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National Cooperative Bank has a record-breaking July.

National Cooperative Bank originated $84.1 million in financing during July for 35 New York area co-ops and condos through its subsidiary NCB, a record for the month. The financings included $65.7 million in first mortgages, plus $18.4 million in second mortgages and lines of credit. Edward Howe III, managing director of the NCB New York office, made the announcement.

"The flurry of lending activity we experienced in July even surpassed the financing arranged during the intense refinancing market of last summer," said Mr. Howe. "During the past month we also saw a significant increase in smaller co-ops--50 units and less--[that] were proactively addressing their financing needs, ultimately accounting for one third of the loans originated during this period."

Also in July, another New York condominium took advantage of the amendment to the New York Condominium Act allowing condominium associations to finance capital improvement projects and repairs. NCB vice president Mindy Goldstein originated a $750,000 line of credit for Granada Condominium I, a 154-unit condominium located at 298 Hillside Ave. in White Plains, N.Y.

Ms. Goldstein originated the largest loan during the month of July, with a $15.5 million first mortgage and a $3 million line of credit for Doric Apartment Corporation, a 434-unit co-op located at 100 Manhattan Ave. in Union City, N.J. She also arranged a $4.15 million first mortgage and a $250,000 line of credit for Michelangelo Apartments, Inc., an 89-unit co-op located at 687 Bronx River Road in Yonkers, N.Y.; a $2 million first mortgage and a $200,000 line of credit for Bridgeview Apartment Corporation, a 108-unit co-op located at 326-328 Bridge Plaza North in Fort Lee, N.J; a $2.3 million first mortgage and a $1.5 million line of credit for a 35-unit co-op located at 100 Hudson St. in Manhattan; a $1.85 million first mortgage and a $100,000 line of credit for The Mews at Roosevelt, a 47-unit co-op located at 147 Roosevelt Ave., 38 147th St. and 147 38th Ave. in Flushing, N.Y.; a $1.75 million first mortgage and a $200,000 line of credit for a co-op located at 61 Irving Place in Manhattan; a $1.69 million first mortgage and a $400,000 line of credit for the Hanover River House, a 29-unit co-op located at 335 Greenwich St. in Manhattan; a $1.68 million first mortgage and a $500,000 line of credit for a 41-unit co-op located at 718 Broadway in Manhattan; a $1.5 million line of credit for an 85-unit co-op located at 40 E. 88th St. in Manhattan; a $1.4 million first mortgage and a $100,000 line of credit for a 61-unit co-op located at 95 Sedgwick Ave. in Yonkers, N.Y.; a $1.25 million first mortgage and a $500,000 line of credit for a 45-unit co-op located at 130 E. 94th St. in Manhattan; an $850,000 first mortgage and a $100,000 line of credit for a 15-unit co-op located at 406 W. 46th St. in Manhattan; a $525,000 first mortgage and a $100,000 line of credit for a 24-unit co-op located at 336 E. 50th St. in Manhattan; a $500,000 first mortgage and a $100,000 line of credit for a 13-unit co-op located at 62 E. 87th St. in Manhattan; a $500,000 line of credit for an 86-unit co-op located at 34-356 Central Park Ave. in Scarsdale, N.Y.; and a $200,000 line of credit for Spice Lofthouse, a 15-unit co-op located at 165 Hudson St. in Manhattan.

Mr. Howe arranged a $4.5 million first mortgage for Kensington Gate, a 95-unit co-op located at One Kensington Gate in Great Neck, N.Y.; a $3.25 million first mortgage and a $350,000 line of credit for the Gothic, a 124-unit co-op located at 84-50 169th St. in Manhattan; a $3 million first mortgage for the Saunders Apartments, a 173-unit co-op located at 63-89 Saunders St. and 63-109 Saunders St. in Rego Park, N.Y.; a $2.8 million first mortgage and a $500,000 line of credit for a 106-unit co-op located at 632 Palmer Road in Yonkers, N.Y.; a $2.7 million first mortgage and a $500,000 line of credit for the Beverly House, a 129-unit co-op located at 84-51 Beverly Road in Kew Gardens, N.Y.; a $1.3 million first mortgage and a $250,000 line of credit for Steven Lee House, a 79-unit co-op located at 3200 Netherland Ave. in Riverdale, N.Y.; a $1.25 million first mortgage and a $200,000 line of credit for Gramgar, Inc., a 14-unit co-op located at 48 Sagamore Road in Bronxville, N.Y.; a $1.05 million first mortgage and a $250,000 line of credit for Bainbridge House, Inc., a 72-unit co-op located at 325 E. 201st St. in the Bronx; a $1 million first mortgage and a $500,000 line of credit for a 56-unit co-op located at 81-87 Columbia Heights in Brooklyn, N.Y.; a $1 million first mortgage and a $300,000 line of credit for Florence Court Corp., a 29-unit co-op located at 187 Hicks St. in Brooklyn, N.Y.; and a $500,000 line of credit for McLean Towers, an 81-unit co-op located at 385 McLean Ave. in Yonkers, N.Y.

NCB senior vice president Sheldon Gartenstein originated a $3.7 million first mortgage and a $700,000 line of credit for Ramapo Towers, a 148-unit co-op located at 30/40 South Cole Ave. in Spring Valley, N.Y.; a $3 million line of credit for a 182-unit co-op located at 32 Gramercy Park South in Manhattan; a $1.5 million first mortgage and a $500,000 line of credit for a 72-unit co-op located at 35 Prospect Park West in Brooklyn, N.Y.; a $1.4 million first mortgage and a $400,000 line of credit for the Michelle, a 71-unit co-op located at 210 41st Ave. in Bayside, N.Y.; a $1.2 million first mortgage and a $300,000 line of credit for a 73-unit co-op located at 60 W. 68th St. in Manhattan; a $300,000 first mortgage and a $150,000 line of credit for a 13-unit co-op located at 353 and 355 W. 29th St. in Manhattan; and a $270,000 first mortgage for a four-unit co-op located at 304 W. 78th St. in Manhattan.
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Title Annotation:Finance: real estate
Publication:Real Estate Weekly
Geographic Code:1U2NY
Date:Sep 8, 2004
Words:1076
Previous Article:Cooper-Horowitz, Inc.
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