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National Cooperative Bank Rounds Out 2015 with $42 Million in Financing for 18 New York Area Cooperative Apartments

Photo of Southridge Cooperative Section 3, Inc., a housing cooperative in Jackson Heights, NY

 New York, NY (January 7, 2016) – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, announced that the Bank originated $42 million in new loans during December 2015 for 18 New York area properties. NCB closed out 2015 with nearly $560 million in financing for 221 co-ops and condos throughout the New York region. Edward Howe III, managing director of the NCB New York office, made the announcement. 


Senior Vice President Mindy Goldstein arranged $19.6 million during the month, including:

• A $4.5 million first mortgage and $500,000 line of credit for 24535 Owners Corp., a 111-unit co-op at 245 East 35th Street in Manhattan;
• A $3.6 million first mortgage and $500,000 line of credit for Pelhamdale Manor Corp., an 86-unit co-op at 1-79 Robins Crescent and 86-142 Robins Road in New Rochelle, NY;
• A $3.5 million first mortgage and $1 million line of credit for Southridge Cooperative Section 3, Inc., a 358-unit co-op at 33-01/33-45 90th Street aka 99-02 Northern Boulevard aka 33-02/33-44 91st Avenue aka 99-01 34th Avenue in Jackson Heights, NY;
• A $1.7 million first mortgage and $250,000 line of credit for 90 Eighth Avenue Housing Co., Inc., a 56-unit co-op in Brooklyn, NY;
• A $1.6 million first mortgage and $200,000 line of credit for Greenwich 33 Apartment Corp., a 33-unit co-op at 708 Greenwich Street in Manhattan;
• A $1.3 million first mortgage and $500,000 line of credit for 24537 Owners Corp., a 46-unit co-op at 685-697 Second Avenue aka 245-247 East 37th Street in Manhattan;
• A $275,000 first mortgage for 111 East 10th Street, Inc., a 29-unit co-op in Manhattan; and
• A $200,000 line of credit for Charlton Owners Corp., an 18-unit co-op at 11 Charlton Street in Manhattan.

Edward Howe III, managing director of NCB’s New York office, arranged $19.3 million in loans during December, and the largest: a $4.8 million first mortgage and $500,000 line of credit for 65 West 95th Owners Corp., a 62-unit co-op in Manhattan.
Other financing during December for Mr. Howe includes:

• A $4 million first mortgage and $500,000 line of credit for 333 Bronx River Tenants Corp., a 163-unit co-op in Yonkers, NY;
• A $3 million first mortgage and $500,000 line of credit for 3050 Fairfield Avenue Owners Corp., a 72-unit co-op in Bronx, NY;
• A $1.8 million first mortgage and $250,000 line of credit for 16 Canterbury Corp., a 44-unit co-op in Great Neck, NY;
• $1.6 million first mortgage and $500,000 line of credit for Fairfax House Owners, Inc., a 59-unit co-op at 243 78th Street in Brooklyn, NY; and
• A $1.4 million first mortgage and $500,000 line of credit for 11194 Owners Corp., a 46-unit co-op at 111 West 94th Street in Manhattan.

Vice President Harley Seligman originated $3.4 million in new financing during December, including:

• A $1.7 million first mortgage and $200,000 line of credit for Barclay Plaza Owners, Inc., a 48-unit co-op at 143-50 Barclay Avenue in Flushing, NY;
• A $1 million line of credit for 107 West 25th Street Corp., a 25-unit co-op in Manhattan;
• A $250,000 first mortgage for 400 Third Street Owners Corp., an eight-unit co-op at 400 3rdStreet in Brooklyn, NY; and
• A $250,000 first mortgage for 475 Seventh Avenue Tenants Corp., a nine-unit co-op at 475 7th Avenue in Brooklyn, NY.

As a full-service financial institution, NCB provides term loans, lines of credit, commercial and residential mortgages and personal and business banking products to cooperatives nationwide. NCB offers an array of business banking products for cooperatives 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.