$13,000,000 underlying mortgage for a 24-story, 563-unit cooperative in Forest Hills, Queens
This 24-story, 563-unit cooperative refinanced existing loans totaling $7,000,000 in order to lock in a low interest rate and to augment their capital reserves in order to fund an extensive capital improvement program. As a result of the financing that Winter & Company arranged, the co-op’s annual debt service payments decreased, even though the new underlying mortgage was 40% larger than their prior loan. In addition to the new $10,000,000 underlying mortgage, we also arranged a $3,000,000 unsecured line of credit for the co-op. At the request of the co-op’s board of directors, Winter & Company also negotiated the ability for the co-op to pre-pay up to $200,000 per year of the underlying mortgage without incurring any pre-payment penalty.