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NEW ROCHELLE, NY-The Radisson Hotel here is securing a $6.5-million refinancing to replace existing debt. The 10-story property will take on a 7% non-recourse loan for five-years with a five-year extension option. The loan was secured for Palm Beach, FL-based Brock Services Corporation from First Central Savings Bank. Michael Moloff and Mark Waldman of Cooper-Horowitz, Inc. arranged the loan on behalf of the borrower.

“First Central Savings Bank provided the most competitive loan available in the market, with a 7% interest rate and non-recourse financing,” says Moloff, in a statement. “The conservative loan structure and strength of the sponsorship provided the security and confidence necessary to arrange the financing.” Finding a bank that was willing to do the non-recourse loan was the toughest part, Moloff explains to GlobeSt.com.

The 135,000-square-foot hotel double as an office building, with 47,000 square feet committed as office space. The office space is just shy of 100% leased with 12 tenants. The hotel area of the property boasts 129 guest rooms, 225 parking spaces and 6,400 square feet of banquet facilities. The building has been owned by Brock Services since 1979. No capital improvements are currently in the works for the property.

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