The portfolio was recently sold to a Westchester County, NY-based real estate builder/investor, who was not identified. The loan amount equaled approximately 75% of the purchase price, according to Houlihan.
The interest rate was fixed for a seven-year term with a local savings bank, with a prepayment penalty of 5% for year one, 4% for year two, 3% for year three, 2% for year four and 1% for years five through seven. The blanket mortgage permits a prepayment with no penalty on one single-tenanted building of 113,500 sf if the tenant exercises its option to buy the property, according to Houlihan.
The deal also includes a release price of 1.25 times the allocated average loan amount per sf, and is non-recourse and assumable.
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