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Refinancing drives NCB deals to $48M for April.

National Cooperative Bank originated through its subsidiary, NCB, FSB, $48.9 million in financing during April for 16 New York area properties.

The financings included $41.7 million in first mortgages, $6.4 million in lines of credit and an $800,000 bulk share loan. Edward Howe III, Managing Director of the NCB New York office, made the announcement.

"April's lending activity launched the second quarter on a strong note for NCB," commented Howe. "We anticipate this trend to continue as the majority of our activity is being driven by refinancing, as cooperatives in the Tri-State area continue to move ahead to secure still low interest rates."

Mindy Goldstein, NCB's senior vice president, arranged over $7.4 million in financing for area cooperatives in April, including a $500,000 line of credit for a 15-unit co-op located at 59 4th Avenue in Manhattan.

NCB's senior vice president Sheldon Gartenstein originated over $35 million in loans during April, including the month's largest loan, a $23.5 million first mortgage and a $1 million line of credit for a 779-unit co-op located at 270 & 280 Luis Marin Boulevard in Jersey City, NJ. Managing director Edward Howe arranged more than $6.4 million in financing loans during April, including a $3.2 million first mortgage and a $200,000 line of credit for a 92-unit co-op located at 4 Rose Street in Oceanside, NY; and a $3 million first mortgage for a 100-unit co-op located at Kenneth Stuart Place in Yorktown, NY.
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Title Annotation:FINANCE
Publication:Real Estate Weekly
Article Type:Brief article
Geographic Code:1USA
Date:May 24, 2006
Words:249
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