Mortgage

Residential, Commercial Lenders Predict Low Rates, High Demand in 2021

July 14, 2021

WHITE PLAINS—It’s no secret that the residential housing buying frenzy is continuing with a vengeance in our region, with properties still receiving multiple offers and many would-be home buyers left in the dust. Low interest rates, currently hovering around 3%, are helping to ignite the desire for home ownership. Lenders throughout the New York metro…

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Valley National Bancorp to Acquire Westchester Bank in $220M Deal

July 1, 2021

WHITE PLAINS—New York City-based Valley National Bancorp and The Westchester Bank Holding Corporation announced on June 28 they had entered into a definitive merger agreement whereby Valley will acquire Westchester, parent company of The Westchester Bank. The acquisition of this high-performing commercial bank will provide Valley a physical footprint and additional commercial lending expertise in…

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New York State Budget Gap Falls From Nearly $39 Billion to $3.4 Billion

June 25, 2021

ALBANY—The State Fiscal Year 2021-22 Enacted Budget Financial Plan shows a remarkable improvement in the state’s financial condition as cumulative four-year budget gaps estimated at $38.7 billion just four months ago have been reduced to $3.4 billion, according to a report released on June 24 by State Comptroller Thomas P. DiNapoli. The reduction was fueled…

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A.S.A.P. Mortgage Opens New Branch in Orange County

June 4, 2021

CENTRAL VALLEY—A.S.A.P. Mortgage Corp. CEO and Founder Irene Amato has announced that the mortgage brokerage firm has opened its newest branch here on Route 32. A.S.A.P. Mortgage’s new Orange County branch at 237 Route 32 opened its doors on June 3 and will offer a full array of mortgage products, the most competitive rates and…

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Commercial, Multifamily Mortgage Delinquencies at Lowest Levels Since Start of Pandemic

April 2, 2021

WASHINGTON—Delinquency rates for mortgages backed by commercial and multifamily properties decreased again in March, reaching the lowest level since the onset of the COVID-19 pandemic, according to the Mortgage Bankers Association's latest monthly CREF Loan Performance Survey. “Commercial and multifamily mortgage delinquencies fell for the third straight month in March and are now at their…

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Report: Wall Street's 2020 Bonuses Rose Amid Volatility

March 29, 2021

ALBANY—The average bonus paid to employees in New York City’s securities industry grew by 10% in 2020 to $184,000, in line with the city’s most recent 9.9% projection, likely allowing the city to meet or exceed its income tax revenue projections in FY2021, according to annual estimates released today by New York State Comptroller Thomas…

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Consumer Sentiment on Housing Dips Slightly Despite Growing Labor Market Optimism

March 9, 2021

WASHINGTON—The Fannie Mae Home Purchase Sentiment Index decreased in February by 1.2 points to 76.5. Four of the HPSI’s six components fell month over month, including most notably homebuying conditions and household income components. Offsetting much of that decline, however, was increased optimism regarding job security, with consumers reporting a significantly more positive view of…

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Tompkins Mahopac Bank President & CEO to Retire

February 8, 2021

BREWSTER—The Board of Directors of Tompkins Mahopac Bank announced on Feb. 4 that Gerald J. Klein, Jr. will retire as president and CEO of Tompkins Mahopac Bank after 26 years of service to the company. Tompkins Mahopac Bank also announced the appointment of David DeMilia, currently senior vice president, to president and CEO. Klein will…

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$93.5M Mixed-Use Project in Bedford Park In the Bronx Secures Construction Financing

January 5, 2021

NEW YORK—The New York State Homes and Community Renewal, New York City Department of Housing Preservation and Development and Douglaston Development announced on Jan. 5 the closing of construction financing for a 188-unit affordable senior housing development in the Bedford Park area of the Bronx. The development will include a new supermarket on the ground…

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Gotham Organization Secures $235M for Lower East Side Tower Project

December 29, 2020

NEW YORK—Gotham Organization, in partnership with Goldman Sachs Urban Investment Group, has closed on a $162.35-million loan from co-lenders, Wells Fargo Bank, N.A and U.S. Bank, N.A. In addition, Goldman Sachs Urban Investment Group, in collaboration with Gotham, is also investing more than $70 million to complete the capitalization of the 55 Suffolk St. development.…

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CPC Launches New Flex Small Loan Program Geared for Small NY Multifamily Properties

November 19, 2020

NEW YORK—The Community Preservation Corp. a leading New York City-based nonprofit affordable housing and community revitalization finance company, has announced the launch of the new Flex Small Loan program for small multifamily properties. The new program, which includes both construction and permanent financing offering loans as low as $100,000, was created to address the unique…

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The Summit High-Rise in Midtown Manhattan Secures $289M Refi Loan

October 13, 2020

NEW YORK—Commercial real estate finance firm Greystone reports it has arranged the closing of a $289,289,000 permanent Freddie Mac loan made to an affiliate of BLDG Management Company, Inc. (“BLDG”) for The Summit multifamily rental tower in Midtown Manhattan. The new 10-year, fixed-rate Freddie Mac loan refinances the original $251-million construction credit facility provided by…

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SL Green Completes $600M Refinancing Of Construction Facility at 410 Tenth Ave.

September 9, 2020

NEW YORK—SL Green Realty Corp reported on Sept. 8 it had closed on a new $600-million construction facility for its 410 Tenth Ave. project. SL Green is redeveloping the 636,000-square-foot office building that is anchored by Amazon and First Republic Bank. The loan was provided by a consortium of domestic and international banks led by…

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Westchester LDC Approves More Than $340M in Bond Financing For Westchester Medical Center and Sarah Lawrence College

September 3, 2020

WHITE PLAINS—The Board of Directors of Westchester County’s Local Development Corporation (LDC) recently voted to approve more than $340 million in bond financing for two major not-for-profits. At its August 20th meeting, the LDC board unanimously approved $300 million in bond financing for Westchester County Healthcare Corporation, the public authority responsible for governing the Westchester…

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After Broad Industry Criticism, FHFA Delays Controversial Refi Loan Fee

August 26, 2020

WASHINGTON—A little over a week after first proposing a controversial 0.5% Adverse Market Refinance Fee on Fannie Mae and Freddie Mac loans, the Federal Housing Finance Agency announced on Aug. 25 that it would delay the fee’s implementation until Dec. 1, 2020. The FHFA first announced the Adverse Market Refinance Fee on Aug. 12 and…

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