National Cooperative Bank (NCB), a lender to cooperative housing throughout the Tri-State area, originated $33 million in new financing activity during July for 16 New York area properties.
EDWARD HOWE
Edward Howe III, managing director of the NCB New York office, said, “While the summer is traditionally a slower time of year, we’re still seeing demand from a number of cooperatives looking to take advantage of the still low interest rate environment.
“We are pleased to have provided loans to 16 additional communities, and remain a consistent source of financing for New York area housing cooperatives.”
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 in Manhattan.
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.
And NCB senior vice president Sheldon Gartenstein originated nearly $24 million in new financing during July, including the largest loan of the month, 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.
