October 27th, 2007
Boards take advantage of increasing values
National Cooperative Bank (NCB), the nation’s leading provider of financing to housing cooperatives and condominiums, originated through its subsidiary, NCB, FSB, $62.0 million in financing during April for 21 New York area properties.
The financings included $44.2 million in first mortgages, plus $17.8 million in second mortgages and lines of credit. Edward Howe III, Managing Director of the NCB New York office, made the announcement.
“Financing activity through April continued to demonstrate that cooperative and condominium boards are pursuing needed financing by taking advantage of their increasing property values in a low-interest rate lending environment,” commented Mr. Howe.
“This trend is evidenced by the steady rise in NCB’s total monthly financing while the number of borrowers has remained fairly constant.”
In April, three additional condominiums took advantage of the Amendment to the New York Condominium Act, allowing condominium associations to finance capital improvement projects and repairs.
NCB Senior Vice President Sheldon Gartenstein originated a $3.l million first mortgage and a $1.0 million line of credit for an 88-unit condominium located at 233 East 70th St. in Manhattan; a $2.2 million first mortgage and a $1.0 line of credit for a 111-unit condominium located at 319 East 50th St. in Manhattan; and a $2.5 million line of credit for a 50unit condominium located at 260 West Broadway in Manhattan.
Mr. Gartenstein also originated over $47 million in co-op loans during April including the Bank’s largest loan of the month, an $11.0 million first mortgage and a $3.0 million line of credit for a 275-unit co-op located at 10 West 66th St. in Manhattan.
NCB Senior Vice President Mindy Goldstein originated nearly $3 million for area cooperatives including a $900,000 first mortgage for a 16-unit co-op located at 2 Jane Street in Manhattan; an $800,000 first mortgage and a $250,000 line of credit for a 40-unit co-op located at 166 West 76th St. in Manhattan; a $550,000 line of credit for a 21-unit co-op located at 310 Windsor Place in Brooklyn; and a $230,000 first mortgage for a 10-unit co-op located at 102 Bedford St. in Manhattan.
Mr. Howe arranged more than $12 million in loans for area cooperatives including a $4.5 million first mortgage and a $2.0 million line of credit for a 106-unit co-op located at 65 Central Park West in Manhattan; a $4.0 million first mortgage and a $500,000 line of credit for the Gateway, a 104-unit co-op located at 60 Gateway Road in Yonkers a $2.8 million first mortgage and a $500,000 line of credit for the Breukelen, a 127-unit co-op located at 57 Montague St. in Brooklyn.