$4,500,000 – interest-only underlying mortgage for a Fifth Ave pre-war Cooperative in the Flatiron District

$4,500,000 – interest-only, 10-year fixed rate underlying mortgage and credit line for a pre-war, Fifth Avenue cooperative building located in the Flatiron District of Manhattan. The $4,500,000 in financing was comprised of a $3,500,000 fixed rate mortgage combined with a $1,000,000 unsecured line of credit.The 40-unit, 11-story cooperative was seeking to refinance a maturing loan and to lock in the lowest possible debt service for the next decade. The loan proceeds will augment their reserve fund, and the very inexpensive, unsecured credit line will provide for any unforeseen contingencies that may arise.