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NCB enjoys strong December with $61m in financing deals.

NCB, the leading provider of financing to New York housing cooperatives, originated more than $61 million in financing during December for 19 New York area properties. The financings included $52.7 million in first mortgages and $8.8 million in lines of credit.

"The New York office ended the year on a high-note, with over $61 million worth of financing during December--record-setting numbers for this time of year," stated Edward Howe III, managing director of the NCB New York office. "We are looking forward to another great first quarter in 2007, with no sign of lending activity slowing down."

Howe arranged a total of $17.4 million in loans during December, including a $7.6 million first mortgage and a $300,000 line of credit for a 300-unit co-op located at 181 Long Hill Road in Little Falls, NJ; a $3.8 million first mortgage and a $500,000 line of credit for a 45-unit co-op located at 236 West 26th Street in Manhattan..

NCB's senior vice president Mindy Goldstein arranged a total of $22.7 million in loans during December, including the largest deal of the month, a $13 million first mortgage and a $1 million line of credit for a 622-unit coop located at 11 Riverside Drive in Manhattan. In addition, Ms. Goldstein originated a $3.5 million first mortgage for a 48-unit co-op located at 355 Route 111 in Smithtown, NY.

NCB's senior vice president Sheldon Gartenstein arranged a total of $21.4 million in loans during December, including an $8.5 million first mortgage and a $1 million line of credit for Laurelton Gardens, a 384-unit co-op located at 131-42 234th Street in Laurelton, NY; a $2.5 million first mortgage and a $750,000 line of credit for a 108-unit co-op located at 144-55 Melbourne Avenue in Flushing, NY; a $2.4 million first mortgage and a $250,000 line of credit for a 36-unit co-op at 320 West 87th Street in Manhattan; a $2.2 million first mortgage and a $500,000 line of credit for a 59-unit co-op at 200 Pinehurst Avenue, Manhattan; a $1 million first mortgage and a $500,000 line of credit for a 60-unit co-op located at 40 Prospect Park West in Brooklyn, NY; a $500,000 first mortgage and a $100,000 line of credit for a 7-unit co-op at 14 East 68th Street in Manhattan.
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Title Annotation:FINANCE
Publication:Real Estate Weekly
Date:Jan 24, 2007
Words:398
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