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Co-ops still happy to refinance.

National Cooperative Bank, a leading provider of financing to housing co-operatives, originated through its subsidiary, NCB, FSB, $28 million in financing during May for 14 New York area properties.

The financings included $23.3 million in first mortgages and $4.3 million in lines of credit. Edward Howe III, managing director of the NCB New York office, made the announcement.

"May's still-low interest rate environment influenced co-operative boards to continue to borrow money in the form of first mortgages and lines of credit," commented Howe.

"This financial activity is allowing cooperatives to refinance existing debt or launch capital improvement projects, which ultimately increase the value of a property." Mindy Goldstein, NCB's senior vice president, arranged over $14 million in financing in May, including the month's largest loan, a $7.5 million first mortgage and a $1 million line of credit for a 144-unit co-op at 30 East 9th Street in Manhattan.

NCB's senior vice president, Sheldon Gartenstein, originated over $4 million in loans during May, including a $1 million first mortgage and a $500,000 line of credit for a 148-unit co-op located at 155 Ferris Avenue in White Plains, NY.

Edward Howe arranged more than $8.7 million in financing during May, including a $5 million first mortgage and a $500,000 line of credit for a 346-unit co-op located at 230 Garth Road in Scarsdale, NY.
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Title Annotation:National Cooperative Bank (Washington, D.C.)
Publication:Real Estate Weekly
Article Type:Brief article
Geographic Code:1USA
Date:Jun 21, 2006
Words:228
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