F inancial D igest
Real Estate Journal — May 12 - 25, 2017 — 7A
M id A tlantic
Houlihan-Parnes places $22.5 million acquisition
Loan was originated and placed by Stewart, Morris, & Tsukamoto Over $1.4 billion in financing arranged for NRDC
660 White Plains Rd.
ittsburgh, PA — Cronheim Mort- gage has secured $50.5 million in financing for Northampton Crossings, a 622,000 s/f power retail center located in Easton, Bethlehem Township, Pennsylvania. The loan was structured with a 15-year fixed-rate which was locked 11 months prior to closing. American Gen- eral Life Insurance Company, The Variable Annuity Life Insurance Company, Na- tional Union Fire Insurance Company of Pittsburgh, and American Home Assurance Company funded the loan, whom Cronheim represents as correspondent and servic- ing agent. Northampton Crossings was constructed in 1995 and is anchored by a variety of tenants including Walmart, P
intersection of Rte. 248 and Rte.33. Rte.248 provides the Subject with two signaled points of ingress and has a traffic count of 17,650 ve- hicles per day. Rte.33 has a daily traffic count of 62,154 vehicles. Parking includes approximately 3,000 spaces, or 4.8 per 1,000 s/f. Northampton Crossings is managed by National Real- ty and Development Corp., (NRDC) a leading retail de- velopment and management firm in the Northeast with a portfolio encompassing 78 projects, including retail pow- er centers, grocery-anchored community shopping centers, and corporate/ industrial business parks, in 14 states. This loan was originated and placed by Andrew Stew- art, Dev Morris , and An- drew Tsukamoto . n
Sam's Club, Kohl's, Staples, and a 14-screen Regal Cine- mas. Walmart was an original tenant when the Subject was constructed in 1995 and they expanded in 2004 to a 207,500 s/f superstore. Sam's Club is also one of the original tenants and has plans to expand their current 112,000 s/f space to encompass over 140,000 s/f, attesting to the strength of the center. The inline tenant roster features a complemen- tary mix of retailers including Hobby Lobby, Lane Bryant, Starbucks, Sleepy's, Game- Stop, Panera Bread, Sally Beauty Supply, GNC, Sears Hardware, and a number of lo- cal restaurants as well. There are 6 outparcels which feature Arby's, Red Robin, and KNBT Bank, to name a few. The subject is afforded ex- cellent frontage at the major
2649-2651 Strang Blvd.
years at a fixed rate with an option to extend for another 5 years. Elizabeth Smith, Esq. of Goldberg, Weprin, Finkel, Goldstein LLP was the attorney that represented the borrower at closing. Title was provided by Jim Malo- ney and John Hughes of the Great American Title Agency, Inc. The property includes two buildings consisting of 200,000 s/f of rentable space and 695 on-site parking spaces. GHP Office Realty was formed in 1999, and is headed by its principal owners An- drew Greenspan , James J. Houlihan, James G. Houli- han and Howard Parnes. Jeremiah Houlihan and James Coleman of Houlihan Parnes Realtors announce the arrangement of a 1st mortgage loan in the amount of $2.25 million on a medical office building located at 280 Mamaroneck Ave in down- town White Plains. The 3-sto- ry building contains a retail store, (16) medical tenants, a self-service elevator and on- site parking for 60 cars. n
Tarrytown, NY — Bry- an Houlihan and James Houlihan of Houlihan- Parnes Realtors announced the placement of a new $22.5 million first mortgage one of the largest and most iconic of- fice buildings in Westchester County – 660White Plains Rd. in Tarrytown. The six-story building is 280,000 s/f and is presently 85% occupied with more than 30 tenants. The pyramid shaped building is visible from the New York State Thruway, I-287, the Sprain Brook Parkway; it is 2 miles from the Tappan Zee Bridge and 30 minutes north of New York City. James J. Houlihan an- nounced the placement of a $17.5 million first mortgage on the property located at 2649-2651 Strang Blvd. in Yorktown Heights, West- chester County. The property was acquired by the existing ownership in October 2014 and has since been extensively renovated and re-tenanted. The new first mortgage is 50% LTV and placed with a local thrift and has a term of seven
Morristown, NJ — G.S. Wilcox & Co. has arranged a $16.5 million loan for the Hampshire Companies’ new- ly constructed office building located at 49 Market St. The new state of the art office build- ing consists of 44,000 s/f and is a build to suit for the D.C. based law firm Fox Rothschild LLP allowing them to consolidate their previous Morristown and Roseland offices. The comple- tion of the building represents the first new class A office prod- uct delivered to the downtown Morristown area in decades. The Morr i stown-based mortgage banker secured the G.S. Wilcox &Co. secures $16.5 mllion financing for law firm’s new Morristown office financing over a 15-year term from a life insurance company headquartered in Alabama. GretchenWilcox , president, and Al Raymond , principal, handled the transaction. “G.S. Wilcox & Co. is thrilled to take an active role in the continued evolution of the Downtown Morristown mar- ket” Wilcox said in a prepared statement. n 49 Market St.
Made with FlippingBook - Online magazine maker