Tarter Krinsky & Drogin successfully negotiated and closed an $18.1 million mortgage financing transaction for a cooperative client.

Our client holds the ground lease on a 330-unit building in Midtown East.  The residential cooperative refinanced the leasehold mortgage with a new $14.1 million first enabling our client to pay off the existing mortgage, secure additional funding for capital improvements (including a fuel conversion from oil to natural gas), and also secure a $2 million line of credit.

Steven Troup, Chair of the Cooperative and Condominium Practice, handled the matter.