National Cooperative Bank Closes a $25.6 million First Mortgage to University Towers Owners Corp. in New Haven, Connecticut
Arlington, VA (July 19, 2016) — National Cooperative Bank (NCB), a leading financial services company dedicated to serving cooperatives nationwide, recently closed a $25.6 million first mortgage to University Towers Owners Corp., a housing cooperative at 100 York Street in New Haven, Conn. NCB Senior Vice President Larry Mathe was the business development officer on the deal.
The 16-story-plus-basement, mixed-use cooperative building consists of 238 residential units, 13 medical offices and parking for approximately 242 vehicles. University Towers Owners Corp. was constructed in 1958 and converted to a housing cooperative in in 1981.
NCB’s loan proceeds were used to refinance existing debt and to fund a major façade restoration project that includes balcony renovations, window, door and curtain wall replacement and masonry repairs.
Situated between Crown and George streets, University Towers Owners Corp. is just steps from Yale University, Yale-New Haven Hospital and a number of restaurants and small, local businesses. Transportation options include the New Haven/State Street Metro-North Station, I95/Connecticut Turnpike and I91.