Queens Co-op Secures $22 Million Mortgage Refinance

The Southridge Cooperative Section 2 will use the funds to address critical facade repairs across its 360 units.

Updated on Oct. 20, 2026 in Home Renovation

Bold vector editorial illustration showing a section of a red-brick apartment building facade, representing urban residential housing and infrastructure maintenance. — The Southridge Cooperative Section 2 in Queens secured a $22 million mortgage refinance to fund $8 million in essential facade repairs. AI Illustration. Upload story photo >

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The Southridge Cooperative Section 2 in Jackson Heights, Queens, has refinanced its mortgage for $22 million to fund $8 million in essential facade repairs. Shareholders also voted to approve a 10 percent maintenance increase and a $7 per share assessment to cover the project.

Why it matters

The board initiated the financing to avoid fines tied to the city Facade Inspection and Safety Program and to maintain the property's status in the Safe With a Repair and Maintenance Program.

The Jackson Heights project is currently estimated to cost $7.6 million. The cooperative encompasses 360 total units spread across six buildings.

The players

Southridge Cooperative Section 2

This residential cooperative in Jackson Heights comprises six buildings and 360 individual housing units.

Con Edison

This major energy company provides electricity and gas services throughout New York City and is currently being consulted for potential insulation incentives.

The details

To secure the capital, the board hosted a town hall meeting where shareholders authorized the increased maintenance fees and share assessments. The cooperative is also exploring supplemental funding through Con Edison roof insulation programs and city tax abatements.

Repair work on the cooperative buildings began earlier this year.
The refinance and project status were reported in October 2026.

Culture Shift

This move mirrors a broader trend among older New York City cooperatives forced to balance rising infrastructure maintenance costs with local regulatory compliance. These properties are increasingly utilizing debt restructuring to manage the financial burden of aging building exteriors.

Residents of the 360-unit cooperative will see their monthly maintenance costs rise by 10 percent effective immediately. Shareholders are also responsible for a one-time assessment payment of $7 per share to fund the facade restoration.

The takeaway

Cooperatives managing aging infrastructure often face significant financial strain when attempting to meet strict safety mandates. Homeowners in older buildings should monitor board communications regarding upcoming assessments and potential tax abatement opportunities.