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National Cooperative Bank’s New York Office Arranges $48.3 Million in Financing Activity in December

New York, NY (January 14, 2015) – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, announced that the Bank originated $48.3 million in new loans during December for 27 New York area properties. Edward Howe III, managing director of the NCB New York office, made the announcement.

Mr. Howe originated $27.3 million in new loans during December, including the largest loan of the month, a $7 million first mortgage and a $1 million line of credit for 201 West 21st Street, a 130-unit co-op in Manhattan. Other activity included:

  • A $4 million first mortgage for Jefferson Avenue Owners Corp., a 120-unit co-op at One Jefferson Avenue in Rockville Centre, NY;
  • A $3 million first mortgage and a $500,000 line of credit for Skyline Terrace Cooperative, Inc., a 140-unit co-op at 350 Richmond Terrace in Staten Island, NY;
  • A $2.1 million first mortgage and a $500,000 line of credit for a 62-unit co-op at 311 East 75th Street in Manhattan;
  • A $2 million second mortgage for Cameo House Owners, Inc., a 101-unit co-op at 300 Martine Ave. in White Plains, NY;
  • A $1.5 million first mortgage at a 42-unit co-op at 302 Convent Avenue in Manhattan;
  • A $1 million first mortgage and a $500,000 line of credit for a 100-unit co-op at 625 Gramatan Avenue in Mount Vernon, NY;
  • A $1 million first mortgage and a $250,000 line of credit for 4213 Village Corp., a 39-unit co-op at 42 West 13th Street in Manhattan;
  • A $700,000 third mortgage for Woodrow Court Inc., a 51-unit co-op at 565 West 169th Street in Manhattan;
  • A $650,000 first mortgage and a $50,000 line of credit for Eleven Park Place Owners, Inc., a 16-unit co-op at 11 Park Place in Rockville Centre, NY;
  • A $500,000 third mortgage for a 60-unit co-op at 141-143-145 Sullivan Street in Manhattan;
  • A $500,000 second mortgage for a 91-unit co-op at 1801 Ocean Avenue in Brooklyn, NY;
  • A $250,000 second mortgage for a 72-unit co-op at 2156 Cruger Avenue in Bronx, NY;
  • A $250,000 second mortgage for a 72-unit co-op at 2187 Holland Avenue in Bronx, NY.

Additionally, Mindy Goldstein, a senior vice president at NCB, arranged $20.6 million in financing during the month, including:

  • A $4.2 million first mortgage and a $1 million line of credit for 34-15 Properties, Ltd., a 160-unit co-op at 34-15 74th Street and 34-10 75th Street in Jackson Heights, NY;
  • A $1.9 million first mortgage and a $500,000 line of credit for a seven-unit co-op at 7 Great Jones Street in Manhattan;
  • A $1.8 million first mortgage and a $500,000 line of credit for Hearth House Owners Corp., a 17-unit co-op at 50 Avenue A in Manhattan;
  • A $1.7 million first mortgage and a $250,000 line of credit for Rye Castle Apartment Owners, Inc., a 25-unit co-op at 6 Davis Avenue in Rye, NY:
  • A $1.4 million first mortgage and a $500,000 line of credit for a 32-unit co-op at 310 West 79th Street in Manhattan;
  • A $1.4 million second mortgage for a 50-unit co-op at 2711 Henry Hudson Parkway in Riverdale, NY;
  • A $1.2 million first mortgage and a $500,000 line of credit for at 15-unit co-op at 571 Hudson Street in Manhattan; 
  • An $815,000 first mortgage and a $100,000 line of credit for a 19-unit co-op at 483 West 49th Street in Manhattan;
  • A $725,000 first mortgage and a $250,000 line of credit for Lawrence 261 Apartments Corp., a 36-unit co-op at 261 Central Avenue in Lawrence, NY;
  • A $600,000 first mortgage for 227 Tenants Corp., a 21-unit co-op at 227 Central Park West in Manhattan;
  • A $500,000 first mortgage and a $300,000 line of credit for an eight-unit co-op at 989 Amsterdam Avenue in Manhattan;
  • A $500,000 second mortgage for NOH Realty Corp., an eight-unit co-op at 541 Broadway and 112 Mercer Street in Manhattan.

NCB Vice President Harley Seligman arranged a $450,000 second mortgage for a 40-unit co-op at 80 William Street in Mount Vernon, NY during December.  

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 National Cooperative Bank:

National Cooperative Bank 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. NCB provides financial products and services for the nation’s cooperatives, their members, and socially responsible organizations. 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.