National Cooperative Bank

Real Estate Weekly, July 19, 2000

National Cooperative Bank (NCB), one of the leading originators of underlying mortgages for cooperative housing corporations, arranged $8.45 million in financing for nine New York area co-ops in May. The financings included $2.55 million in first mortgages, $2.65 million in second mortgages and secured lines of credit worth $3.25 million. The announcement was made by Edward Howe III, managing director of the firm's New York office.

Mr. Howe arranged the, largest transaction on be half of the NCB in May, a $2.5 million second mortgage for the 528-unit co-op located at 1 Burbank Street in Yonkers, NY. He also secured a $1.5 million line of credit for 322 Realty Corp., a 48-unit co-op; a $1.5 million loan on; unsold shares at the 214-unit co-op located at 1 Burbank Street in Yonkers, NY; and a $799,600 first mortgage for the 12-unit co-op located at 307 East 8th Street in Manhattan.

NCB senior vice president Sheldon Gartenstein arranged a $1.2 million first mortgage for the 61-unit co-op located at 235 West 70th Street in Manhattan In addition, NCB senior vice president Paulette Bonanno arranged a $550,000 first mortgage for the 60-unit co-op located at 1125 Lorimer Street in Brooklyn, NY.

Finally, NCB vice president Mindy Goldstein arranged a $150,000 second mortgage for the 20-unit co-op located at 432-434 West 4th Street in Manhattan; a $150,000 line of credit for the 17-unit co-op located at 184 Columbia Heights in Brooklyn, NY and a $100,000 line of credit for the 12-unit co-op located at 303 East 8th Street in Manhattan.