Affordable Housing Cooperative in Chicago
Plans Major Capital Improvements
(Arlington, VA – February 08, 2016) – National
Cooperative Bank (NCB), a leading financial services company dedicated to
serving cooperatives and housing communities nationwide, has provided $17.9
million in financing to Gill Park Cooperative, an affordable housing
cooperative in Chicago, IL. NCB Senior
Vice President Larry Mathe arranged the financing, in collaboration with the
co-op board of directors and managing agent.
The 260-unit limited equity housing cooperative, which, from the
beginning has operated as a 100 percent Section 8 project, was able to secure a
competitive mortgage to complete its planned capital improvements over the next
two years without incurring any increase in current maintenance fees.
“NCB’s primary focus
is finding the best financial solutions for housing cooperatives nationwide,”
stated Mr. Mathe, an SVP at NCB. “We have worked with Gill Park and many other
housing cooperatives to provide access to capital at a competitive rate, in
order to fund improvements to their properties for current and future
nearly a decade, the board at Gill Park Cooperative has had a vision of a major
rehab for the building. It looked at a number of financing options such as
conventional and HUD insured loans, but none of the financing alternatives
provided the necessary funding to properly complete the project,” stated Mike
Levine, managing agent for the cooperative.
Planned improvements at the co-op include new plumbing and HVAC
system, a redesigned lobby and laundry facilities, as well as a number of exterior
improvements. In addition, all interior units will be renovated with new
kitchens, floors and wall finishes.
with Larry at NCB was a big step toward the realization of the board’s dream,”
added Levine. “After analyzing financial alternatives, he showed the board how
it could generate almost $18 million in loan proceeds, which would allow for
the complete rehab of the building in a manner that far exceeded the
decade-long vision. The loan closed easily, and the rehab process is underway –
the board is thrilled and our co-op residents cannot wait to move into their brand
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.