Printer Friendly

NCB sees pace of lending quicken as co-ops seek cash.

National Cooperative Bank (NCB) originated through its subsidiary, NCB, FSB, $95.6 million in financing during June for 32 New York area properties.

The financings included $82.3 million in first mortgages and $13.3 million in lines of credit. Edward Howe III, Managing Director of the NCB New York office, made the announcement. "Lending activity in June far outpaced May's volume, as even more cooperatives borrowed funds to cover a variety of expenses," commented Howe.

"Whether Boards are moving ahead with capital improvement projects or refinancing existing debt, NCB is increasingly the lender of choice in the Tri-State area." Among the deals closed, Howe originated an $8.3 million first mortgage for a 462-unit co-op located at 5610-5650 & 5615-5645 Netherland Avenue in Riverdale, NY; a $4.5 million first mortgage for Elmhurst Towers, a 160-unit co-op located at 81-11 45th Avenue in Elmhurst, NY; a $3.6 million first mortgage and a $500,000 line of credit for a 107-unit co-op located at 3103 Fairfield Avenue in Riverdale, NY; a $2.8 million first mortgage and $500,000 line of credit for a 99-unit co-op located at 2 Bronxille Road in Yonkers, NY.

Mindy Goldstein, NCB's senior vice president, arranged the largest loan during the month of June with an $18.5 million first mortgage and a $1 million line of credit for a 201-unit coop located at 790 Riverside Drive in Manhattan.

She also originated a $4.9 million first mortgage and a $500,000 line of credit for a 147-unit co-op located at 600 West 111th Street in Manhattan; a $4.5 million first mortgage and a $1 million line of credit for a 63-unit co-op located at 150 East 93rd Street in Manhattan; a $3.4 million first mortgage and a $200,000 line of credit for a 94-unit co-op located at 222 East 80th Street in Manhattan; a $1.9 million first mortgage and a $600,000 line of credit for a 30-unit co-op located at 168-170-172 East 90th Street in Manhattan.

NCB's senior vice president Sheldon Gartenstein arranged a $6.3 million first mortgage and a $700,000 line of credit for a 147-unit co-op located at 30-34 Pearsall Avenue in Glen Cove, NY; a $6 million first mortgage and a $1 million line of credit for a 246-unit co-op located at 632-678 Warburton Avenue in Yonkers, NY.

He also arranged a $1.2 million first mortgage and a $400,000 line of credit for an 8-unit co-op located at 222 Bowery in Manhattan; a $1 million line of credit for a 22-unit co-op located at 22 West 26th Street in Manhattan; a $939,000 first mortgage and a $400,000 line of credit for a 56-unit co-op located at 523-533 East 84th Street in Manhattan.
COPYRIGHT 2006 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2006, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:FINANCE; National Cooperative Bank
Publication:Real Estate Weekly
Geographic Code:1USA
Date:Aug 2, 2006
Words:462
Previous Article:Nursing home financings.
Next Article:Multi-family finance package closed.
Topics:


Related Articles
NCB launching new home loan program.
NCB expands loan program to NYS.
National Cooperative Bank (NCB).
National Cooperative Bank (NCB).
National Cooperative Bank.
NCB arranges $75.5m financing.
Participating Lender marathon ends with 10 loans closed.
Smaller co-ops borrowing habits becoming a trend.
NCB's young star invests in co-op finance niche.
Co-ops still happy to refinance.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters