Clipper Equity gets $136M refi for GWB apartment complex

Clipper Equity gets $136M refi for GWB apartment complex

David Bistricer and the Bridge Apartments at 111 Wadsworth Avenue and 1360 St. Nicholas Avenue (Credit: Studio Scrivo and Google Maps) David Bistricer’s Clipper Equity just got a debt injection from Freddie Mac for an apartment complex that straddles the interstate leading to the George Washington Bridge. The owner entity, which includes investor Jacob Schwimmer, secured a $136 million refinancing of the 480-unit Bridge Apartments at 111...

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The New York Interest on Lawyer Account Fund (“IOLA”)

The New York Interest on Lawyer Account Fund (“IOLA”)

The New York Interest on Lawyer Account Fund (“IOLA”) The New York State Interest on Lawyer Account Fund (“IOLA”) helps low income people in New York State obtain help with civil legal problems affecting their most basic needs, such as food, shelter, jobs and access to health care.  The IOLA program is a partnership of lawyers, banks and community organizations. It produces millions of dollars each year to finance legal...

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Mortgage Escrow Account Rules Could Mean Borrowers Are Owed Interest

Mortgage Escrow Account Rules Could Mean Borrowers Are Owed Interest

A new class action lawsuit filed in U.S. District Court for the Eastern District of New York on Aug. 7, 2018 alleges that Bank of America routinely ignores mortgage escrow account rules. Plaintiff Alex C. is a citizen of New York State and a resident of Queens Village. He is seeking to hold the financial giant accountable for their alleged failure to pay interest on escrow accounts that are often a condition of receiving financing for a...

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Section 5-601 Interest on deposits in escrow with mortgage investing institutions

Section 5-601 Interest on deposits in escrow with mortgage investing institutions

Interest on deposits in escrow with mortgage investing institutions. Any mortgage investing institution which maintains an escrow account pursuant to any agreement executed in connection with a mortgage on any one to six family residence occupied by the owner or on any property owned by a cooperative apartment corporation, as defined in subdivision twelve of section three hundred sixty of the tax law, (as such subdivision was in effect on...

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When Buying a Home, Know About Escrow

When Buying a Home, Know About Escrow

Now that mortgage rates are below double-digit levels and prospective home buyers are venturing into the market again, escrow is an important concept. Webster’s New World Dictionary defines it as, “A written agreement or something of value put in the care of a third party and not delivered until certain conditions are fulfilled.” Escrow applies to situations other than home purchases, of course, but it is during negotiations...

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