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NCB is breaking all the records.

National Cooperative Bank originated through its subsidiary, NCB, FSB, more than $104 million in financing during June for 30 New York area properties.

The financings included $89.5 million in first mortgages plus $15.1 million in second mortgages and lines of credit.

Edward Howe III, Managing Director of the NCB New York office, made the announcement.

"NCB New York finished off the first half of the 2005 with a tremendous accomplishment by setting a monthly financing record of $104.7 million," commented Mr. Howe.

"This phenomenal origination volume is in line with monthly cooperative and condominium financing trends in the New York area.

"These trends illustrate that total financing activity and first mortgage originations are steadily increasing while the total number of borrowers is remaining fairly stable."

Mr. Howe arranged more than $72 million in loans for area cooperatives in June, including the largest financing during the month a $29 million first mortgage and a $3 million line of credit for Kings Village Corp., a 777unit co-op located at 1270 East 51st Street in Brooklyn, NY. In June two additional condos took advantage of the Amendment to the New York Condominium Act, which allows condominium associations to finance capital improvement projects and repairs.

NCB Senior Vice President Mindy Goldstein originated a combined $830,000 for the condominiums. NCB's Senior Vice President Sheldon Gartenstein originated over $17 million in co-op loans during June including a $7.9 million first mortgage and a $1 million line of credit for Cannon Point North, a 321-unit co-op located at 25 Sutton Place in Manhattan.
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Title Annotation:National Cooperative Bank generates more financing
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Aug 3, 2005
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