Co-op lending volume holds steady through October.NCB (Network Control Block) A packet structure used by the NetBIOS communications protocol. , the nation's leading provider of financing to housing cooperatives A housing cooperative is a legal entity - usually a corporation - that owns real estate; one or more residential buildings. Each shareholder in the legal entity is granted the right to occupy one housing unit, sometimes subject to an occupancy agreement, which is similar to a lease. , originated more than $74.3 million in financing during October for 21 New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of area properties. "Steady lending volume during October was driven by cooperative and condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. boards continuing to take out first mortgages and lines of credit to address their buildings' varied fiscal needs," stated Edward Howe III, managing director of the NCB New York office. "We anticipate this type of financing to continue, as interest rates remain low and more boards recognize the financial benefit of lowering underlying debt with the help of these attractive lending packages." NCB's senior vice president Sheldon Gartenstein arranged a total of $34.2 million in loans during October, including the largest deal of the month, a $10 million first mortgage and a $1.5 million line of credit for a 342-unit co-op located at 175-20 Wexford Terrace in Jamaica Estates, NY. Other loans arranged by Gartenstein included an $8 million line of credit plus an additional $5 million line of credit for Castle Village, a 586-unit co-op located at 120 Cabrini Boulevard in Manhattan; a $3.5 million first mortgage and a $1 million line of credit for a 39-unit co-op located at 16 East 96th Street in Manhattan. Howe originated a total of $16.9 million in loans during October, including a $9.4 million first mortgage and a $1 million line of credit for Manor Towers, a 190-unit co-op located at 3671 Hudson Manor Terrace in Riverdale, NY; a $2.9 million first mortgage for Beechwood Noun 1. beechwood - wood of any of various beech trees; used for flooring and containers and plywood and tool handles beech beech, beech tree - any of several large deciduous trees with rounded spreading crowns and smooth grey bark and small sweet edible Gardens, a 95-unit co-op located at 192-02/18 39th Avenue in Bayside bay·side adj. Situated very close to or on the shore of a bay: bayside cottages. , NY; a $2.6 million first mortgage and a $500,000 line of credit for Briar briar: see brier. Cliff Hill, a 78-unit co-op located at 300-360 North Shore Road in Briarcliff Manor, NY; and a $500,000 line of credit for an 83-unit co-op located at 37-16/20 83rd Street in Jackson Heights, NY. NCB senior vice president Mindy Goldstein arranged a total of $24.3 million in loans during October, including an $8.5 million first mortgage and a $500,000 line of credit for a 134-unit co-op located at 310/312 East 23rd Street in Manhattan. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion