NCB arranges over $58m in financing

Real Estate Weekly,  July 11, 2007  

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NCB, the leading provider of financing to New York housing cooperatives, originated more than $58 million in financing in May for 29 New York area properties. The financings included $44.8 million in first mortgages and $13.7 million in lines of credit.

"As we approach the mid-year mark, our borrowing activity continues strong, due in part to NCB's ability to provide cooperatives of all sizes with tailored financing to meet their specific needs," said Edward Howe III, Managing Director of the NCB New York office. "We anticipate this robust financing volume will continue as long as property valuations maintain their steady growth."

NCB's senior vice president Mindy Goldstein arranged a total of $28 million in loans during May, including a $5 million first mortgage and a $750,000 line of credit for a 68-unit co-op located at 310 and 320 West 86th Street in Manhattan; a $3.7 million first mortgage and a $500,000 line of credit for a 41-unit co-op located at 970 Park Avenue in Manhattan; a $2.9 million first mortgage and a $500,000 line of credit for The La Costa, a 95-unit co-op located at 397-399 North Broadway in Yonkers, NY; a $2.5 million first mortgage and a $250,000 line of credit for an 86-unit condo-op located at 83-06 Vietor Avenue in Elmhurst, NY;.

NCB's senior vice president Sheldon Gartenstein arranged a total of $19.3 million in loans during May including the largest deal of the month, an $8.5 million first mortgage and a $750,000 line of credit for a 312-unit coop located at 250-55 46th Avenue in Bayside, NY. In addition, Gartenstein originated a $1.4 million first mortgage and a $300,000 line of credit for a 16-unit co-op located at 575 Sixth Avenue in Manhattan; a $1.3 million first mortgage and a $500,000 line of credit for a 54-unit co-op located at 100 Bank Street in Manhattan; and a $500,000 line of credit for a 26-unit co-op located at 36 West 84th Street in Manhattan.

Howe arranged a total of $17.2 million in loans during May, including a $6.2 million first mortgage and a $1 million line of credit for The Westminster House, a 152-unit co-op located at 35 East 85th Street in Manhattan; a $2.9 million first mortgage for a 110-unit co-op located at 42 Pine Street in Yonkers, NY; a $2.5 million first mortgage and a $500,000 line of credit for a 91-unit co-op located at 377 Westchester Avenue in Port Chester, NY; a $1 million first mortgage and a $500,000 line of credit for a 59-unit co-op located at 3512 Oxford Avenue in Riverdale, NY; an $850,000 first mortgage and a $500,000 line of credit for a 12-unit co-op located at 84-86 Thomas Street in Manhattan.

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