Co-op City, the country’s largest affordable housing cooperative, has secured a $621 million refinancing deal from Wells Fargo to extend the affordability of its 15,372 units for an additional 10 years.
The loan replaces an existing $621 million mortgage from 2012, but because of record-low interest rates, it will immediately unlock $124 million for RiverBay Corp., the development’s owner, to make necessary capital repairs to the HVAC systems, facades and electrical systems without raising maintenance costs for the community’s 45,000 residents who live across its 42 buildings and townhouses.
Co-op City spans 320 acres, making the Mitchell-Lama project so large that it has its own ZIP code: 10475.
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