Refinance of a Co-ops Underlying Mortgage

Maintenance and common charge increases have been a common theme in most buildings in Manhattan in 2010. We represent a co-op board that wanted to find a means to decrease expenses and increase their reserve fund without having a significant maintenance increase. The board decided to take advantage of the decrease in interest rates and refinance the underlying mortgage on the entire building. We handled the negotiation of the commercial loan documents, ensuring that the co-op met all of the bank’s guidelines and the closing of the loan. We were successfully able to close within 45 days from when the commitment letter was issued.