Meridian Capital Group negotiated a $35 million loan to refinance the Windsor Tower of Tudor City Place on behalf of Windsor Owners Corporation.
The 30-year loan, provided by a life insurance company, features a fixed-rate of 3.93 percent and a 40-year amortization schedule. The transaction was negotiated by Steven Geller and Nicoletta M. Pagnotta.
Windsor Tower, located at 5 Tudor City in Midtown East, totals 795 units and is the most well-known building in Tudor City Place. The top is decorated with finials, piers and cartouches.
“The cooperative had more than three years left on its existing mortgage and a large prepayment penalty. The client required $6 million for property improvements and wanted to lock-in long-term low rates loan while reducing their debt service coverage to more easily secure subordinate financing during the new term,” said Geller. “This loan gave the client the ability to seek additional subordinate financing, which does not have to be coterminous, five times during the 30-year term.”