National Cooperative Bank has record year in 2002

Real Estate Weekly, Feb 19, 2003

The New York real estate team of National Cooperative Bank (NCB), one of the leading providers of financing to housing cooperatives and condominiums, posted a record year in 2002, providing more than $586.2 million in financing through its subsidiary NCB, FSB to some 406 housing cooperatives and condominium associations in the New York area. Edward Howe III, Managing Director of NCB's New York office, made the year-end announcement.

"The past year has been a record-breaker for NCB. Financing activity well surpassed lenders' forecasts assisted by the frequent cutting of interest rates by the federal government," commented Howe. "As a result, refinancing has been the top issue on most cooperatives' agendas, where locking in all time low rates and lines of credit has dominated the lending market. We believe the industry will see this trend continue through the first half of 2003."

Overall, NCB's New York office experienced a 40% growth in loan disbursements. Some of the largest transactions completed in 2002 included a $24.5 million loan arranged by Howe for Park City Estates, in Rego Park, NY; a $8.7 million first mortgage arranged by Sheldon Gartenstein, senior vice president, for 205 East 78th St. in Manhattan, NY; and a $8 million transaction arranged by Mindy Goldstein, vice president, for 18-15 215th St/ in Bayside, NY.

Nationwide, NCB experienced a 56% growth in coop apartment financing (share loans) with the low interest rate environment, attracting more consumers to fixed rate mortgages. The New York office's share loan program, headed by Robbie Gendels and Jim Banahan, provided more than $26.4 million in financing to co-op apartment homeowners.

"Buildings constantly need capital infusion, and Boards turn to NCB because of our ability to deliver a creative combination of financial products to serve the varied needs of multifamily communities," said Howe.