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National Cooperative Bank Originates $68.7 Million for New York-Area Cooperatives in August 2016

New York, NY (September 12, 2016) – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, originated $68.7 million in new loans during August for 20 New York area properties. Edward Howe III, managing director of the NCB New York office, made the announcement. 

Edward Howe III, managing director of NCB’s New York office, reported $42 million in originations during August, including the largest loan of the month, a $14 million first mortgage and $1 million line of credit for a 234-unit co-op at 720 Fort Washington Avenue in Manhattan.  Other financing during the month included:   

  •  A $6.5 million first mortgage and a $500,000 line of credit for Blindbrook Lodge Owners, Inc., an 128-unit co-op at 66 Milton Road and 75 Milton Road in Rye, NY; 
  • A $6.5 million first mortgage and a $500,000 line of credit for 3636 Greystone Owners, Inc., an 83-unit coop at 3636 Greystone Avenue and 3657 Waldo Avenue in Riverdale, NY; 
  • A $5 million first mortgage and a $500,000 line of credit for an 133-unit co-op at 480 Riverdale Avenue in Manhattan;
  • A $4.2 million first mortgage and a $500,000 line of credit for an 104-unit co-op at 3901 Independence Avenue in Bronx, NY; 
  • A $2.8 million first mortgage for Beechwood Garden Owners, Inc., a 95-unit co-op at 192-02/18 39th Avenue in Bayside, NY.  

Senior Vice President Mindy Goldstein totaled $22.1 million in originations during August, including:  

  • A $4.5 million first mortgage for Corlear Gardens Housing Corp., an 117-unit co-op at 290 West 232nd Street in Bronx, NY; 
  • A $4.4 million first mortgage and a $500,000 line of credit for Lincoln Co-operative Apartments, Inc., a 287-unit co-op at 2514, 2531, 2553 & 2552 East 7th Street & 701 Gerald Court & 702 Kathleen Court in Brooklyn, NY; 
  • A $4 million first mortgage and a $500,000 line of credit for Beach House Owners Corp., a 98-unit co-op at 740 East Broadway in Long Beach, NY; 
  • A $3 million first mortgage and a $500,000 line of credit for Woodlawn Veterans Mutual Housing Company, Inc., a 99-unit co-op at 4260 Katonah Avenue in Bronx, NY;  
  • A $1.5 million first mortgage and a $500,000 line of credit for Hampshire Cooperative, Inc., an 108-unit co-op at 140-33 34th Avenue and 140-39 34th Avenue  in Flushing, NY; 
  • A $1.5 million term loan for Collect Pond House, Inc., a 36-unit co-op at 366 Broadway in Manhattan; 
  • A $600,000 first mortgage and a $200,000 line of credit for Littlepark House Corp., a 20-unit co-op at 30 East 10th Street in Manhattan; 
  • A $400,000 line of credit for 7210 Owners Corp, a 66-unit co-op at 72-10 112th Street in Forest Hills, NY. 

Vice President Harley Seligman originated $4.6 million in August, including: 

  • A $1.5 million first mortgage for an eight unit co-op at 222 Bowery in Manhattan;  
  • A $900,000 first mortgage and a $250,000 line of credit for a 13-unit co-op at 214 West 16th Street in Manhattan;  
  • A $600,000 first mortgage for a 17-unit co-op at 512 Mamaroneck Avenue in White Plains, NY; 
  • A $500,000 first mortgage for an eight unit co-op at 203 7th Avenue in Brooklyn, NY;  
  • A $500,000 third mortgage for an 140-unit co-op at 2550 Independence Avenue in Riverdale, NY;
  • A $350,000 line of credit for City Centre Apartments Corporation, a 66-unit co-op at 156-168 Centre Avenue in New Rochelle, 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.