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National Cooperative Bank’s New York Office Reports $35 Million in Originations for Area Cooperatives During February

New York, NY (March 9, 2016) – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, announced that the Bank originated $35 million in new loans during February 2016 for 16 New York area properties. Edward Howe III, managing director of the NCB New York office, made the announcement. 

Senior Vice President Mindy Goldstein arranged $20 million in loans during February, including: 

  • A $4.3 million first mortgage and $500,000 line of credit for Orienta Gardens Owners, Inc., a 99-unit co-op at 953 West Boston Post Road in Mamaroneck, NY;  
  • A $4.2 million first mortgage for Roosevelt Terrace Cooperative, Inc., a 436-unit co-op at 35-11, 35-31, 35-51, 35-50 85th Street in Jackson Heights, NY;  
  • A $3.8 million first mortgage for Oakdale Manor Owners, Inc., a 95-unit co-op at 5 Oakdale Manor in Suffern, NY; 
  • A $1.6 million first mortgage and $500,000 line of credit for Willow House Owners Corp., a 72-unit co-op at 61 Maine Avenue in Rockville Centre, NY;  
  • A $1.4 million first mortgage and $500,000 line of credit for Stewart Franklin Owners Corp., a 38-unit co-op at 360 Stewart Avenue & 223 7th Street in Garden City, NY;  
  • A $1 million second mortgage for 60-68 Apartments Corp., a 67-unit co-op at 60 West 68th Street in Manhattan;  
  • A $500,000 second mortgage and $700,000 line of credit for Bay Terrace Cooperative Section XII, Inc., a 123-unit co-op at 212-30 23rd Avenue and 23-20 Bell Blvd. in Bayside, NY;  
  • A $450,000 first mortgage and $300,000 line of credit for West 82nd Owners Corp., a ten-unit co-op at 316 West 82nd Street in Manhattan; and  
  • A $321,000 third mortgage for 1100 Concourse Tenants Corp., a 71-unit co-op at 1100 Grand Concourse in Bronx, NY.

Edward Howe III reported $12.2 million in originations during the month – including the largest, a $5 million first mortgage and $500,000 line of credit for a 39-unit co-op at 150 West 87th Street in Manhattan. Other financing during the month included: 

  • A $5 million first mortgage for BSL One Owners Corp., a 124-unit co-op at 10-20 Bay Street Landing in Staten Island, NY; and  
  • A $1.2 million first mortgage and $500,000 line of credit for River Road Apartments Corp., a 59-unit co-op at 475 Bronx River Road in Yonkers, NY.

Vice President Harley Seligman originated $2.8 million in financing during February, including: 

  • A $1 million second mortgage and $500,000 line of credit for Gunther Bldg. 1873 Corp., a ten-unit co-op at 55 Greene Street in Manhattan;  
  • A $400,000 second mortgage and $250,000 line of credit for 145 Upper Corp., a five-unit co-op at 145 West Broadway in Manhattan; and  
  • A $250,000 first mortgage and $200,000 line of credit for Tears Realty Corp., a five-unit co-op at 330 Broome Street in Manhattan; and  
  • A $225,000 first mortgage for 433 Seventh Ave Coop Ltd., a seven-unit co-op at 433 7th Avenue 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.