4A — June 8 - 21, 2018 — M id A tlantic
Real Estate Journal
www.marejournal.com
M id A tlantic R eal E state J ournal
660 White Plains Rd. Tarrytown, New York $30M loan placed on Houlihan-Parnes Realtors, GHP&RDManagement 296,780 s/f office building T
arrytown, NY — Br yan Hou l i han , James Houlihan and Andy Greenspan of Houli- han-Parnes Realtors, LLC announced the placement of $30 million of mortgage financing on the class A office building located at 660 White Plains Rd. Tarrytown, New York. The property was purchased in early 2017 by members of GHP Of- fice Realty, Houlihan-Parnes Realtors, and RDManagement. Since acquiring the property the owners, have invested millions of dollars in capital improve- ments and various building up-
grades including a new state of the art fitness center and newly renovated lobby. By January 2018 the owner had increased occupancy from 78% to 98%. The loan was structured into two facilities to preserve an existing below market rate and provide for additional funds to complete all renovation and tenant buildouts. The loan is for a term of 12 years with the initial rate fixed for 7 years. The property enjoys a robust and diverse tenant roster. Main ten- ants include: Prestige Brands, ENT and Allergy Associates, and KeyBank National Asso-
stage. This can lead to change orders, cost increases and time extensions. More importantly, this dis- jointed process can result in an adversarial relationship between the owner, architect, engineer and general contrac- tor. Plans and specifications become very cumbersome and generalized (because of liabil- ity concerns), and this makes it difficult, if not impossible, to complete a well-developed ac- curate bid. This also results in working with a great amount of data and information that arrive at the last hour to the general contractors, including numbers from firms the contractor has never worked with before. And there is increased risk of start- ing a project with unknown team members with mixed and matched scopes of work. The perception that this process is good and the owner is getting the lowest price is inaccurate. Design-build is evolving as the method of choice because it solves many of the problems mentioned above. Although many of the parameters noted above cannot be changed as to where the construction industry is today, they can be managed and processed more efficiently. Design-build puts everyone on the same team from the begin- ning, and this is an advantage. A general contractor that is more like a manager than a builder usually leads design- build. The general contractor is at the center and a single point of accountability where it can do what it does best - manage. The design-build process re- duces adversarial relationships, increases efficiency, decreases cost, provides a single point of accountability and statistically produces less litigation. The perspective of best value is a more strategic way to view the choice of a project delivery system than simply considering the lowest price. Glenn Ebersole is the Busi- ness development manager for CVM Professional and CVMNEXT Construction in King of Prussia. ciation. The borrower was rep- resented by Elizabeth Smith of Goldberg Weprin Finkel Goldstein, LLP. Title was in- sured by All New York Title Agency. continued from page 2A Design-Build . . .
660 White Plains Rd.
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