National Cooperative Bank (NCB), a lender to cooperative housing, originated over $14 million in new financing activity during February for ten New York area properties.
Edward Howe III, managing director of the NCB New York office, commented, “In February we saw co-ops throughout the city take advantage of the low interest rate environment to secure financing in order to reduce existing debt.
“As part of the community for more than three decades, we are extremely proud to be a resource for co-ops looking for the ideal financing options best suited to their needs.”
Financing highlights in February included:
In February, Howe arranged nearly $9 million in new financing activity, including the largest loan of the month, a $2.8 million first mortgage for Tova Realty Corp., a 126-unit co-op located at 42-22 Ketcham Street in Elmhurst, NY;
NCB senior vice president Mindy Goldstein arranged nearly $6 million in new loans during the month, including a $1.8 million first mortgage and a $500,000 line of credit for Fowler Court Tenants, Inc., a 48-unit co-op located at 400 Riverside Drive in Manhattan;