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| 24-story, 318-unit cooperative building, Riverside Drive, Upper West Side, Manhattan, NY |
NEW YORK, NY, March 7, 2014 -- Winter & Company was
retained to advise the board of directors of this 24-story, 318-unit
cooperative building located on Riverside Drive on Manhattan's Upper West
Side in connection with a new $14 million financing assignment.
Winter & Company was able to obtain an offer for a
3.25%, 10-year, interest-only mortgage literally one week before rates began
their upward climb.
The pre-war building, which has 306 residential units and 12
commercial units, ultimately chose a $12 million mortgage along with a $2
million unsecured line of credit. Thus
the co-op emerged from the refinancing with more than $6 million of surplus
cash, which could be devoted to the work at hand.
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| Gregg Winter |
Timing was critical to identify the correct lender as
interest rates had just started to increase, thus the borrower's ability to
lock in the interest rate immediately (upon acceptance of the term sheet) was a
very important factor.
Over the past year or so, the co-op board had realized that
it needed to address many important and expensive repairs and capital
improvements, and thus needed a substantially larger mortgage in order to
address these items, as well as a substantial unsecured line of credit to
provide future funding for unforeseen items in the later years of the loan
term.
Furthermore, the new financing would need to be structured
as an interest-only loan, in order to minimize the impact of a much larger
mortgage on each shareholder's maintenance payments.
The floating rate, unsecured credit line is priced at LIBOR
plus 200 b/p with a floor of 3.5%. The 10-year credit line has no non-use fees,
and no mortgage recording tax was incurred by the co-op on the credit line,
thus saving them $56,000 in closing costs.
Winter & Company is a Manhattan-based, commercial
mortgage advisory firm that specializes in arranging development and
construction financing, multifamily and mixed-use property financing and
arranging cooperative underlying mortgages since 1989.
Its affiliate, W Financial Fund, LP is a direct private
bridge lender providing short-term, special situation financing primarily for
NYC multifamily and mixed-use properties celebrating its 10th year of successful
operations. W Financial was recently profiled in Barron's. The article.
“Rock-Solid Real Estate” is available
here.
For a complete
copy of the company’s news release, please contact:
Gregg Winter - President
Winter & Company
Creative Minds | Unparalleled Service ®
149 Madison Avenue, Seventh floor
New York, NY 10016
Phone: 212 532-1122 x1
Email: gregg@winterandcompany.com
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