Winter & Co. closes $4.5 million, 3.295% interest-only, 10-year underlying mortgage for Fifth Avenue cooperative
April 22, 2013 - Brokerage
Winter & Company closed a 3.295%, interest-only, 10-year fixed-rate underlying mortgage and credit line for a pre-war, Fifth Ave. cooperative building located in the Flatiron District. The $4.5 million in financing was comprised of a $3.5 million fixed rate mortgage combined with a $1 million unsecured line of credit priced at LIBOR + 1%, with a floor of 3.1%.
Gregg Winter, president of Winter & Co. closed the mortgage with assistance from Andrew Zuhusky
The 40-unit, 11-story building 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 account, and the inexpensive, unsecured credit line will provide for any unforeseen contingencies that may arise.
Current availability of rates this low is limited and rapidly diminishing, thus we would advise all co-op's to review their prepayment penalty now to determine whether it might be an opportune time to refinance in the low 3's before the music stops.
Winter & Company is a Manhattan-based, commercial mortgage advisory firm that specializes in arranging development and construction financing, financing for multifamily and mixed-use properties and arranging cooperative underlying mortgages. 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.