Massey Knakal Capital Services is pleased to 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. 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,” said Director Justin Boruchov, who exclusively handled this transaction. “Despite the recent interest rate volatility, this loan was quoted two months ago and the lender held to its initial quote,” added Justin Boruchov.
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Neighborhoods: Upper East Side