Houlihan-Parnes Arranges Loan For Mount Vernon Multifamily

John Jordan | September 2015

33 Williams St., Mount Vernon

MOUNT VERNON—Jeremiah A. Houlihan of Houlihan-Parnes Realtors, LLC has arranged a loan secured by a first mortgage in the amount of $2 million encumbering a 1.15-acre property improved with a seven-story concrete block and masonry brick double-wing, residential multi-family rental apartment building with two self-service elevators constructed in 1932.

The property at 33 Williams St. in the Fleetwood section of Mount Vernon, features 116 apartments, 26 on-site outdoor parking spots, 60 garage spots, gardens and a courtyard.

The self-liquidating loan was placed with a savings bank at a 15-year fixed interest rate of 3.63%. The lender charged a no commitment fee and the loan has a yield maintenance penalty in the case of prepayment, Houlihan-Parnes stated.

John Jordan
Editor, Real Estate In-Depth