NCB, a leading provider of financing to New York housing cooperatives, experienced a surge in lending activity during the month of July, nearly doubling originations from the previous month. During the month, the New York team arranged $42.1 million in new loans, including $32.6 million in mortgages and $9.5 million in lines of credit for 22 local properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.
"NCB's significant increase in lending activity, nearly double the number of originations in June, indicates the ongoing need for this type of financing throughout the Tri-State area," said Mr. Howe. "In today's uncertain market, housing communities are working hard to maintain their properties and protect their financial security. The ability to refinance or arrange funds for capital improvements is imperative, and we are proud to be ongoing provider of these resources."
NCB Senior Vice President Sheldon Gartenstein arranged a total of $15.3 million in financing during July including the largest transaction of the month, a $4.5 million first mortgage and a $500,000 line of credit for Country Club Gardens Owners, Inc., a 220-unit co-op located at Farber Drive in West Babylon, NY.
Mr. Howe arranged a total of $15.2 million in financing during July including a $4 million first mortgage and a $1 million line of credit for a 91-unit co-op located at 1056 Fifth Avenue in Manhattan.
NCB Senior Vice President Mindy Goldstein arranged $11.6 million in financings during the month including a $2.5 million first mortgage and a $1 million line of credit for 51585 Owners Corporation, an 81-unit co-op located at 515 East 85th Street in Manhattan; a $2 million mortgage and a $300,000 line of credit for Parkway Apartments Owners Corporation.
NCB is dedicated to strengthening communities nationwide through the delivery of banking and financial services, complemented by a special focus on cooperative expansion and economic development. Headquartered in Washington, DC, NCB also has offices in Alaska, California, New York and Virginia. In addition, NCB has a growing community banking network in southwestern Ohio. To learn more about NCB, visit www.ncb.coop.