New York, NY (April 7, 2014) – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, originated nearly $50 million in new loans during March for 15 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.
“The Bank is proud to be a trusted source of financing for cooperative properties in the New York region,” said Mr. Howe. “We’ve experienced a significant jump in financing activity during March, which can be attributed to upcoming capital improvement projects scheduled for the approaching summer months, and the still-low interest rate environment.”
Leading the charge in March was Mr. Howe, who arranged nearly $36 million in new financing activity, including the largest loan of the month, a $21.5 million first mortgage and a $1.5 million line of credit for The Howard Owners, Inc., a 481-unit co-op at 99-32/52/72 66th Road in Rego Park, NY. He also arranged a $3.7 million first mortgage and a $1 million line of credit for Chatham Towers, Inc., a 239-unit co-op at 170-180 Park Row in Manhattan; a $3.5 million first mortgage and a $500,000 line of credit for a 48-unit co-op at 333 West End Avenue in Manhattan; a $2.6 million first mortgage and a $500,000 line of credit for a 38-unit co-op at 929 Park Avenue in Manhattan; and an $830,000 first mortgage for a 36-unit co-op at 119 West 71st Street in Manhattan.
Additionally, NCB Senior Vice President Mindy Goldstein originated more than $14 million in new loans during the month, including a $3 million first mortgage and a $500,000 line of credit for 321 Apartments Corp., a 101-unit co-op at 321 East 54th Street in Manhattan; a $2.4 million first mortgage and a $500,000 line of credit for a 75-unit co-op at 70 North Grove Street in Freeport, NY; a $2 million first mortgage and a $200,000 line of credit for Tanglewood Gardens Owners Corp., an 80-unit co-op at 101 North Broadway and 260 Church Street in White Plains, NY; a $1.5 million first mortgage and a $250,000 line of credit for Park Terrace Manor Inc., a 48-unit co-op at 98 Park Terrace East in Manhattan; a $1 million line of credit for a 100-unit co-op at 5 Riverside Drive in Manhattan; a $650,000 first mortgage and a $250,000 line of credit for 111-127 Cabrini Apartments Corp., a 39-unit co-op located at 115-125 Cabrini Boulevard in Manhattan; a $500,000 first mortgage and a $200,000 line of credit for Grove House, Inc., a 35-unit co-op at 22 Grove Street in Manhattan; a $450,000 first mortgage for a six-unit co-op at 22 Pierrepont Street in Brooklyn; a $300,000 first mortgage and a $200,000 line of credit for a ten-unit co-op at 237 East 12th Street in Manhattan; and a $280,000 first mortgage for West 99th Street Apartment Corp., a five-unit co-op at 258 West 99th Street in Manhattan.
As a full-service financial institution, NCB provides term loans, lines of credit, commercial and residential mortgages and personal and business banking products to cooperatives nationwide. NCB offers an array of business banking products for cooperatives including cash management, competitive deposit rates and full service payment processing and lockbox.
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, the Bank has offices in Alaska, California, New York, Ohio and Virginia. To learn more, visit www.ncb.coop, National Cooperative Bank on Facebook, or on Twitter @coopbanking.
The NCB Financial Group consists of the Congressionally-chartered National Consumer Cooperative Bank (NCCB) and NCB, FSB, a federally insured savings bank wholly owned by NCCB. The NCB Financial Group provides financial products and services for the nation’s cooperatives, their members, and socially responsible organizations.