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Condo boards borrowing hikes NCB monthly tab to $63m.

National Cooperative Bank originated through its subsidiary, NCB, FSB, $63.15 million in financing during March for 31 New York 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 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 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.
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Title Annotation:National Cooperative Bank
Publication:Real Estate Weekly
Article Type:Brief article
Geographic Code:1USA
Date:May 3, 2006
Previous Article:LES apartments top-up.
Next Article:Housing institute names ARCS Community Lender of the Year.

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