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National Cooperative Bank Originates $11.3 Million for New York-area Cooperatives in July 2016

New York, NY (August 9, 2016) – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, announced that they originated $11.3 million in new loans during July for eight New York area properties. Edward Howe III, managing director of the NCB New York office, made the announcement.  

Senior Vice President Mindy Goldstein reported $10.1 million in originations during July, including the largest loan of the month, a $3.7 million first mortgage and $500,000 line of credit for a 72-unit co-op at 210 East Broadway in Long Beach, NY.  Other financing during the month included: 

  • A $2.8 million first mortgage and $500,000 line of credit for Bronxville Court, Inc., a 54-unit co-op at 240-246 Bronxville Road and 927-935 Palmer Road in Yonkers, NY;
  • A $1.5 million first mortgage and $200,000 line of credit for a 61-unit co-op at 2165 Matthews Avenue in Bronx, NY; and
  • A $650,000 first mortgage and $200,000 line of credit for a seven-unit co-op at 322 West 22nd Street in Manhattan. 

Vice President Harley Seligman totaled $775,000 in originations during July, including: 

  • A $300,000 first mortgage for 391 Housing Corp., a four-unit co-op at 391 3rd Street in Brooklyn, NY;
  • A $250,000 first mortgage for Cornasesk House Tenants Corp., a 21-unit co-op at 238 East 84th Street in Manhattan; and
  • A $225,000 first mortgage for a six-unit co-op at 198 7th Avenue in Brooklyn, NY.  

Edward Howe III, managing director of NCB’s New York office, originated a $500,000 third mortgage  for Alden Properties Tenants Corp., a 74-unit co-op at 300 North Broadway in Yonkers, NY. 

As a full-service financial institution, NCB offers an array of business banking products for housing cooperatives and management companies 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 and Instagram, or on Twitter @natlcoopbank.