THE COOPERATORS’ NEWSPAPER
Vol. 50. No. 1
January 2014
2.5%⬆ Mayor
SERVING OVER 25,000 COOPERATORS IN THE WORLD’S SECOND LARGEST HOUSING COOPERATIVE
inside
Notice of carrying charge aaa increase on March 1 - p. 2
Out with the Old In with the New...
BilldeBlasio NewYork’s 109th Mayor Begins his first term
• ROCHDALE VILL AGE BULLETIN BUSINESS EDITION • aaa Tips for walking safely in the wintertime - p. 13
RVI secures $130,000,000 loan refinance By Susan Van Brackle
W
Board of Directors and managing agent, Marion Scott Realty, Inc., Rochdale Village recently closed on a $130,000,000 refinance of the cooperative’s existing mortgage with Wells Fargo Bank. Over the next three to five years, immediate, visible repairs totaling up to $35,914,058 will be invested into Rochdale’s crumbling groundwork. These capital improvements will upgrade both the market value of the cooperative as well as the quality of life for residents of this community. The benefits of securing a mortgage refinance at this point-in-time are threefold. ith the approval of the
Remembering Martin Luther King, Jr. - p. 21
First, the cooperative now has the funds to pay for immediate repairs that will support the fluid operation of the community’s aging infrastructure. Next, the complex was able to take advantage of the nation’s lower home mortgage rates, which resulted in a substantially lower interest and an immediate cash return. Finally, the $130,000,000 refinance satisfies prior first and second mortgages and provides Rochdale with emergency funds that will be used as a “rainy day” reserve, for future expected, and unexpected, capital expenditures. Continued on page 13
President’s Message - Page 3 • Manager’s Report - Page 4 • Gov. Cuomo donates toys to RV - Page 14 • New Year’s Eve Bash - Page 30