Lenders bullish in providing financing for multi-family buildings

TRD New York /
Apr.April 06, 2010 02:18 PM

With the 10-year Treasury note trading at very attractive rates, cooperative apartment buildings and owners of multi-family buildings are taking advantage of low rates and refinancing.

Perhaps the best rates — as low as 5 percent on
five-year fixed loans — are offered by government-chartered companies, which include Freddie Mac and Fannie Mae.

Commercial and savings banks are providing attractive financing for terms of five to 10 years with rates as low as 4.85 percent to 6 percent.

Daniel Harris, executive vice president and chief lending officer at the Dime Savings Bank of Williamsburgh, said: “It has become a very competitive market with existing and new players originating multi-family mortgages. It is a great time for a borrower to lock in a record-low mortgage rate.”

One of the newest players to join the New York City multi-family rental financing market is Investors Savings Bank of New Jersey. In January, the bank opened an office at One Grand Central Place, at 60 East 42nd Street. Domenick Cama, COO of Investors Savings Bank, said: “Portfolio lenders view multi-family lending in solid New York City neighborhoods as a very good investment in these turbulent times. This means good deals for multi-family property owners.”
 

A few months ago, appearing on my television show, James Carpenter, chief lending officer of New York Community Bank, perhaps the most active lender for multi-family apartments, noted that the bank is planning to provide close to $3 billion in financing in the multi-family sector in 2010.
 

Joining New York Community Bank, Investors Savings in providing financing and Dime Savings Bank of Williamsburgh are Ridgewood Savings, M&T  Bank, Capital One, Signature Bank, Herald National,  Astoria Federal, TD Bank, Oritani, Wachovia  as well as National Cooperative Bank, the latter for co-op apartment buildings.

Michael Stoler is a columnist for The Real Deal and host of real estate programs “The Stoler Report” and “Building New York” on CUNY TV and on WEGTV in East Hampton. His radio show, “The Michael Stoler Real Estate Report,” airs on 1010 WINS on Saturdays and Sundays. Stoler is a director at Madison Realty Capital as well as an adjunct professor at NYU Real Estate Institute, and a former contributing editor and columnist for the New York Sun.


Related Articles

arrow_forward_ios
From left: 86-08 Queens Boulevard, 169 First Avenue and 3540 Decatur Avenue (Credit: Google Maps)

Raymour & Flanagan purchase tops week’s mid-market investment sales

19-40 Hazen Street in Queens (Credit: Google Maps)

Art gallery linked to lone mid-market sale in NYC this week

Clockwise from top left: 37 Perry Street, 595 Broadway, 1424-1428 Lexington Avenue, 204 Fourth Avenue and 93 North Ninth Street (Credit: Google Maps)

Gowanus trade biggest of six mid-market investment sales this week

Clockwise from left: 2 East 55th Street, 25-25 Borden Avenue and 91 Ludlow Street (Credit: Google Maps)

Here’s what the $10M-$30M investment sales market looked like last week

1890 Lexington Avenue and 22 St. Marks Place (Credit: Google Maps)

Here’s what last week’s $10M-$30M investment sales market looked like

From left: 254 Water Street, 45-01 Northern Boulevard and 34-08 46th Street (Credit: Google Maps)

Here’s what the $10M-$30M investment sales market looked like last week

From left: 305 East 47th Street and 286 River Avenue (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

Clockwise from top left: 2-34 Beach 102nd Street in Far Rockaway, 175 Canal Street West in Mott Haven, 102 Fulton Street, and 71 Smith Street in Boerum Hill (Credit: Google Maps and StreetEasy)

Here’s what the $10M-$30M NYC investment sales market looked like last week

arrow_forward_ios
Loading...