City & Suburban Federal Savings secures commercial loan closings

Real Estate Weekly, Feb 6, 2002

City & Suburban Federal Savings Bank announced some new commercial loan closings for income-producing properties in New York City and Westchester County.

"Here's more upbeat news for a downbeat economy," said Joe Laquidara, senior vice president and chief mortgage officer. "Our 'Fast-Track' financing system continues to capture some of the best deals in the New York Metro real estate market. We've just used it to close $52 million in the past 60 days."

"With our system we can outperform most of the giant banks in the area. Our loans averaged 45 days from commitment to close. Those banks just can't act that fast," said Charlie Persico, vice president and mortgage officer.

Diana Elton, also a vice president and part of the C&S lending team, said "We're geared to keeping the economy moving and see opportunities that others miss. Our 'Fast-Track,' besides fast action, means aggressive competitive rates and terms for a good product -- loans from $500,000 to $6 million. For larger ones we bring in additional banks."

The mortgages were originated by Laquidara, Persico, and Elton and underwritten by Terry McArdle, assistant vice president of the City & Suburban Commercial and Multifamily Division. They were closed by Thacher, Proffitt & Wood, P.C. and Rosenberg & Estis, P.C., both representing the bank.