Houlihan-Parnes Properties arrange 1st mortgage financing
IRVINGTON AND WHITE PLAINS, NY — Jeremiah Houlihan and James Coleman of Houlihan-Parnes Properties have arranged 1st mortgage financing in the amount of $9.225 million for two multi-family properties in Irvington and White Plains. 111 North Broadway in Irvington is a three-story brick converted mansion that contains 17 apartments. 177 Grand St. located at the northeast corner of East Post Rd. in White Plains is five-story brick building that contains 56 apartments and nine ground floor retail stores. The 1st Mortgage Loans were placed with a NY Savings Bank for seven-year terms at a 4.75% interest rate with a 2-yr interest only component on 30-yr amortization schedules. The lender charged no commitment fee and the loan has sliding scale prepayment penalties.