$4,250,000 in new financing for 4-building, 240-unit cooperative community in Jackson Heights, Queens
Winter & Company has successfully arranged $4,250,000 in new financing for this four-building, 240-unit cooperative community located on Junction Boulevard in the Jackson Heights neighborhood of Queens, New York.
This 100% owner-occupied co-op was seeking new financing for major capital improvements, and to clear numerous outstanding violations. The co-op had paid off its previous underlying mortgage, and now decided to be proactive with regard to both typical repairs, as well as to finance the improvements and requirements of New York City’s Climate Mobilization Act legislation.
Winter & Company was able to lock in a new 10-year, fixed-rate interest-only loan for the co-op with the rate locked at application at 4.65%. Locking at application was very important for this co-op, as interest rates kept rising during the period of time between rate lock and closing. The co-op was able to get the benefit of the low rate that was in effect when they signed their Term Sheet. The co-op will not need to escrow for real estate taxes or insurance,
The new loan is comprised of a $3,250,000 fixed-rate underlying mortgage, along with a $1,000,000 unsecured, revolving line of credit, which will provide additional funding to the co-op later if needed. The line of credit floats with the Prime Rate and has no non-use fees and no recurring annual fees.
Winter & Company negotiated the financing with a major regional bank.