Houlihan-Parnes/iCap Realty Advisors, LLC has arranged an $825,000 first mortgage on a 4,000 s/f Gap Store at 28-30 Purchase Street in Rye, N.Y

Jack Houlihan of Houlihan-Parnes/iCap Realty Advisors, LLC has arranged an $825,000 first mortgage on a 4,000 s/f Gap Store at 28-30 Purchase Street in Rye, N.Y. The interest rate was fixed at 4.65% for a 10-year term and, at the borrower's request, the loan was arranged on a fully amortizing basis to take advantage of the extremely low interest rate environment. This loan was placed on a par basis with the lender and the gap lease expires in May 2009. The lender was willing to fund a 10-year loan against the five years remaining in the lease term due to the successful sales history that this Gap store has had.

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