National Cooperative Bank (NCB) originated nearly $50 million in new loans during March for 15 New York area properties.
Edward Howe III, Managing Director of the NCB New York office, said, “We’ve experienced a significant jump in financing activity during March, which can be attributed to upcoming capital improvement projects scheduled for the approaching summer months, and the still-low interest rate environment.”
Leading the charge in March was Mr. Howe, who arranged nearly $36 million in new financing activity, including the largest loan of the month, a $21.5 million first mortgage and a $1.5 million line of credit for The Howard Owners, Inc., a 481-unit co-op at 99-32/52/72 66th Road in Rego Park, NY.
He also arranged a $3.7 million first mortgage and a $1 million line of credit for Chatham Towers, Inc., a 239-unit co-op at 170-180 Park Row in Manhattan; a $3.5 million first mortgage and a $500,000 line of credit for a 48-unit co-op at 333 West End Avenue in Manhattan; a $2.6 million first mortgage and a $500,000 line of credit for a 38-unit co-op at 929 Park Avenue in Manhattan; and an $830,000 first mortgage for a 36-unit co-op at 119 West 71st Street in Manhattan.
Additionally, NCB Senior Vice President Mindy Goldstein originated more than $14 million in new loans during the month, including a $3 million first mortgage and a $500,000 line of credit for 321 Apartments Corp., a 101-unit co-op at 321 East 54th Street in Manhattan; and a $650,000 first mortgage and a $250,000 line of credit for 111-127 Cabrini Apartments Corp., a 39-unit co-op located at 115-125 Cabrini Boulevard in Manhattan.