TODAY’S DEALS: NCB’s New York Team Arranges $22M in New Loan Originations in June, and Other Transactions

By Anuradha Kher, Online News Editor New York–NCB arranged $22 million in new loan originations during the month of June. The financings included $14.2 million in mortgages and $7.8 million in lines of credit for 13 local properties.“NCB’s June activity is consistent with recent months, with many properties looking to secure financing while rates are still…

By Anuradha Kher, Online News Editor New York–NCB arranged $22 million in new loan originations during the month of June. The financings included $14.2 million in mortgages and $7.8 million in lines of credit for 13 local properties.“NCB’s June activity is consistent with recent months, with many properties looking to secure financing while rates are still low,” says Edward Howe III, managing director of the NCB New York office. “For others, it was simply the right time to refinance or tackle costly improvement projects. We anticipate both of these trends to be driving factors for arranging financing in the coming months.”Howe originated loans including $5.4 million in financing during June including the largest loan of the month, a $4.2 million first mortgage and a $500,000 line of credit for a 124-unit co-op located at 207 East 74th Street in Manhattan; a $750,000 line of credit for Coral Gardens Owners Corp.; $8.6 million in financing including a $3 million line of credit for The Estates at Bayside Owners, Inc., a $2.1 million first mortgage and a $200,000 line of credit for Bel-Air Equities, Inc.; a $1.8 million first mortgage and a $500,000 line of credit for a 109-unit co-op located at 330 East 80th Street in Manhattan; a $500,000 first mortgage and a $100,000 line of credit for Paridon House Incorporated,; and a $350,000 first mortgage and a $100,000 line of credit for a 12-unit co-op located at 71 West 83rd Street in Manhattan. NCB Senior Vice President Sheldon Gartenstein arranged a total of $8 million in financing during June including a $1.6 million first mortgage and a $600,000 line of credit for the 27th Street Apartments Corp.; a $1.4 million first mortgage and a $500,000 line of credit for 215 Equities Corp.; a $1.4 million first mortgage and a $200,000 line of credit for a 41-unit co-op located at 166 East 92nd Street in Manhattan; a $1.1 million line of credit for Premier House, Inc.; a $650,000 first mortgage and a $150,000 line of credit for Mont Cenis Apartments, Inc.; and a $300,000 first mortgage and a $100,000 line of credit for an eight-unit co-op located at 345 East 19th Street in Manhattan. Walker & Dunlop Provides $5.35M Refi Loan for 42-Unit Apartment CommunityPlano, Texas–Walker & Dunlop provided a $5,351,000 refinance loan for Point View Apartments located in Los Angeles. The loan was structured with a seven-year term and a 30-year amortization. The loan was underwritten to a 76 percent loan-to-value with a 1.25x debt-service coverage ratio. Point View Apartments is a two-story garden-style apartment building, built in 1965. All 42 units were leased at closing.

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