Hudson Valley Credit Union Provides $4.3M Acquisition Loan For Westchester County Office Building

A 25,000 square foot office property located at 334 Underhill Ave. in Westchester County has been involved in a recent transaction. The property was acquired by an undisclosed buyer, with the deal facilitated by broker Edward McCarthy from Redwood Capital Advisors. The office property is situated in a bustling market and is expected to be a valuable asset for the new owner.

Summary of transaction details

• Property Type: Office
• Transaction Amount: $4,275,000
• Address: 334 Underhill Ave.
• Market: Westchester County

The loan for this acquisition was provided by Hudson Valley Credit Union (HVCU). The loan amount came to $4,275,000 with favorable terms, including a fixed interest rate of 3.75% for a 10-year term. The loan also had a loan-to-value ratio of 75%, indicating a substantial portion of the property's value was covered by the loan. Notably, the loan agreement did not include a prepayment penalty, offering flexibility to the buyer. The loan was partially recourse, meaning that the borrower holds partial responsibility for the repayment.

The landlord of the property is Frank Sperandio, Jay Maiolini, and Keith O'Dowd. Together, they facilitated the sale of the office property to the undisclosed buyer. The involvement of these experienced landlords ensures a smooth transition of ownership and potential ongoing support for the new owner.

Overall, this transaction involving the acquisition of a 25,000 square foot office property in Westchester County demonstrates the strong interest and investment in the local market. With the assistance of Edward McCarthy from Redwood Capital Advisors, the undisclosed buyer was able to secure financing from Hudson Valley Credit Union (HVCU) and successfully acquire this valuable asset.