Recent financings announced by National Cooperative Bank - Brief Article

Real Estate Weekly, April 8, 1992

NCB Mortgage Corporation (NCBMC) provided over $85 million in mortgage financing to New York area housing cooperatives in 1991, according to Grace Ann Huebscher, president. NCBMC, a subsidiary of Washington, D.C.-based National Cooperative Bank, specializes in providing first and second mortgages and lines of credit to cooperative apartment buildings in the New York area.

In the past month, NCBMC has provided mortgage loans for over $5 million to the following cooperative buildings: *Verrazano Owners, an 80-unit cooperative, located at 101st Street and 3rd Avenue in Brooklyn. The co-op obtained a $3.2 million first mortgage at a rate of 9.01 percent. This rate is fixed for the first five years of the loan's 15 year term. Sheldon Gartenstein, vice president, represented NCBMC in the financing. *Channing Place, Inc., a 26-unit cooperative, located at 2-26 Channing Place in Eastchester, New York. The co-op obtained at $1.4 million first mortgage fixed at a 9.19 percent rate for 10 years. Edward J. Howe, III, assistant vice president, was the NCBMC loan officer in the transaction. *370 Riverside Drive, a 76-unit cooperative, located on 109th Street in Manhattan. The co-op obtained a $1 million first mortgage at 8.65 percent. The loan covers a 15-year term with the interest rate adjusting every five years. Paulette Bonanno, vice president, represented NCBMC in the financing.