Recent Transactions
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Property Name: Grocery Anchored Shopping Center Portfolio
Location: Multiple States, Property Type: Retail Transaction Type: Permanent Financing Loan Amount: $66,900,000 |
Details: Q10|Kinghorn, Driver, Hough & Co. arranged this permanent financing with a leading life insurance company correspondent lender for a borrower that was an institutional private REIT. Q10|Kinghorn, Driver, Hough & Co. worked on establishing a relationship between the borrower and lender for the two years prior to the financing in anticipation of a future transaction. Q10|Kinghorn, Driver, Hough & Co. has repeatedly been successful in establishing relationships between borrowers and lenders prior to the "first transaction" in order to match appropriate business cultures. When a borrower contacts Q10|Kinghorn, Driver, Hough & Co. prior to a transaction we can begin the process of finding the right lender which can often go beyond an interest rate and loan proceeds.
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Property Name: Distribution Center Portfolio
Location: Multiple States, Property Type: Industrial/Warehouse Transaction Type: Permanent Financing Loan Amount: $63,400,000 |
Details: Q10|Kinghorn, Driver, Hough & Co. arranged this permanent financing with a leading life insurance company correspondent lender for a borrower that was an institutional investor. This transaction represents an example of Q10|Kinghorn, Driver, Hough & Co. establishing a relationship between a borrower and a lender well in advance of a "first transaction".
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Property Name: 2501 Grand Concourse (Two Fordham Square)
Location: Bronx, NY Property Type: Office / Retail Transaction Type: First Mortgage Loan Amount: $50,000,000 |
Details: Houlihan Parnes Realtors and Q10 New York are pleased to announce the closing of a first mortgage loan in the amount of $50,000,000 secured by Two Fordham Square, a 250,000 square foot 4 & partial 5-story mixed-use, office and retail building located at the "Crossroads of the Bronx"- Fordham Road and The Grand Concourse. The borrower is a partnership comprised of the partners of Houlihan Parnes and members of the Jemal family, headed by Jack and Sam Jemal. The non-recourse PAR loan was placed with a major NY bank for a term of seven (7) years. The interest rate was locked for the full term of the loan at 3.94% and provided for 2-years of IO with amortization based on a 30-year schedule thereafter. The borrower has the privilege to prepay the loan without penalty during the final 60-days of the loan term. The lender won the business based on its highly competitive loan terms and it uncanny knowledge and understanding of the Bronx commercial mortgage market.
Two Fordham Square underwent a total gut renovation by the borrowers 9 years ago when they acquired a then totally vacant building. It had housed both the former Alexander’s and Caldor department stores which vacated the building in 1993 and 1997, respectively. The borrowers successfully leased the building within months of the completed renovation to a mix of national, regional and local retailers all of whom signed long-term leases and who occupy prime ground floor and lower level space (e.g. P.C. Richard, Marshalls (TJX) and Bally Fitness). The building offers 3-1/2 floors of highly desirable Class A office space with 52,000 sf floor-plates, a rarity in the area. The demand for quality office space in the Bronx continues to be extremely strong as evidenced by the fact the building has always been 100% occupied. The building’s prime location is a strong draw and appeals to the existing office tenants in the building, several of whom are state and city-related agencies, including CUNY on the Concourse, Local 1199 Health & Hospital Workers Union and A.C.S.
Elizabeth Smith, Esq. of Goldberg Weprin Finkel Goldstein, LLP represented the borrower. Title was insured by Chicago Title and All New York Title Agency, Inc. The loan was placed by a team of mortgage brokers lead by Jeanne Cronin, Mike O’Neill, Jerry Houlihan and Kelly Houlihan of Houlihan Parnes and Q10NY.
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Property Name: Community Shopping Center
Location: Central Coast, CA Property Type: Anchored Retail Transaction Type: Acquisition Financing Loan Amount: $40,000,000 |
Details: Dwyer – Curlett arranged a $40,000,000 permanent loan on a 315,000 square foot community shopping center located along Highway 101 within California’s Central Coast. The grocery anchored center is home to several national and regional tenants, and has consistently maintained a stable occupancy history near 100%. The 10-year loan was placed with a CMBS lender.
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Property Name: Distribution Center
Location: Northeastern United States, Property Type: Industrial/Warehouse Transaction Type: Construction/Permanent Financing Loan Amount: $35,250,000 |
Details: Q10|Kinghorn, Driver, Hough & Co. arranged this construction/permanent financing with a leading life insurance company for a borrower that was an institutional investor.
