offering upgraded rooms and a wide range of amenities including a full service restaurant, a banquet facility, an abundance of on-site parking and a swimming pool. The non-recourse loan was placed with a NY-based bank for a term of 10-years. The interest rate was fixed at 4.0% for the first 5–yrs. As per Cronin, “the lender was very accommodating in addressing the borrower’s needs with regard to the timing of the closing.”

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