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  • Writer's pictureMAREJ

Houlihan-Parnes Realtors, LLC places $55M first mortgage on the Five Towns Shopping Center


Woodmere, NY — James Houlihan and Bryan Houlihan of Houlihan-Parnes Realtors, LLC announced the placement of a first mortgage in the amount of $55 million on the Five Towns Shopping Center located at 253-01 Rockaway Blvd., Woodmere.

The loan was placed with a local bank with a fixed rate of 5.75% for a term five years with 3 years Interest Only. The approximately 501,907 s/f shopping center is in the Five Towns area of Nassau County, just east of JFK International Airport. The Center has a robust tenant roster that includes Lowe’s Home Center, Stop & Shop, TJMaxx, Ashley Furniture, Foot Locker, and Chick fil a. The borrower was represented by Elizabeth Smith of Goldberg Weprin Finkel Goldstein LLP and title was acquired by First American Title.

James Houlihan and Andrew Greenspan of Houlihan-Parnes Realtors, LLC and GHP Office Realty LLC announced the placement of $2.7 million of first mortgage financing on the class A mixed-use property located at 20 Saugatuck Ave. in Westport, CT. Owned and operated by GHP Office Realty LLC, the 17,561 s/f building is fully leased and was acquired by the owners in 2014.

The loan was placed with a local bank for 10-year term with an interest-only rate of 5.42%. While we do live in a market with elevated interest rates, Houlihan-Parnes Realtors was able to negotiate beneficial terms should there be a shift in the market.

Since 2017, the property has been anchored by The Goddard School of Westport, comprising over 65% of the space. Several smaller tenants include RE/MAX, GAC Shipping USA, and Chirag Shah Consulting. The borrower was represented by Elizabeth Smith and Cindy Albstein of Goldberg Weprin Finkel Goldstein, and title insurance was provided by Wayne Baird of First American Title Insurance Company.

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