NCB's $47m transactions - Banking & Finance - Brief Article

Real Estate Weekly, Jan 14, 2004

National Cooperative Bank (NCB), originated through its subsidiary, NCB, FSB over $47 million in financing during November for 27 New York area co-ops.

The financings included $33.9 million in first mortgages, plus $13.2 million in second mortgages and lines of credit.

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

"As we are closing in on the end of the fourth quarter, the refinancing market is still very active," commented Mr. Howe.

"We anticipate this pace to continue into the beginning of 2004, with properties looking to take advantage of the low interest rates, before they rise."

During the month of November, Mr. Howe arranged, among others, a $6 million line of credit for Park City Estates, a 1,041-unit co-op located at 98th Street in Rego Park, NY.

Senior Vice President Sheldon Gartenstein originated the largest transaction during the month of November on behalf of 196 Owners Corp.

The financing consisted of a $6.8 million first mortgage and a $1 million line of credit for the 134-unit co-op located at 196 East 75th Street in Manhattan.

NCB Vice President Mindy Goldstein also originated a $2.6 million first mortgage and $300,000 line of credit for the Tudor Oaks, a 105-unit co-op at Tudor Lane in Middle Island, NY, among several other transactions.