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National Cooperative Bank Originates $30.7 Million for New York-Area Cooperatives in February 2017

New York, NY (March 6, 2017) – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, originated $30.7 million in new loans during February for 11 New York area properties. Edward Howe III, managing director of the NCB New York office, made the announcement. 

Mindy Goldstein, senior vice president reported $19.8 million in originations during February, including the largest loan of the month, an $11 million first mortgage and a $750,000 line of credit for an 80-unit co-op at 9 Barrow Street in Manhattan.  Other financing for the month included:

  • A $3.8 first mortgage and a $500,000 line of credit for Rockville Tudor Apt. Corp., a 78-unit co-op at 12 Hempstead Avenue in Rockville Centre, NY;
  • A $2 million first mortgage for Southridge Cooperative Section 1, Inc., a 359-unit co-op at 33 93rd Street in Jackson Heights, NY;
  • A $1.2 million first mortgage for East Meadow Knolls Redevelopment Company Owners Corp., a 240-unit co-op at 555 Salisbury Park Drive in East Meadow, NY;
  • A $250,000 first mortgage and a $300,000 line of credit for a 20-unit co-op at 5-7 Charles Street in Manhattan.  

Harley Seligman, vice president originated $7.9 million in February, including: 

  • A $3.2 million first mortgage and a $500,000 line of credit for Belgravia Gardens Corp., a 71-unit co-op at 61-88 Dry Harbor Road in Middle Village, NY;
  • A $1 million first mortgage and a $500,000 line of credit for 140 Sullivan Cooperative Corp., a nine unit co-op at 138-40 Sullivan Street in Manhattan;
  • An $825,000 first mortgage for a 17-unit co-op at 83- 85 1st Avenue in Manhattan;
  • An $815,000 first mortgage and a $400,000 line of credit for Peekskill Towers Corp., a 123-unit co-op at 1 Lakeview Drive in Peekskill, NY;
  • A $650,000 first mortgage for Beach Lofts, LTD., a six-unit co-op at 10 Beach Street in Manhattan.  

Edward Howe III, managing director of NCB’s New York office, reported $3 million in originations during February, including:

  • A $2.5 million first mortgage and a $500,000 line of credit for an 87-unit co-op at 345 Bronx River Road 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.