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National Cooperative Bank Announces $58 Million in New Financing During June for New York-area Cooperatives

 New York, NY (July 15, 2015) – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, announced that the Bank originated $58 million in new loans during June for 25 New York area properties. Edward Howe III, managing director of the NCB New York office, made the announcement. 

Senior Vice President Mindy Goldstein arranged $31.6 million during the month, including the largest loan, a $6 million first mortgage and $1 million line of credit for Park Towers Owners Inc., a 131-unit co-op at 370 Ocean Parkway in Brooklyn, NY. Additional financing during June included: 

 

  • A $3.8 million first mortgage and $300,000 line of credit for a 74-unit co-op at 2190 Boston Road in Bronx, NY;
  • A $2.8 million first mortgage and $250,000 line of credit for Suburbia Owners Inc., a 90-unit co-op at 400 Fulton Street in Farmingdale, NY;
  • A $2.6 million first mortgage and $500,000 line of credit for Big Deal Realty on Greene Street, Inc., a 14-unit co-op at 133-135 & 137 Greene Street in Manhattan;
  • A $2.5 million first mortgage and $500,000 line of credit for a 50-unit co-op at 321 West 90th Street in Manhattan;
  • A $2 million line of credit for 35 East Tenants Corp., a 44-unit co-op at 35 East 30th Street in Manhattan;
  • A $1.8 million first mortgage and $1 million line of credit for Grand Loft Corp., a 26-unit co-op at 75-85 Grand Street in Manhattan;
  • A $1.6 million first mortgage and $250,000 line of credit for Brooks Holding Corp., a four-unit co-op at 91 East End Avenue in Manhattan;
  • A $1.3 million first mortgage and $250,000 line of credit for a 16-unit co-op at 157 East 75th Street in Manhattan;
  • A $1 million first mortgage for a nine-unit co-op at 131 Prince Street in Manhattan;
  • An $850,000 first mortgage and $200,000 line of credit for Whitney Realty, a nine-unit co-op at 341 West 87th Street in Manhattan;
  • A $600,000 first mortgage and $200,000 line of credit for a seven-unit co-op at 121 West 82nd Street in Manhattan; and
  • A $335,000 first mortgage and $50,000 line of credit for a 16-unit co-op at 26 Bedford Street in Manhattan.  

 

Edward Howe III, managing director of NCB’s New York office, arranged $15.9 million in loans during June, including: 

 

  • A $3.4 million first mortgage for a 72-unit co-op at 16 Main Street in East Rockaway, NY;
  • A $3.3 million first mortgage and $400,000 line of credit for Briar Hill Owners Corp., a 78-unit co-op at 300-360 North State Road in Briarcliff Manor, NY;
  • A $3.2 million first mortgage and $500,000 line of credit for a 75-unit co-op at 12 Westchester Avenue in White Plains, NY;
  • A $2.1 million first mortgage and $500,000 line of credit for Croyden Apartments Inc., a 122-unit co-op at 83-37 Saint James Avenue in Elmuhurst, NY; and
  • A $2 million first mortgage and $500,000 line of credit for 240-79 Owners Corp., a 60-unit co-op at 240 East 79th Street in Manhattan.

 

Vice President Harley Seligman originated $10.3 million in new financing, including: 

 

  • A $2.9 million first mortgage and $500,000 line of credit for 230 Tenants Corp., a 43-unit co-op at 230 East 50th Street in Manhattan;
  • A $2 million first mortgage and $500,000 line of credit for a 61-unit co-op at 175 East 79th Street in Manhattan;
  • A $1.3 million first mortgage and $250,000 line of credit for a 27-unit co-op at 838 Greenwich Street in Manhattan;
  • An $850,000 second mortgage and $250,000 line of credit for Bleecker & 11th Owners Corp., a 35-unit co-op at 396 Bleecker Street in Manhattan;
  • A $750,000 line of credit for a 79-unit co-op at 121 West 72nd Street in Manhattan;
  • A $750,000 first mortgage for a 12-unit co-op at 34 Downing Street in Manhattan; and
  • A $200,000 first mortgage and $100,000 line of credit for an eight-unit co-op at 951 President Street in Brooklyn, NY.

 

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.