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National Cooperative Bank Originates $86.7 Million for New York-Area Cooperatives in September 2016

New York, NY (October 12, 2016) – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, originated $86.7 million in new loans during September for 23 New York area properties. Edward Howe III, managing director of the NCB New York office, made the announcement.

Senior Vice President Mindy Goldstein reported over $68 million in originations during September, including the largest loan of the month, a $46 million first mortgage for North Isle Village, Inc., a 763-unit co-op at 50 Gibbs Road in Coram, NY.  Other financing during the month included:

  • A $5 million first mortgage and a $500,000 line of credit for Harway Terrace, Inc., a 360-unit co-op at 2475 and 2483 West 16th Street in Brooklyn, NY;
  • A $3.9 first mortgage and a $500,000 line of credit for Compton Owners Corp., an 114-unit co-op at 175-45 88th Avenue in Jamaica, NY;
  • A $3 million first mortgage and a $300,000 line of credit for Bayview Owners Corp., an 191-unit co-op at 847-73 Bay 16th Street aka 242-304 Bay 17th Street in Brooklyn, NY;
  • A $2.5 first mortgage for Fleetwood Hills Apartments, Inc., a 42-unit co-op at 804 Bronx River Road in Yonkers, NY;
  • A $2 million first mortgage for a 54-unit co-op at 255 West End Avenue in Manhattan;
  • A $1.3 million first mortgage and a $250,000 line of credit for 13912 Owners Corp., a 30-unit co-op at 139-12 84th Drive in Briarwood, NY;
  • A $1 million third mortgage for an 88-unit co-op at 176 West 87th Street in Manhattan;
  • A $550,000 first mortgage and a $250,000 line of credit for a 34-unit co-op at 234 West 21st Street in Manhattan;
  • A $500,000 first mortgage and a $250,000 line of credit for a 54-unit co-op at 245 Henry Street in Brooklyn, NY;
  • A $250,000 first mortgage and a $100,000 line of credit for a nine-unit co-op at 993 Amsterdam Avenue in Manhattan;
  • A $250,000 first mortgage for Sea Breeze Town Houses Owners, Inc., a 16-unit co-op at 165 East Broadway in Long Beach, NY.

Edward Howe III, managing director of NCB’s New York office, reported $13.6 million in originations during September, including: 

  • A $6 million first mortgage and a $1 million line of credit for Fillmore Gardens Co-operative, Inc., a 340-unit co-op at 5302-24 Fillmore Avenue, 5405-09 Avenue S, 5607-27 Avenue T, 5610-16 Avenue T, 2001 Pearson Street, 5710 Avenue T, 5810-18 Avenue T  in Brooklyn, NY;
  • A $2.5 million first mortgage and a $500,00 line of credit for a 74-unit co-op at 2750 Johnson Avenue in Bronx, NY;
  • A $1.5 million third mortgage for Aero Owners, Inc., a 286-unit co-op at 63-61 Yellowstone Boulevard in Forest Hills, NY;
  • A $1.3 million first mortgage for a 54-unit co-op at 1122 Yonkers Avenue in Yonkers, NY;
  • A $700,000 first mortgage and a $150,000 line of credit for Gingerbread Owners Corp., a 17-unit co-op at 56 Pondfield Road West in Bronxville, NY.

Vice President Harley Seligman originated $4.8 million in September, including:

  • A $1.5 first mortgage and a $200,000 line of credit for a 30-unit co-op at 80-82 Charles Street in Manhattan;
  • A $1 million third mortgage for Westmoreland Apt Corp., a 64-unit co-op at 40-01 Little Neck Parkway in Little Neck, NY;
  • An $875,000 first mortgage and a $100,000 line of credit for Belvedere Houses Incorporated, a ten-unit co-op at 50 West 70th Street and 52 West 70th Street in Manhattan;
  • A $500,000 line of credit for a 79-unit co-op at 175 Main Avenue in Wheatley Heights, NY;
  • A $350,000 first mortgage for a seven-unit co-op at 144 Beach 121st Street in Rockaway Park, NY;
  • A $350,000 line of credit for Jones St. Owners Corporation, a seven-unit co-op at 9 Jones Street in Manhattan.

 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.