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Smaller co-ops borrowing habits becoming a trend.

National Cooperative Bank (NCB) originated through its subsidiary, NCB, FSB, $35.05 million in financing during August for 25 New York area co-ops and condominiums.

The financings included $24.48 million in first mortgages, plus $10.57 million in second mortgages and lines of credit.

Almost half of these loans were to smaller co-op building with 27 units or less.

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

"The lull of the summer months was non-existent this year, making it a record period for the New York office," commented Mr. Howe.

"We were pleased to see during this time even more smaller-sized cooperatives took advantage of lines of credit to pay for capital expenses, a trend that has been gaining momentum throughout the year."

Included in NCB Senior Vice President Sheldon Gartenstein's loan activity during August was a $600,000 line of credit for an 18-unit co-op at 314 West 77th Street in Manhattan.

Ms. Goldstein arranged a loan for the Pinette, consisting of a $2.1 million first mortgage and a $1.0 million line of credit for a smaller, 25-unit co-op located at 105 Montague Street in Brooklyn, NY.

Also serving the smaller market, Mr. Howe originated a $950,000 first mortgage and a $250,00 line of credit for a 27-unit en-op located at 250 Park Slope in Brooklyn, NY.
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Title Annotation:Finance: real estate
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Oct 6, 2004
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