Low rates keep summer lending on the up at NCB

National Cooperative Bank (NCB), a lender to cooperative housing throughout the Tri-State area, originated $33 million in new financing activity during July for 16 New York area properties.

Edward Howe III, managing director of the NCB New York office, said, “While the summer is traditionally a slower time of year, we’re still seeing demand from a number of cooperatives looking to take advantage of the still low interest rate environment.

“We are pleased to have provided loans to 16 additional communities, and remain a consistent source of financing for New York area housing cooperatives.”

NCB senior vice president Mindy Goldstein arranged more than $5 million in new loans during July, including a $1.5 million first mortgage for NOH Realty Corp., an eight-unit co-op located at 541 Broadway in Manhattan.

In July, Howe arranged a $3 million first mortgage for Woodbrook Gardens Corp., a 105-unit co-op located at 140 North Broadway in Irvington, NY.

And NCB senior vice president Sheldon Gartenstein originated nearly $24 million in new financing during July, including the largest loan of the month, a $7.4 million line of credit and a $1 million third mortgage for
Regency East Apartment Corp., a 143-unit co-op located at 301 East 64th Street in Manhattan.