The loan was placed by Houlihan-Parnes/iCap Realty Advisors, also based in White Plains, NY. The interest rate of 7.09% is fixed for a seven-year term with a 30-year amortization schedule. The non-recourse loan, place at par, represents 65% of the asset's appraised vale and allows for prepayment after the fifth anniversary with a 1% penalty. The source of the funding was not disclosed.
GHP Office Realty, meanwhile, has grown its portfolio to more than 1.5 million sf of office and warehouse space in a period of just over two years.
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