GHP Office Realty has secured $ 19.8 million in financing to fund a renovation to accommodate new tenants at 2649-2651 Strang Blvd in Yorktown Heights.
James J. Houlihan and Andrew Greenspan of Houlihan-Parnes Realtors, arranged the first mortgage financing on the mixed-use business park of two 205,339 square foot Class A buildings.
The couple worked with a local bank on a 15-year fixed-rate loan with an initial rate of three percent, adjusting after the loan’s fifth and tenth anniversaries.
Since acquiring the property in 2015, GHP Office Realty has invested substantial capital in the property, increasing the occupancy rate from 40 to 90% just before the COVID-19 pandemic.
The company plans to use the loan proceeds to finance a large capital project currently underway to accommodate five new tenants, add additional parking, a new fitness center and a brand new cafe.
Current tenants at Northern Westchester Executive Park include New York – Presbyterian, the headquarters of the Putnam County Savings Bank, Northwell Health and ENT & Allergy Associates.
The borrower was represented by John Hogan of Goldberg Weprin Finkel Goldstein, and the title was provided by John Hughes of Great American Title Agency.
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