National Cooperative Bank (NCB), a lender to cooperative housing throughout the Tri-State area, arranged $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, commented, “The Boards and the communities they represent are pro-actively taking steps to lower existing debt, manage monthly maintenance and protect the overall financial health of their properties for years to come.”
Financing highlights in July 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 arranged by NCB senior vice president Sheldon Gartenstein.
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;
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/112 Mercer Street in Manhattan.