Borrowers cashing in on low interest rates, say bank figures

Real Estate Weekly, July 6, 2005

National Cooperative Bank originated through its subsidiary, NCB, FSB, more than $38 million in financing during May for 22 New York area properties.

The financings included $28 million in first mortgages plus $10.2 million in second mortgages and lines of credit. Edward Howe III, Managing Director of the NCB New York office, made the announcement.

"Cooperative and condominium origination activity through May is substantially ahead of 2004's cumulative results in both total financing and participants," commented Mr. Howe. "Even with interest rates on the rise, NCB New York anticipates the high volume of financing activity in 2005 will continue as long as property valuations maintain a steady growth."

In May, NCB Senior Vice President Mindy Goldstein originated over $15 million for area cooperatives and condominiums. Her loan of a $3.3 million first mortgage and a $1 million line of credit for Park Towers, a 131-unit co-op located at 370 Ocean Parkway in Brooklyn, NY, was the largest loan underwritten during the month.

Sheldon Gartenstein, NCB Senior Vice President, originated over $16 million in co-op loans during May including a $2.6 million first mortgage and a $500,000 line of credit for a 74-unit co-op located at 350 Cabrini Boulevard in Manhattan.

Mr. Howe arranged more than $6 million in loans for area cooperatives, including a $2.3 million first mortgage and a $1 million line of credit for Riverwood, a 129-unit co-op at 279 North Broadway in Yonkers, NY.