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National Cooperative Bank Originates $36 Million for New York-Area Housing Cooperatives in October 2017

Capture - wyndham houseNew York, NY (November 6, 2017) – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, originated $36 million in new loans during October for 15 New York area housing cooperatives. 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 $18 million in originations during the month.  Financing for the month included:

  • A $6.7 first mortgage and a $750,000 line of credit for Nathan Hale Owners Corp., a 243-unit co-op at 38 Nathan Hale Drive in Huntington, NY;
  • A $3.5 first mortgage and a $500,000 line of credit for James Monroe Owners, Inc., a 104-unit-co-op at 104-20 68th Drive in Forest Hills, NY;
  • A $3 million first mortgage and a $500,000 line of credit for 4/70 Owners Corp., a 33-unit co-op at 4 East 70th Street in Manhattan; 
  • A $2.5 million first mortgage and a $500,000 line of credit for 3/69 Owners Corp., a 29-unit co-op at 3 East 69th Street in Manhattan.

Mindy Goldstein, senior vice president originated $12.9 million for the month, including the largest loan of the month, a $7 million first mortgage and a $250,000 line of credit for Wyndham House Owners Corp., a 147-unit co-op at 200 Atlantic Avenue in Lynbrook, NY.  Other financing for the month included: 

  • A $2.6 million line of credit for Columbus Park Owners, Inc., a 162-unit co-op at 100 West 94th Street in Manhattan;
  • A $1.5 million first mortgage and a $250,000 line of credit for Sanford Apt. Corp., a 53-unit co-op at 144-44 Sanford Avenue in Flushing, NY;
  • A $650,000 first mortgage for 108 Northview Apartments, Inc., a ten unit co-op at 108 West 69th Street in Manhattan;
  • A $400,000 line of credit for a 12-unit co-op at 222 East 24th Street in Manhattan;
  • A $225,000 first mortgage for a ten unit co-op at 221 West 20th Street in Manhattan.

Harley Seligman, vice president, reported $5.2 million in originations during October, including: 

  • A $1.5 first mortgage and a $250,000 line of credit for a 29-unit co-op at 333 East 41st Street in Manhattan;
  • A $1 million line of credit for a 111-unit co-op at 200 West 108th Street in Manhattan;
  • A $900,000 first mortgage and a $99,000 line of credit for West 22nd St Owners Corp, a 15-unit co-op at 333 West 22nd Street in Manhattan;
  • An $800,000 first mortgage and a $250,000 line of credit for 22627 Owners Corp., a 20-unit co-op at 226 East 27th Street in Manhattan;
  • A $400,000 first mortgage for Finnish Home Building Association “Alku”, Inc., a 31-unit co-op at 816 43rd Street in Brooklyn, 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.