has refinanced its Class A office property at 4 West Red Oak Lane in White
The five-story, 135,000 s/f
property, located on the I-287 corridor in Westchester County, has been in the
owner’s portfolio for almost 20 years. The
building boasts 400 parking spaces, half of which are in a covered structure, a
café, fitness center, and operable windows. 4 West Red Oak Lane is known for
having a long-term stable tenant base.
Historically, the well-established
tenant base has included companies active in the real estate services, legal
services, financial services, insurance, and telecommunications sectors.
Furthermore, the property has had positive absorption during the COVID 19
Bryan Houlihan and Rachel Greenspan,
of Houlihan-Parnes Realtors, and GHP Office Realty, arranged a first mortgage loan
of $12.7 million on the property.
The mortgage was placed with
a local bank for a term of five years at a rate of 3.625%. The rate is fixed
for the term of the loan with an initial two-year interest only period. There
is a flexible tiered prepayment schedule placed on the deal.
The borrower was represented
by John Hogan of Goldberg Weprin Finkel Goldstein, LLP, and the title was
ensured by First American Title Insurance Company.
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