{"id":1004053772,"date":"2012-11-30T07:28:14","date_gmt":"2012-11-30T15:28:14","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004053772"},"modified":"2020-04-07T09:39:00","modified_gmt":"2020-04-07T17:39:00","slug":"hud-announces-621m-deal-to-refinance-mortgage-loan-for-nyc-coop","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hud-announces-621m-deal-to-refinance-mortgage-loan-for-nyc-coop\/","title":{"rendered":"HUD Announces $621M Deal to Refinance Mortgage Loan for NYC Co-op"},"content":{"rendered":"

\u00a0By Gail Kalinoski, Contributing Editor<\/em><\/p>\n

\"\"<\/a>

Courtesy of RiverBay Corp.<\/p><\/div>\n

Backed by a federal mortgage guaranty program that was extended to a cooperative development for the first time, RiverBay Corp. and Wells Fargo Bank, N.A., have closed on a $621 million deal to refinance the mortgage at Co-op City in the Bronx.<\/p>\n

The deal, the largest ever insured under HUD\u2019s 223 (f) program, will keep the complex with more than 57,000 residents affordable for the next 35 years. The Mortgage Insurance Fund of the State of New York Mortgage Agency and the New York City Housing Development Corporation also helped make the deal happen with the state agency providing $55 million in credit support and HDC covering $15 million of the loan.<\/p>\n

\u201cThis is about preserving affordable housing for the next generation of families living and working in one of the nation\u2019s highest cost rental markets,\u201d said HUD Secretary Shaun Donovan.
\n\u201cWorking closely with the State of New York and New York City, we\u2019re making certain that working families have a decent and affordable place to call home while saving private owners of affordable housing significant money that they can reinvest back into their properties.\u201d<\/p>\n

By locking into today\u2019s low interest rates, refinancing the original debt will save Co-op City and its residents more than $150 million on the 14-year remaining term of the current loan and eliminate refinancing risk should the interest rates rise again, said Alan Wiener, managing director of Wells Fargo Multifamily Capital.<\/p>\n

The new mortgage is backed by the Federal Housing Administration\u2019s General Insurance and Special Risk Fund. The FHA\u2019s Section 223 (f) program allows the 35-year loan to be financed with Government National Mortgage Securities, (Ginnie Mae). The 223(f) program protects lenders against loss on mortgage defaults at multi-family rental properties. Riverbay Corp. is expected to save about $400 million in interest payments over the life of the mortgage because it has the guarantee of FHA and GNMA.<\/p>\n

Loan proceeds will be used to pay off the current mortgage and capital improvements under way and provide additional reserves for future capital needs and ongoing maintenance. More than $310 million in renovations have been done since 2004 at Co-op City, which has more than 15,000 units spread across 35 residential buildings. The complex is located on 330 acres in the Baychester section of the Bronx. It has three shopping centers, a 25-acre park, eight parking garages, three elementary schools, two middle schools, a high school and a power plant.<\/p>\n

\u201cIf it were an actual incorporated city, Co-op City would be the 12th largest in our state \u2013 and so it is hard to exaggerate the critical role it has played for over 40 years in keeping housing in New York State and New York City affordable,\u201d said Gov. Andrew Cuomo.<\/p>\n

Co-op City opened in 1968 and is the largest Mitchell-Lama co-op in New York City. The state\u2019s Mitchell-Lama Housing Program was signed into law in 1955 and is designed to create affordable rental and cooperative housing. Nearly 270 housing developments with 105,000 units were constructed under the program, which allowed developers to get tax abatements and low-interest mortgages subsidized by the city, state or federal governments.<\/p>\n

Like us on facebook:<\/strong>\u00a0https:\/\/www.facebook.com\/pages\/Commercial-Property-Executive\/258033884191<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Backed by a federal mortgage guaranty program that was extended to a co-operative development for the first time, RiverBay Corp. and Wells Fargo Bank have closed on a $621 million deal to refinance the mortgage at Co-op City in the Bronx.<\/p>\n","protected":false},"author":1269,"featured_media":1004053774,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,21783,11,1600,21742],"tags":[],"class_list":["post-1004053772","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-investment","category-midatlantic","category-new-york","category-latest"],"acf":[],"yoast_head":"\nHUD Announces $621M Deal to Refinance Mortgage Loan for NYC Co-op - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/hud-announces-621m-deal-to-refinance-mortgage-loan-for-nyc-coop\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"HUD Announces $621M Deal to Refinance Mortgage Loan for NYC Co-op\" \/>\n<meta property=\"og:description\" content=\"Backed by a federal mortgage guaranty program that was extended to a co-operative development for the first time, RiverBay Corp. and Wells Fargo Bank have closed on a $621 million deal to refinance the mortgage at Co-op City in the Bronx.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/hud-announces-621m-deal-to-refinance-mortgage-loan-for-nyc-coop\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-11-30T15:28:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-07T17:39:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/11\/HUD.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"454\" \/>\n\t<meta property=\"og:image:height\" content=\"485\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"the Editors of Commercial Property Executive\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hud-announces-621m-deal-to-refinance-mortgage-loan-for-nyc-coop\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/hud-announces-621m-deal-to-refinance-mortgage-loan-for-nyc-coop\/\",\"name\":\"HUD Announces $621M Deal to Refinance Mortgage Loan for NYC Co-op - 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