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National Cooperative Bank Provides $5.7 Million in New Loan Originations for Three Long Island Cooperatives

 Lawrence 261 Apartments Corp. to Undergo Stoop and Gutter Replacements  

(New York, N.Y. – January 22, 2015) – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, has arranged $5.7 million in financing for three housing cooperatives on Long Island. Edward Howe III, managing director of NCB’s New York office made the announcement. Mr. Howe arranged a $4 million first mortgage for Jefferson Avenue Owners Corp., a 120-unit co-op at One Jefferson Avenue, and a $650,000 first mortgage and $50,000 line of credit for Eleven Park Place Owners, Inc., a 16-unit co-op at 11 Park Place, both in Rockville Centre. Additionally, Mindy Goldstein, a senior vice president at NCB, completed a $725,000 first mortgage and $250,000 line of credit for Lawrence 261 Apartments Corp., a 36-unit co-op at 261 Central Avenue in Lawrence.

One Jefferson Avenue is located between Maple Avenue and Water Street, just north of the bustling Sunrise Highway, and just south of the Southern State Parkway. The three-story walk-up property was constructed in 1949, and converted to cooperative ownership in 1986. Nearby attractions include access to a number of the South Shore’s beaches, South Nassau Communities Hospital and a variety of restaurants, shops and parks. Transportation options to Manhattan and around the Island include the n14 bus route and the Long Island Rail Road.

Eleven Park Place, between South Park Avenue and Rockaway Avenue, is a two-story building constructed in 1978, and was converted to cooperative ownership in 1988. Residents can enjoy the South Shore’s beautiful beaches and a variety of restaurants, shops and parks. Transportation options to Manhattan and around the Island include the Long Island Rail Road.

The two-story cooperative building at 261 Central Avenue, located in the famed Five Towns on Central Avenue at Rosalind Place, was constructed in 1940, and converted to cooperative in 1981. The financing will be used for stoop and gutter replacement. Transportation options allow residents to travel throughout Long Island and into the boroughs and beyond, via Route 898, Rockaway Turnpike,  the Long Island Rail Road, the A subway train, and John F. Kennedy airport. Attractions in the neighborhood include the Five Towns Library, St. John’s Episcopal Hospital, a variety of restaurants and shops and access to Atlantic Beach and Long Beach.

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.