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National Cooperative Bank Originates $25.6M in New Financing for Nearly a Dozen New York-area Cooperatives During June 2016

New York, NY (July 12, 2016) – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, announced that the Bank originated $25.6 million in new loans during June 2016 for 11 New York area properties. Edward Howe III, managing director of the NCB New York office, made the announcement.                                                                                      

Senior Vice President Mindy Goldstein arranged $11.8 million in loans during June, including: 

  • A $5 million first mortgage and $500,000 line of credit for Interlaken Owners Corp., a 517-unit co-op at 87 Mill Road in Eastchester, NY.  
  • A $2.4 million first mortgage and $500,000 line of credit for a 25-unit co-op at 601 West End Avenue in Manhattan;
  • A $2 million third mortgage for Berkley Owners Corp., a 147-unit co-op at 170 West 74th Street in Manhattan;  
  • A $1 million term loan for The Canal-Greenwich Condominium, an 18-unit condo at 481-487 Greenwich Street and 515-519 Canal Street in Manhattan; and
  • A $400,000 line of credit for a 22-unit co-op at 311-313 West 82nd Street in Manhattan. 

Edward Howe III reported $7.5 million in originations during June, including the largest loan of the month, a $5.3 million first mortgage and a $500,000 line of credit for Madison Court Apartment Corp., a 95-unit co-op at 1787 Madison Avenue aka 1783-1795 Madison Avenue aka 50 East 118th Street in Manhattan. 

Howe also arranged a $1.2 million first mortgage and $500,000 line of credit for Gramercy-Rutherford Townhouses Corp., a nine-unit co-op at 220 East 17th Street and 222 East 17th Street in Manhattan. 

Vice President Harley Seligman totaled $6.4 million in originations during June, including: 

  • A $3.2 million first mortgage for Trinity Co-operative Apartments, Inc., a 131-unit co-op at 90 Union Street and 126 Church Street in New Rochelle, NY;
  • A $1.5 million first mortgage and $500,000 line of credit for Port Chester Apartments, Inc., a 90-unit co-op at 330-350 South Regent Street in Port Chester, NY;
  • An $800,000 first mortgage for Prince Lofts, Inc., a seven-unit co-op at 143-145 Prince Street aka 445-449 West Broadway in Manhattan; and
  • A $350,000 first mortgage for a 15-unit co-op at 213-215 Eastern Parkway 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 @natlcoopbank.