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National Cooperative Bank Originates $23.5 Million for New York-Area Cooperatives in April 2017

220-55 46th Avenue Owners Inc

New York, NY (May 4, 2017) – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, originated $23.5 million in new loans during April for nine New York area properties. Edward Howe III, managing director of the NCB New York office, made the announcement.

Mindy Goldstein, senior vice president, reported $14.2 million in originations during the month, including the largest loan of the month, a $9 million first mortgage and a $750,000 line of credit for a 312-unit co-op at 220-55 46th Avenue in Bayside, NY. Other financing for the month included:

  • A $1.6 million first mortgage and a $300,000 line of credit for 17 West Apartments Corp., a 36-unit co-op at 17 West 71st Street in Manhattan;
  • An $800,000 first mortgage and a $300,000 line of credit for a 44-unit co-op at 782-786 West End Avenue in Manhattan;
  • A $750,000 third mortgage for Michelle Tenants Corp., a 70-unit co-op at 210-50 41st Avenue in Bayside, NY;
  • A $500,000 first mortgage and a $150,000 line of credit for a 20-unit co-op at 20 Jane Street in Manhattan.

Harley Seligman, vice president originated $4.7 million in April, including:

  • A $3.5 million first mortgage and a $200,000 line of credit for a 49-unit co-op at 2711 Henry Hudson Parkway in Bronx, NY;
  • A $500,000 term loan and a $500,000 line of credit for a 173-unit co-op at 333 East 46th Street in Manhattan.

Edward Howe III, managing director of NCB’s New York office, reported $4.6 million in originations during April, including:

  • A $2.4 million first mortgage and a $500,000 line of credit for a 72-unit co-op at 101 Ellwood Avenue in Mount Vernon, NY;
  • A $1.2 first mortgage and a $500,000 line of credit for Alta Ave. Apartments Corp., a 47-unit co-op at 47 Alta Avenue 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.