I agree with the other feedback AR + ADC.

But most importantly, what is your program to retire the debt overall? Yes, retire the debt. If you don’t have a long term program, e.g.: twenty to twenty five years, all this work to “refinance” is a waste of time and energy. Why leave a debt burden legacy for future generations much as the government does these days.

Your board needs an independent financial planner, I don’t mean your attorney, your bank or your accountant or accounting firm. You really need a true financial planner.

You need a strategy.

Interest expense is non-performing. Having a tax deduction for residents is useless.

All need to wake up and find a way, albeit very long term to eliminate “all” debt. Yes, I can make this assertion, as we retired the original $7,700,000 debt for our five hundred unit coop without ever refinancing.

Do you have assessment?

My suggestion without even seeing your finances or books is to make the assessment equal to two months of your monthly maintenance each year. Incredulous, then look at your AICPA mandated schedule of forecasted capital expenditures. You do produce one? Older buildings will need the two times, younger buildings then one time.

To avoid this introspection is to fail in your fiduciary responsibilities.

Along the way, I assume that you are brilliant financial planners and you "do" raise the monthly maintenance each and every year by 3 to 4%. And, I assume all are honest fiduciaries and thus don’t run for the board on a popularity slate, e.g.; we didn’t raise maintenance. There is nothing but chicanery in not raising maintenance every year, yes, every year.