National Cooperative Bank’s New York Office Reports Nearly $47 Million in Originations for Area Cooperatives During March
New York, NY (April 12, 2016) – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, announced that the Bank originated $46.750 million in new loans during March 2016 for 16 New York area properties. Edward Howe III, managing director of the NCB New York office, made the announcement.
Edward Howe III reported $25 million in originations during March – including the largest, a $9.5 million first mortgage and $1 million line of credit for Terrace Gardens Plaza, Inc., a 375-unit co-op at 920 East 17th Street in Brooklyn, NY. Other financing during the month included:
• A $6.3 million first mortgage and two lines of credit for $2 million and $500,000 for a 54-unit co-op at 900 Fifth Avenue in Manhattan;
• A $3.5 million first mortgage and $750,000 line of credit for New York Teachers Housing Corp., a 223-unit co-op at 3130 Irwin Ave & 3125 Tibbett Avenue in Bronx, NY;
• A $1.5 million first mortgage and $500,000 line of credit for 431 Broad West Corp., a 10-unit co-op at 427-431 West Broadway in Manhattan.
Senior Vice President Mindy Goldstein arranged $17.4 million in loans during the month, including:
• A $5.5 million first mortgage and $500,000 line of credit for Grover Cleveland Tenants Corp., a 204-unit co-op at 67-38 108th Street in Forest Hills, NY;
• A $5.1 million first mortgage and $500,000 line of credit for Garden Town Apartment Owners, a 109-unit co-op at 1193-1215 East Broadway in Hewlett, NY;
• A $2 million first mortgage and $500,000 line of credit for Winthrop Apartment Corp., an 84-unit co-op at 68-63 108th Street in Forest Hills, NY;
• A $1.7 million first mortgage and $250,000 line of credit for Ipswich House Inc., a 49-unit co-op at 10 Ipswich Avenue in Great Neck, NY;
• A $600,000 first mortgage and $250,000 line of credit for a 26-unit co-op at 35 West 82ndStreet in Manhattan;
• A $500,000 first mortgage for One Rutherford Tenants Corp., a 10-unit co-op at 224 East 17th Street in Manhattan.
Vice President Harley Seligman originated $3.9 million in financing during March, including:
• A $1 million line of credit for Trencentun Corp., an 84-unit co-op at 3001 Henry Hudson Parkway in Riverdale, NY;
• A $1 million line of credit for Tova Realty Corp., a 114-unit co-op at 42-44 Ketcham Road in Elmhurst, NY;
• A $1 million first mortgage for a 114-unit co-op at 435 East 65th Street in Manhattan;
• A $425,000 first mortgage for 190 Heights Housing Corp., a five-unit co-op at 190 Columbia Heights in Brooklyn, NY;
• A $200,000 line of credit for a 40-unit co-op at 80 William Street in Mount Vernon, NY;
• A $175,000 line of credit for 47 E 67 Realty Corp., a seven-unit co-op at 47 East 67th Street in Manhattan.
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.