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National Cooperative Bank Originates $34.3 Million for New York-Area Cooperatives in November 2016

New York, NY (December 6, 2016) – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, originated $34.3 million in new loans during November for 10 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 $15.6 million in originations during November, including:

  • A $9.3 million first mortgage and a $700,000 line of credit for Gentry Apartments, Inc., a 247-unit co-op at 310 Lenox Road and 330 Lenox Road in Brooklyn, NY;
  • A $2.9 million first mortgage and a $250,000 line of credit for Beach 124 Apt., Inc., a 67-unit co-op at 125 Beach 124th Street in Belle Harbour, NY;
  • A $2.2 million first mortgage and a $300,000 line of credit for a 33-unit co-op at One Clark Street in Brooklyn, NY.

Harley Seligman, vice president originated $14.7 million in November, including the largest loan of the month, a $10.5 million first mortgage and a $1 million line of credit for Arlington Owners, Inc., a 281-unit co-op at 139-15 83rd Avenue in Briarwood, NY. Other financing for the month included:

  • A $1.4 million term loan for Strivers Gardens Condominium, a 169-unit condominium association at 300 West 135th Street in Manhattan;
  • A $1 million third mortgage and a $750,000 line of credit for The Knolls Cooperative Section No. 1 Inc., a 238-unit co-op at 60 Knolls Crescent in Riverdale, NY.
Mindy Goldstein, senior vice president reported $4 million in originations during November, including:
  • A $1.5 million first mortgage for a 12-unit coop at 34-36 North Moore Street in Manhattan;
  • A $700,000 first mortgage and a $500,000 line of credit for West 16th Street Tenants Corp., a 10-unit co-op at 325 West 16th Street in Manhattan;
  • A $600,000 first mortgage for a six-unit co-op at 14 East 68th Street in Manhattan;
  • A $500,000 first mortgage and a $200,000 line of credit for an eight-unit co-op at 39 East 19th 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.