Smaller co-ops borrowing habits becoming a trend.
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|
|Date:||Oct 6, 2004|
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