$3,250,000, 2.95% underlying mortgage and credit facility for a fifteen-story cooperative building on Manhattan’s Upper West Side
Winter & Company has successfully arranged a new $3,250,000 credit facility for this fifteen-story, 28-unit cooperative building located in Manhattan’s Lincoln Square neighborhood, near Lincoln Center and Central Park on the Upper West Side. This is the second time in approximately 20 years, that we have had the pleasure of working with this co-op board.
The board’s goal was to refinance their existing $2 million loan with a new, 2.95% 10-year fixed rate, $2,750,000 underlying mortgage along with a $500,000 unsecured, revolving line of credit. Surplus proceeds will be used for capital improvements and Local Law work for the building.
The co-op was able to lock their rate at 2.95% for 10 year fixed, upon signing the bank’s term sheet. The loan has a 40-year amortization schedule. The $500,000 unsecured, revolving line of credit has no non-use fees and has a rate that floats at 1% above the WSJ Prime Rate with a floor of 4.5%.
The co-op will not need to escrow for real estate taxes or insurance.