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National Cooperative Bank Originates $35.3 Million for New York-Area Cooperatives in December 2016

Photo of a housing cooperative in New York City  

New York, NY (January 5, 2017) – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, originated $35.3 million in new loans during December for 18 New York area properties. Edward Howe III, managing director of the NCB New York office, made the announcement.

Edward Howe III, managing director of NCB’s New York office, reported $16.2 million in originations during December, including the largest loan of the month, a $6.1 million first mortgage for Oceanview Towers Inc., a 160-unit co-op at 2652 Cropsey Avenue in Brooklyn, NY. Other financing for the month included:
A $3.4 million first mortgage and a $500,000 line of credit for 60-104 Owners Corp., an 89-unit co-op at 60-104 Pinewood Road in Hartsdale, NY;
A $3.3 million first mortgage for a 63-unit co-op at 55 Lenox Road in Rockville Centre, NY;
A $1.5 million first mortgage for The Fordham Terrace Apartment Corp., a 72-unit co-op at 2661 Marion Avenue in Bronx, NY;
A $700,000 first mortgage and a $250,000 line of credit for a four-unit co-op at 69 Washington Place in Manhattan;
A $400,000 first mortgage and a $100,000 line of credit for Fifth 169 Owners Corp., a six-unit co-op at 169 Fifth Avenue in Brooklyn, NY.

Harley Seligman, vice president, originated $12.5 million in December. Financing for the month included:
A $5 million first mortgage for Mainstay Cooperative Section One Inc., a 108-unit co-op at 144-55 Melbourne Avenue and 144-60 Gravett Road in Flushing, NY;
A $2.1 million first mortgage and a $500,000 line of credit for Shore Road Apartment Corporation, a 59-unit co-op at 485 Pelham Road in New Rochelle, NY;
A $1.5 million second mortgage and a $1.5 million third mortgage for a 133-unit co-op at 136 East 56th Street in Manhattan;
An $850,000 first mortgage and a $250,000 line of credit for Clongowes Wood, Inc., a 25-unit co-op at 334 West 22nd Street in Manhattan;
A $500,000 first mortgage for a 68-unit coop at 82-88 Horatio Street in Manhattan;
A $250,000 line of credit for Chelsea Row, Inc., a 20-unit co-op at 320 West 17th Street in Manhattan.

Mindy Goldstein, senior vice president, reported $6.7 million in originations during December, including:
A $3 million first mortgage and a $500,000 line of credit for Sunset Green Housing Corporation, a 69-unit co-op at 159 Hawthorne Avenue in Yonkers, NY;
A $750,000 first mortgage and a $500,000 line of credit for 93rd Street Owners Corp., a 25-unit co-op at 125 East 93rd Street in Manhattan;
A $600,000 line of credit for a 59-unit co-op at 120-10-12 85th Avenue in Kew Gardens, NY;
A $500,000 first mortgage for a 20-unit co-op at 510 East 5th Street in Manhattan;
A $500,000 first mortgage for an 18-unit co-op at 513 East 5th Street in Manhattan;
A $300,000 term loan for Long Beach Towne House Condominium, an 18-unit condominium at 651-655-659 Shore Road in Long Beach, 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.