NEW YORK, NY – Commercial real estate finance firm, Lument has closed a $115 million Fannie Mae conventional multifamily loan for the refinance of a cooperative multifamily housing community in New York City.
The loan features a low, fixed interest rate, a 10-year term and a 30-year amortization schedule.
The loan allows the cooperative to refinance existing debt and provides substantial cash-out proceeds to fund more than $60 million in extensive capital improvements at the property.
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The community encompasses several residential buildings, 40 commercial units and a parking garage. The property was originally constructed in the 1950's.
Lument associate director Nicholas Diamond led the transaction for the firm.
"The proceeds from this successful financing will go a long way toward funding the massive, multi-year process of improving this cooperative and preserving value for the shareholders and generations of shareholders to come," says Diamond. "Collaborating with the board of directors and their property management company was a joy, and we're happy that we were able to move quickly to close this complex loan."
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
