Loan 1
Kings County Supreme Court
39658/2006
p. 2
“ORDERED, that the Petitioner, The Brooklyn Tabernacle, be and it hereby is authorized to enter into the Loan as follows: (a) a secured Term Loan in the amount of Fifty-Eight Million Five Hundred Thousand Dollars ($58,500,000) at a fixed rate of interest of seven (7.0%) percent per annum for a term of five years with monthly interest only payments during the first three years of the term of the Loan and with the principal and interest payments based on a thirty (30) year amortization schedule for the fourth and fifth years of the term of the Loan with the then unpaid principal and any accrued and unpaid interest due in full at the expiration of the five year term of the Loan and (b) a Secure Revolving Line of Credit at an interest rate of the greater of seven (7.0%) percent per annum or the rate of interest less 0.50% per annum on amounts outstanding thereunder adjusted on a quarterly basis to convey a first mortgage as security therefor to America’s Christian Credit Union….”
Loan 2
Kings County Supreme Court
17131-2012
p. 2-3
“ORDERED, that the Loan entered into by Petitioner and America’s Christian Credit Union on March 12, 2012, be and is hereby confirmed, nunc pro tunc, with the following terms: (a) a secured Term Loan in the amount of Fifty Seven Million Two Hundred Thirteen Thousand Four Hundred Eight and 76/100 Dollars ($57,213,408.76) at a fixed rate of interest of six and one-half (6.5%) percent per annum for a term of five (5) years with monthly payments of principal and interest in the sum of $386,309.03 during the first five (5) years of the term of the Loan based on a twenty five (25) year amortization schedule and for the remaining five (5) years of the term of the Loan, interest will change based on the five (5) year Treasury Note plus 3.5 percentage points with interest never less than six and one-half (6.5%) percent with the then unpaid principal and any accrued and unpaid interest due in full at the expiration of the ten (10) year term of the Loan and (b) a five (5) year Secured Revolving Line of Credit at an interest rate of seven (7.0%) percent annum on amounts outstanding thereunder and to convey modifications of the first mortgage and second mortgage as security therefor to America’s Christian Credit Union….”
Loan 1: January 19, 2007 – March 11, 2012
Duration: 5 years, 1 month, 20 days
Start amount: $58,500,000.00
End amount: $57,213.408.76
Interest: 7.0% fixed rate
First 3 years interest-only payments ($4,095,000 per annum)
Payments after that based on 30-year amortization schedule, for years 4 and 5.
At the end of 5 years: everything is due (principal and interest)
Calculation:
Years 1-3 interest-only payments: $4,095,000 x 3 = $12,285,000
Years 4-5 payments (estimated): $4,630,505.37 x 2 = $9,261,010.74
Year 4 principal paid (estimated): $589,169.70; Year 4 interest paid: $4,041,335.67
Year 5 principal paid (estimated): $631,760.83; Year 5 interest paid: $3,998,744.54
Year 6 payments (estimated for 2 months): $385,875.45 per month x 2 = $771.750.90
Year 6 month 1 principal paid (estimated): $54,664.21; month 1 interest paid: $331,211.24
Year 6 month 2 principal paid (estimated): $36,838.66; month 2 interest paid: $221,697,881
$12,285,000 (years 1-3) + $8,040.080.21 (years 4-5) + $552,909.12 (year 6 portion) =
$20,887,989.30 total interest paid between January 19, 2007 – March 11, 2012
Loan 2: March 12, 2012 – March 12, 2015
Duration: 3 years
Start amount: $57,213.408.76
End amount: $52,845.141.54 (ACRIS BBL Brooklyn/164/1002)
Interest: 6.5% fixed rate
First 5 years, monthly payments of $386,309.03, based on 25-year amortization schedule; terms change between years 6-10
At the end of 10 years: everything is due (principal and interest)
Calculation
$386,309.03 x 12 months = $4,635,708.36
Year 1 principal paid (estimated): $944,650.16; year 1 interest paid: $3,691,058.24
Year 2 principal paid (estimated): $1,007.915.13; year 2 interest paid: $3,627.793.27
Year 3 principal paid (estimated): $1,075,417.07; year 3 interest paid: $3,560,291.32
Total principal paid (estimated): $3,027,982
Total principal paid (actual): $4,368,267 ($1,456,089 per annum), which means years 2 and 3 interest payments were less by approximately $100,000 per year
$3,691,059.24 (year 1) + $3,527,793.27 (year 2) + $3,460,291.32 (year 3) = $10,679,143.80 total interest paid between March 12, 2012 – March 12, 2015
Loan 1 + Loan 2 Interest Paid January 19, 2007 – March 12, 2015
$20,887,989.30 (Loan 1) + $10,679,143.80 (Loan 2) =
$31,557,133.10 total interest paid