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NCB finances in NY.

National Cooperative Bank (NCB), the nation's leading provider of financing to housing cooperatives, originated through its subsidiary, NCB, FSB, $28 million in financing during May for 14 New York area properties.

The financings included $23.7 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.

"Financing activity in May remained solid, with many properties still borrowing to fund a wide range of capital improvement projects or refinance existing debt," stated Howe. "We attribute our ongoing success to the team's ability to provide creative financing packages--loans more traditional banks often shy away from--to meet the varying needs of New York area housing cooperatives."

Mindy Goldstein, NCB's Senior Vice President, arranged over $14 million in financing for housing cooperatives in May.

Her loan of a $7.5 million first mortgage and a $1 million line of credit for a 144-unit co-op located at 30 East 9th Street in Manhattan was the largest loan underwritten during the month.

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.

Managing Director Edward Howe arranged more than $8.7 million in financing loans 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:FINANCE; National Cooperative Bank
Publication:Real Estate Weekly
Article Type:Brief article
Geographic Code:1USA
Date:Jul 5, 2006
Previous Article:Normandy floats on $74m GE mortgage.
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