$30 million underlying mortgage for 20-story, 275-unit cooperative in Midtown Manhattan
Winter & Company has successfully arranged a $30 million underlying mortgage for this 20-story, 275-unit, pre-war cooperative building located on Manhattan’s Sutton Place South, with unobstructed views over the East River. Winter & Company was able to lock in a 2.91%, 20-year fixed rate, interest-only loan for the board of this 510,000 square foot luxury cooperative building which was constructed directly atop the FDR drive. The new mortgage will provide the co-op with nearly $14,000,000 of surplus proceeds to finance a variety of scheduled repairs and capital improvements. Given the 20-year term of the loan, the loan structure also provides access to multiple tranches of future funding in the later years of the loan term. The loan was placed with a major life insurance company.