Printer Friendly

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.
COPYRIGHT 2004 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2004, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Finance: real estate
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Oct 6, 2004
Words:229
Previous Article:Complex deal for $23m.
Next Article:Vintage Group buys multi-family property.
Topics:


Related Articles
National Cooperative Bank (NCB).
National Cooperative Bank.
National Cooperative Bank (NCB).
National Cooperative Bank.
National Cooperative Bank has record year in 2002.
NCB arranges $75.5m financing.
National Cooperative Bank completes $53m in loans.
NCB's young star invests in co-op finance niche.
NCB's $79m month.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters