First Funding

Real Estate Weekly, Jan 5, 2000

First Funding has arranged a new underlying first mortgage loan of $780,000, plus a revolving credit line of $50,000, for a six-story masonry apartment building locate at 108-05 Astoria Boulevard in the East Elmhurst section of Queens. The board of this 43-unit cooperative, which is 100 percent sold and 86 percent owner-occupied, needed money to complete several important capital improvement projects. They also wanted to take advantage of the lower interest rates currently available. The lender, a prominent metropolitan New York financial institution, provided a new 20-year loan at a fixed rate of 7.66 percent. It also waived all origination fees on this transaction. The building's capital improvement projects were completed during the summer, putting the cooperative on a sound physical and financial footing for many years to come.

Pat Niland, president of First Funding, had negotiated the cooperative's existing mortgage financing in 1993. The board of directors was so pleased with the service it received then that it again chose First Funding to negotiate a new loan to take advantage of today's lower rates.