Sheepshead Bay Coop Directors Choose Winter & Co. to Handle Financing for Southeast Brooklyn, NY Complex

Sheepshead Bay Cooperative Apartments, Southeast Brooklyn, NY

Gregg Winter

NEW YORK, NY -- Winter & Company was retained for the third time in 18 years to advise the board of directors of a six-building, 324-unit cooperative complex located in Sheepshead Bay in southeast Brooklyn in connection with a new $6.35 million financing assignment.

Winter & Company arranged a 3.54% 10-year fixed-rate mortgage, amortizing on a 30-year schedule for this long-time client.

 The board of directors of this post-war cooperative ultimately chose to structure the financing as a $5,850,000 underlying mortgage along with a $500,000 unsecured line of credit.

Thus the co-op corporation was able to emerge from the refinancing with more than $2.25 million of surplus cash, which can now be devoted to various upcoming Capital Expenditures and to also augment the cooperative’s reserve fund.

This transaction turned out to be one of the most challenging cooperative refinances in Winter & Company’s 26-year history when the standard “Environmental Phase I Report” revealed that hazardous chemicals from an adjacent, abandoned property had leached into the co-op’s groundwater supply used to irrigate the property.

 Despite this challenge, W & Co. worked diligently and judiciously to advise the cooperative, screen potential remediation firms, and ultimately select and monitor the company best qualified to tend to the cooperative’s needs and the bank’s requirements for additional testing and ongoing monitoring of the co-op’s irrigation system.

Very satisfyingly, having resolved the environmental issues, the co-op’s owners and their families can now enjoy a safer atmosphere and property.

The co-op’s new financing has provided them with much-needed capital along with a much lower interest rate, and has lowered the co-op’s annual debt service.

The floating rate, unsecured credit line is priced at LIBOR plus 200 b/p with no floor rate. The credit line has no non-use fees, and no mortgage recording tax was incurred by the cooperative in connection with the credit line. Andrew Zuhusky handled this transaction on behalf of Winter & Company

Winter & Company is a Manhattan-based, commercial mortgage advisory firm that specializes in arranging development and construction financing (as well as joint venture equity and strategic partnerships for new developments), multifamily and mixed-use property financing and arranging cooperative underlying mortgages since 1989.

Sheepshead Bay, South Brooklyn, NY

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 since 2003.

 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

http://www.winterandcompany.com