{"id":473,"date":"2022-02-07T18:16:19","date_gmt":"2022-02-07T18:16:19","guid":{"rendered":"https:\/\/www.winterandcompany.com\/?post_type=deals&#038;p=473"},"modified":"2022-02-08T17:50:39","modified_gmt":"2022-02-08T17:50:39","slug":"6-million-in-new-financing-for-this-228-unit-six-story-three-building-cooperative-located-on-2-85-acres-in-flushing-queens%ef%bf%bc","status":"publish","type":"deals","link":"https:\/\/www.winterandcompany.com\/deal\/6-million-in-new-financing-for-this-228-unit-six-story-three-building-cooperative-located-on-2-85-acres-in-flushing-queens%ef%bf%bc\/","title":{"rendered":"$6 million in new financing for this 228-unit, six-story, three-building cooperative located on 2.85 acres in Flushing, Queens"},"content":{"rendered":"\n<p>Winter &amp; Company has arranged $6 million in new financing for this 228-unit, six-story, three-building cooperative located on 2.85 acres in Flushing, Queens.<\/p>\n\n\n\n<p>The co-op was seeking to refinance an existing mortgage and also to source surplus proceeds to finance a series of upcoming capital projects.<\/p>\n\n\n\n<p>Challenges included the presence of a long-term ground lease on the property (in many cases lenders prefer fee ownership, thus the presence of a ground lease can complicate the financing process), that sets a limit on the maximum allowable size of the underlying mortgage. We were able to mitigate this issue by arranging a large, unsecured, revolving line of credit for the co-op to provide for their future capital needs. The line of credit will allow the co-op to draw down over time as needed as the work proceeds.<\/p>\n\n\n\n<p>The interest rate was locked at 3.05% at application\u00a0for the $3 million, 10-year, fixed-rate underlying mortgage. The terms of the loan will allow the co-op to pay up to 10% per year of their outstanding principal balance to pay down their loan balance with no pre-payment penalty, giving the co-op the option, but not the obligation, to \u201cself-amortize\u201d their loan. \u00a0The interest rate on the $3 million, unsecured, revolving line of credit will float at 1% above the Wall Street Journal Prime Rate.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Winter &#038; Company has arranged $6 million in new financing for this 228-unit, six-story, three-building cooperative located on 2.85 acres in Flushing, Queens.<\/p>\n","protected":false},"featured_media":474,"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>$6 million in new financing for this 228-unit, six-story, three-building cooperative located on 2.85 acres in Flushing, 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\/6-million-in-new-financing-for-this-228-unit-six-story-three-building-cooperative-located-on-2-85-acres-in-flushing-queens\ufffc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$6 million in new financing for this 228-unit, six-story, three-building cooperative located on 2.85 acres in Flushing, Queens - Winter &amp; 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