National Cooperative Bank (NCB), a lender to cooperative housing throughout the Tri-State area, originated over $51 million in new financing activity during February for 17 New York area properties.
Edward Howe III, managing director of the NCB New York office, said the lender anticipates this trend to continue in the coming months, as more New York cooperatives opt to secure financing .
In February, Howe arranged nearly $24 million in new loans, including an $8.8 million first mortgage and a $500,000 line of credit for 83rd Street Tenants, Inc., an 81-unit co-op located at 8 East 83rd Street in Manhattan.
NCB senior vice president Mindy Goldstein arranged over $25 million in new loans during February, including the largest loan of the month, an $11.6 million first mortgage and a $500,000 line of credit for Fairfield Commons Owners Corp., a 216-unit co-op located at 2-346 Edmunton Drive in North Babylon NY.
She also arranged a $4.5 million first mortgage and a $500,000 line of credit for a 91-unit co-op located at 315 West 86th Street in Manhattan; a $3.6 million first mortgage and a $500,000 line of credit for 131 Riverside Apartments Corporation, a 56-unit co-op located at 131 Riverside Drive in Manhattan.
NCB senior vice president Sheldon Gartenstein originated more than $2 million in new loans during February, including an $1.8 million first mortgage and a $300,000 line of credit for Whitehall Commons, Ltd., a 63-unit co-op located at 45 Pondfield Road West in Bronxville, NY.
NCB provides term loans, lines of credit, commercial and residential mortgages and business banking products to co-ops nationwide.