$10,000,000 – interest-only underlying mortgage for a 30-story Brooklyn Heights Co-op
$10,000,000 – interest-only, underlying mortgage and revolving line of credit for a 105-unit, 31-story, pre-war, Brooklyn Heights cooperative building.
The co-op board needed to refinance its old, $3.85 million mortgage with a new $9,000,000, 10-year, fixed-rate loan in order to finance a series of large-scale, multi-million-dollar capital improvement projects. Furthermore, they wanted a $1 million unsecured, revolving line of credit to provide for future contingencies.
Since the co-op board was focused upon minimizing any maintenance increases despite more than doubling the size of the underlying mortgage, locking in an ultra-low, interest rate utilizing an interest-only structure was of paramount importance to the co-op’s board of directors. This well-located property has commanding views of Manhattan and New York Harbor to the west and Brooklyn to the east.