National Cooperative Bank (NCB), a lender to co-operative housing throughout the Tri-State area, arranged nearly $51 million in new financing activity during January for 21 New York area properties.
Edward Howe III, managing director of the NCB New York office, commented, “Following a record 2012, the new year is off to a strong start with a significant increase in financing compared to the same period last year.
“If January is any indication, we anticipate 2013 will be another record-breaking year for lending activity to New York area cooperatives. We are proud to be a valuable resource for these housing communities as they refinance mortgages and undertake capital improvement projects that ensure the financial health of their properties for years to come.”
NCB senior vice president Mindy Goldstein arranged more than $20 million in new loans during the month, including a $5.6 million first mortgage and a $250,000 line of credit for Lakeland Owners Corp., in Sayville, NY.
Senior vice president Sheldon Gartenstein originated nearly $20 million in new loans during January, including the largest loan of the month, an $8.5 million first mortgage and a $500,000 line of credit for The Seven Park Avenue Corp., a 226-unit co-op located at 7 Park Avenue in Manhattan.
In January, Howe arranged more than $10 million in new loans.