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National Cooperative Bank Closes a $46 Million First Mortgage for North Isle Village, Inc. in Coram, New York

New York, NY (October 6, 2016) National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, recently closed a $46 million first mortgage for North Isle Village, Inc., a 763-unit cooperative located at 50 Gibbs Road in Coram, NY.    

NCB’s loan proceeds were used to refinance existing debt and to fund current and future capital improvements, including roof and road repairs, HVAC replacement, indoor and outdoor pool repairs and tennis court replacement.   

“North Isle Village is a wonderful, well maintained housing community and we are excited to continue our relationship with the cooperative, board and management company,” stated Mindy Goldstein, Senior Vice President at NCB.  “NCB’s mission is to provide cooperatives with the critical funding to maintain and protect the financial and physical health of their communities for current and future owners.”  

The cooperative has 54, two-story walk-up garden style apartment buildings that were constructed between 1973 and 1985, and converted into cooperative ownership in 1987. Amenities at the property include a clubhouse, indoor and outdoor pool, laundry facilities, three tennis courts, basketball court, playground, outdoor sitting areas, paved jogging trail with an obstacle course, fitness center and picnic and barbecue areas. 

  

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.