GHP secures $20M loan to spruce up office park for new tenants

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GHP Office Realty has secured $19.8 million in financing to
fund a renovation to accommodate new tenants at 2649-2651 Strang Blvd in
Yorktown Heights.

James J. Houlihan, and Andrew Greenspan of Houlihan-Parnes
Realtors, arranged the first mortgage financing on the Class-A 205,339 s/f two
building, mixed-use corporate park.

The pair worked with a local bank on a fixed rate loan with
a term of 15 years with the initial rate of three percent, adjusting after the
fifth and tenth anniversaries of the loan.

Since acquiring the property in 2015, GHP Office Realty has
invested substantial capital at the property increasing occupancy from 40 to 90
percent just prior to the COVID-19 pandemic.

The company plans to use the proceeds of the loan to fund a
large capital project currently underway in order to accommodate five new
tenants, add additional parking, a new fitness center and a brand-new café.

Current tenants at the Northern Westchester Executive Park
include New York – Presbyterian, Putnam County Savings Bank’s Corporate
Headquarters, Northwell Health, and ENT & Allergy Associates.

The borrower was represented by John Hogan of Goldberg
Weprin Finkel Goldstein, and Title was provided by John Hughes of Great
American Title Agency.

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