Massey Knakal Capital Services announce the closing of a $49.5 million loan collateralized by a 156-unit cooperative building on Manhattan’s Upper East Side.
The loan featured a ten-year term and an interest rate of 3.625%.
“The members of the co-op board were aware of the rising rate environment and decided to lock in a historically low rate for the long-term,ˮ said director Justin Boruchov.
“We created significant value to the shareholders by reducing the annual debt service to the co-op; in turn lowering the monthly maintenance of each apartment.”
Despite recent interest rate volatility, the loan was quoted two months ago and the lender held to its initial quote, according to Boruchov.