Bronx’s Co-Op City Secures $622M Refi via Wells Fargo
City, state and federal leaders said Wednesday evening that Co-op City’s $621.5-million refinancing has been approved. The restructured mortgage loan from Wells Fargo on the 15,372-unit Bronx complex, the world’s largest housing cooperative, extends the term of affordability for an additional 10 years.
“The Bronx’s Co-op City provides an affordable home to more than 45,000 New Yorkers in an increasingly expensive housing market,” said U.S. Sen. Charles Schumer. “That’s why I worked to secure a timely refinance agreement for Co-op City, which will help maintain the quality, viability and long-term affordability of this one-of-a-kind community.”
The refi includes $124 million in proceeds that Riverbay Corporation, the management company for Co-op City, will use for capital improvements, including upgrades to the heating, ventilation, and air conditioning system, façade maintenance, and electrical system upgrades.
State and city housing agencies will provide credit support with $55-million and $15-million coverage of the loan, respectively.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).