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National Cooperative Bank’s New York Office Reports $24 Million in New Financing for 14 Cooperatives During May

New York, NY (June 14, 2016) – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, announced that the Bank originated $24 million in new loans during May 2016 for 14 New York area properties. Edward Howe III, managing director of the NCB New York office, made the announcement. 

Edward Howe III reported nearly $12 million in originations during May, including the largest loan of the month, a $5.5 million first mortgage and a $500,000 line of credit for Fairfield Views Inc., a 107-unit co-op at 3103 Fairfield Avenue in Bronx, NY. Other financing during the month included: 

  • A $2.2 million first mortgage and $250,000 line of credit for 266 Pelham Road Corporation, a 57-unit co-op at 266 Pelham Road in New Rochelle, NY;  
  • A $1.9 million first mortgage for Ridge Apartments Owners Corp., a 64-unit co-op at 41-34 Frame Place in Flushing, NY:  
  • A $1 million first mortgage and $200,000 line of credit for Cartier Apartments Owners, Corp., a 41-unit co-op at 21 Bond Street in Great Neck, NY; and  
  • A $400,000 first mortgage for Wappanocca Manor, Inc., a 12-unit co-op at 245 Wappanocca Avenue in Rye, NY.

Vice President Harley Seligman originated $7.4 million in financing during the month, including: 

  • A $2 million first mortgage for 425 Heights Tenants Corp., a 55-unit co-op at 425 Prospect Place in Brooklyn, NY;  
  • A $2 million first mortgage for Midland Plaza Apartments Corp., a 48-unit co-op at 871 Kimball Avenue aka 1234 Midland Avenue in Yonkers, NY;  
  • A $1.5 million second mortgage and $500,000 line of credit for 40-50 Tenants Corp., a 101-unit co-op at 40-50 East 10th Street in Manhattan;  
  • A $500,000 line of credit for 22321 Owners Corp., a 55-unit co-op at 223-231 West 21st Street in Manhattan;  
  • A $500,000 line of credit for 344 West 49th St Apt Corp., a 39-unit co-op at 344 West 49th in Manhattan; and  
  • A $225,000 first mortgage and $200,000 line of credit for 309 West 103rd Street Apartment Corp., a four-unit co-op at 309 West 103rd Street in Manhattan.

Senior Vice President Mindy Goldstein arranged $4.7 million in loans during May, including:

  • A $2 million second mortgage and $500,000 line of credit for Jeffrey Gardens Apartment Corp., a 277-unit co-op at 46-43 215th Street in Bayside, NY;  
  • A $1.4 million first mortgage for Lindenwood Village, Sec. E Cooperative Corp., a 148-unit co-op at 89-35 155th Avenue & 89-40 151st Avenue in Howard Beach, NY; and  
  • A $600,000 first mortgage and $250,000 line of credit for Norson Realty Corp., a 32-unit co-op at 310 West 94th Street in Manhattan.

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.