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National Cooperative Bank’s New York Office Arranges $46 Million in Financing Activity in November

New York, NY (December 10, 2014) – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, announced that the Bank originated $46 million in new loans during November for 15 New York area properties. Edward Howe III, managing director of the NCB New York office, made the announcement.

Mr. Howe originated $29.2 million in new loans during November, including the largest loan of the month, a $9.2 million first mortgage and a $500,000 line of credit for Fountains-Clove Road Apartments, Inc., a 300-unit co-op at 1100 Clove Road in Staten Island, NY. Other activity included:

  • A $5 million first mortgage and a $1 million line of credit for a 193-unit co-op at 3777 Independence Avenue in Riverdale, NY;
  • A $5 million first mortgage and a $350,000 line of credit for a 111-unit co-op at 1075 Grand Concourse in Bronx, NY;
  • A $3.2 million first mortgage and a $500,000 line of credit for The Waywest Tenants, a 52-unit co-op at 380 West 12th Street in Manhattan;
  • A $3.1 million first mortgage and a $500,000 line of credit for Lenru Apartment Corp., a 103-unit co-op at 3400 Wayne Avenue in Bronx, NY;
  • A $550,000 first mortgage and a $250,000 line of credit for a nine-unit co-op at 63 East 79th Street in Manhattan.

 Additionally, Mindy Goldstein, a senior vice president at NCB, arranged more than $14 million in financing during the month, including:

  • A $5.2 million first mortgage and a $500,000 line of credit for Tennis View Apartments, a 175-unit co-op at 4 Dartmouth Street in Queens, NY;
  • A $4.3 million first mortgage and a $400,000 line of credit for a 72-unit co-op at 2186 Cruger Avenue in Bronx, NY;
  • A $1.1 million first mortgage for a 39-unit co-op at 82-04 Lefferts Boulevard in Kew Gardens, NY;
  • An $850,000 first mortgage and a $500,000 line of credit for a 25-unit co-op at 17-19 East 95th Street in Manhattan;
  • A $600,000 first mortgage for Westview Equities, Inc., a 22-unit co-op at 34-36 Westview Avenue in Tuckahoe, NY;
  • A $360,000 first mortgage for an eight-unit co-op at 161 West 76th Street in Manhattan;
  • A $250,000 line of credit for Finnish Home Building Association, a 30-unit co-op at 816-826 43rd Street in Brooklyn, NY;
  • A $150,000 line of credit for 211 Terry Owners Inc., a 36-unit co-op at 211-215 Terry Road/210 Smithtown Road in Smithtown, NY.

NCB Vice President Harley Seligman arranged a $2.3 million first mortgage and a $500,000 line of credit for Grand Street Artists Cooperative, an 18-unit co-op at 64-70 Grand 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.

About NCB: 

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.