NCB, the leading provider of financing to New York housing cooperatives, originated almost $60 million in financing in December for 24 New York area properties. The financings included $46.7 million in mortgages and $12.9 million in lines of credit. Edward Howe III, Managing Director of the NCB New York office, made the announcement.
“Activity during December more than tripled from the prior month, as many cooperatives looked to take advantage of low interest rates before year end,” stated Mr. Howe. “While other areas of the financing market have slowed dramatically, underlying mortgages and lines of credit lending for housing communities remains strong, as more buildings arrange loans to meet varying financial needs. NCB is proud to remain one of the leading lenders to cooperative properties throughout the Tri-State area.”
Mr. Howe arranged $21.6 in loan originations during the month including a $6 million first mortgage for Sea Crest at Amagansett Corp., a 74-unit co-op located at 2166 Montauk Highway in Amagansett, NY; a $3.75 million first mortgage and a $1 million line of credit for Booth Street Owners Corp., a 128-unit located at 67-76 Booth Street in Forest Hills, NY; a $2.5 million first mortgage and a $500,000 line of credit for a 78-unit co-op located at 141-60 84th Road in Jamaica, NY; a $2.2 million first mortgage and a $250,000 line of credit for a 48-unit co-op located at 270 West 11th Street in Manhattan; a $1.5 million first mortgage and a $250,000 line of credit for Maplewood Residences, Inc., a 48-unit co-op located at 1877 East 12th Street in Brooklyn, NY; a $1 million line of credit for The Knolls Cooperative Section 2, Inc., a 236-unit co-op located at 55 Knolls Crescent in Riverdale, NY; a $920,000 first mortgage and a $500,000 line of credit for 3321 Pelham Bay Owners Corp., a 70-unit co-op located at 3321 Bruckner Boulevard in the Bronx; a $500,000 first mortgage and a $200,000 line of credit for Lancaster Owners, Inc., a 10-unit co-op located at 39-41 East 10th Street in Manhattan; and a $500,000 line of credit for Sherbrooke Smithtown Owners Corp., a 48-unit co-op at 355 Route 111 in Smithtown, NY.
NCB’s Senior Vice President Mindy Goldstein arranged a total of $27.8 million in December including a $11.5 million first mortgage and a $500,000 line of credit for a 375-unit co-op located at 460 Old Town Road in Port Jefferson Station, NY; a $4 million first mortgage and a $200,000 line of credit for Highlander Hall Owners Corp., a 165-unit co-op located at 164-20 Highland Avenue in Jamaica, NY; a $3.6 million first mortgage and a $200,000 line of credit for Saxony Hall Owners, Inc., an 85-unit co-op located at 87-15 165th Street in Jamaica, NY; a $2 million line of credit for a 75-unit condop located at 255 West 84th Street in Manhattan; a $2 million assignment of assessments for Plymouth Village Condominium, a 152-unit condo located at 100 Adams Avenue in Central Islip, NY; a $1 million line of credit for La Costa Apartment Corp., a 95-unit co-op located at 397-399 North Broadway in Yonkers, NY; a $750,000 first mortgage and a $250,000 line of credit for Unadilla Owners Corp., a 28-unit co-op located at 126 West 11th Street in Manhattan; a $750,000 line of credit for Sunset Court Association, Inc., a 44-unit co-op located at 40-02, 40-06 and 40-12 7th Avenue in Brooklyn, NY; a $550,000 first mortgage and a $250,000 line of credit for a nine-unit co-op located at 530 Canal Street in Manhattan; and a $200,000 line of credit for Alden Properties Tenant Corp., a 78-unit co-op located at 300 North Broadway in Yonkers, NY.
NCB’s Senior Vice President Sheldon Gartenstein arranged a total of $10.2 million in financing including a $6 million first mortgage and a $1 million line of credit for a 101-unit co-op located at 411 West End Avenue in Manhattan; a $1.5 million first mortgage and $400,000 line of credit for a 27-unit co-op located at 121-125 West 17th Street in Manhattan; a $600,000 first mortgage for Whitehall Terrace Owners, Inc., a 46-unit co-op located at 76-26 113th Street in Forest Hills, NY; a $400,000 line of credit for a 15-unit co-op located at 214 West 16th Street in Manhattan; and a $300,000 line of credit for Leicestershire Arms, Ltd., an eight-unit co-op located at 55 North Moore Street in Manhattan.
NCB means National Consumer Cooperative Bank, its subsidiaries and NCB Capital Impact, an affiliated non-profit corporation. Loans and technical assistance may be provided by NCB, NCB Capital Impact or NCB, FSB, all of which are Equal Housing Lenders. NCB, FSB is a wholly-owned subsidiary of NCB. Deposit products and services are provided by NCB, FSB, which is FDIC insured. Housing development services are offered through NCB and NCB Capital Impact’s jointly owned subsidiary, NCB Community Works, LLC.
