{"id":160,"date":"2020-11-03T18:19:12","date_gmt":"2020-11-03T18:19:12","guid":{"rendered":"http:\/\/winter.think33.com\/?post_type=deals&amp;p=160"},"modified":"2020-11-03T18:19:12","modified_gmt":"2020-11-03T18:19:12","slug":"13000000-underlying-mortgage-for-a-24-story-563-unit-cooperative-in-forest-hills-queens","status":"publish","type":"deals","link":"https:\/\/www.winterandcompany.com\/deal\/13000000-underlying-mortgage-for-a-24-story-563-unit-cooperative-in-forest-hills-queens\/","title":{"rendered":"$13,000,000 underlying mortgage for a 24-story, 563-unit cooperative in Forest Hills, Queens"},"content":{"rendered":"\n<p>This 24-story, 563-unit cooperative refinanced existing loans totaling $7,000,000 in order to lock in a low interest rate and to augment their capital reserves in order to fund an extensive capital improvement program. As a result of the financing that Winter &amp; Company arranged, the co-op\u2019s annual debt service payments decreased, even though the new underlying mortgage was 40% larger than their prior loan. In addition to the new $10,000,000 underlying mortgage, we also arranged a $3,000,000 unsecured line of credit for the co-op. At the request of the co-op\u2019s board of directors, Winter &amp; Company also negotiated the ability for the co-op to pre-pay up to $200,000 per year of the underlying mortgage without incurring any pre-payment penalty.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This 24-story, 563-unit cooperative refinanced existing loans totaling $7,000,000 in order to lock in a low interest rate and to&hellip;<\/p>\n","protected":false},"featured_media":162,"template":"","deal-category":[3],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>$13,000,000 underlying mortgage for a 24-story, 563-unit cooperative in Forest Hills, Queens - Winter &amp; Company<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.winterandcompany.com\/deal\/13000000-underlying-mortgage-for-a-24-story-563-unit-cooperative-in-forest-hills-queens\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$13,000,000 underlying mortgage for a 24-story, 563-unit cooperative in Forest Hills, Queens - Winter &amp; 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