Condo boards borrowing hikes NCB monthly tab to $63m.
National Cooperative Bank The National Consumer Cooperative Bank (NCCB) was created and chartered by the National Consumer Cooperative Bank Act (92 Stat. 499, 12 U.S.C.A. 3001), enacted on August 20, 1978. The bank is directed by the act to encourage the development of new and existing cooperatives. originated through its subsidiary, NCB (Network Control Block) A packet structure used by the NetBIOS communications protocol. , FSB (FrontSide Bus) See system bus.
FSB - front side bus , $63.15 million in financing during March for 31 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.
The financings included $41.8 million in first mortgages plus $21.3 million in lines of credit. Edward Howe III, Managing Director of the NCB New York office, made the announcement. "Steady financing activity during March demonstrated that 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 continue to move ahead to borrow money in the form of first mortgages and lines of credit," commented Mr. Howe.
"With the current interest rate environment still low, boards are eagerly exploring the opportunity to refinance existing debt or cover the cost of expensive capital improvement projects, which ultimately increases the value of the property." Mindy Goldstein, NCB's senior vice president, arranged more than $38 million in financing for area cooperatives in March, including a $5.2 million first mortgage and a $500,000 line of credit for a 208-unit co-op located at 3530 Henry Hudson Parkway The Henry Hudson Parkway is an 11.05 mile (0 km) long parkway in New York City. The southern terminus is at West 72nd Street in Manhattan, where the parkway continues south as the West Side Highway. in Riverdale, NY.
NCB's senior vice president Sheldon Gartenstein originated over $12 million in loans during March, including a $2.05 first mortgage and a $500,000 line of credit for a 79-unit co-op located at 208-214 East 84th Street in Manhattan.
Howe arranged almost $13 million in financing during March, including the month's largest loan, an $8.5 million first mortgage and a $750,000 line of credit for a 239-unit co-op located at 20 Wendell Street in Hempstead, NY.