Written by Sheryl Nance-Nash on May 30, 2013
Unit-owners were vocal about the loan. "Some didn't want the debt, period," recalls Patrick Niland, president of First Funding of New York, the mortgage broker for the transaction. "There were a series of very intense meetings. At one, there was an exchange that almost came to blows."
Written by Sheryl Nance-Nash on May 16, 2013
The Beachwalk Landing Condominium in Long Beach, on Long Island, was having its share of problems. The oceanfront property — two buildings nearly 30 years old with a total of 72 units — was suffering from wear and needed all sorts of work, ranging from replacing terrace doors and air-conditioning sleeves to repairing the balconies and terraces. While there was little argument that things needed to be done, paying the price tag of $3.75 million for all that capital work was an issue. Some residents simply couldn't afford it to pay their share of the needed assessment. Or could they?
Co-op and condo board business broken down into bite-sized bits - 2 stories each week. Read now on all digital devices.
A free digital resource for co-op/condo board directors. Published twice a month. Read now on all digital devices.