$23,000,000 in new financing for landmarked, Art Deco, 32-story, Brooklyn Heights cooperative
Winter & Company has arranged $23,000,000 in new financing for this landmarked, Art Deco, 32-story, Brooklyn Heights cooperative, with sweeping views of the East River and Manhattan. The new loan proceeds repaid an existing $9 million mortgage and $1 million line of credit and provided adequate new capital for this co-op to execute an extensive, planned series of repairs and capital improvements, some of which will help to address the requirements of the NYC’s Climate Mobilization Act. This co-op is a repeat client as Winter & Company had previously arranged a $10 million mortgage and credit line combination for the building a decade earlier.
The interest rate was locked in immediately upon the borrower’s signing of the term sheet, which proved to be a crucial, money-saving factor in the midst of a rising interest rate environment. The co-op’s new underlying mortgage has a 3.97%, 10-year fixed rate, along with a $5,000,000 unsecured, revolving line of credit available for future contingencies. It is important to note that no New York City mortgage recording tax is required to be paid on an unsecured line of credit, (so in this case, a savings of $140,000 compared to increasing the size of the mortgage by $5 million). Furthermore, the lender will charge no annual facility maintenance, or any non-use fees (as are common with such revolving credit lines).