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National Cooperative Bank Originates $47.6 Million for New York-Area Cooperatives in June 2017

RamapoNew York, NY (July 6, 2017) – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, originated $47.6 million in new loans during June for 25 New York area properties. Edward Howe III, managing director of the NCB New York office, made the announcement. 

Harley Seligman, vice president reported $21 million in originations during the month, including one of the largest loans of the month, a $5 million first mortgage and a $250,000 line of credit for Ramapo Towers Owners Corp., a 148-unit co-op at 30-40 South Cole Avenue in Spring Valley, NY.  Other financing for the month included:

  • A $4.2 million first mortgage and a $500,000 line of credit for Lafayette Owners Corp., a 123-unit co-op at 69-40 Yellowstone Boulevard in Forest Hills, NY;
  • A $3.5 million first mortgage and a $500,000 line of credit for 3875 Owners Corp., a 105-unit co-op at 3875 Waldo Avenue in Bronx, NY;
  • A $1.5 million first mortgage and a $250,000 line of credit for 42 W. 17th St. Housing Corp., a 21-unit co-op at 40 & 42 West 17th Street in Manhattan;
  • A $1,050,000 first mortgage and a $250,000 line of credit for a 30-unit co-op at 114 Morningside Drive in Manhattan;
  • A $575,000 first mortgage and a $200,000 line of credit for a 13-unit co-op at 312-314 West 107th Street in Manhattan;
  • A $550,000 first mortgage and a $200,000 line of credit for an eight-unit co-op at 17 West 10th Street in Manhattan;
  • A $540,000 first mortgage and a $200,000 line of credit for a 22-unit co-op at 236 East 78th Street in Manhattan;
  • A $500,000 first mortgage for a five-unit co-op at 321 2nd Avenue in Manhattan;
  • A $500,000 first mortgage for Flovas Realty Corp., a 27-unit co-op at 332 Palisades Avenue in Yonkers, NY;
  • A $400,000 first mortgage for a 20-unit co-op at 433 West 54th Street in Manhattan;
  • A $350,000 first mortgage for a 14-unit co-op at 301 West 89th Street in Manhattan.

Edward Howe III, managing director of NCB’s New York office, reported $17.7 million in originations during June, including: 

  • A $3.8 million first mortgage and a $500,000 line of credit for Hudson Hills Tenant Corp., a 106-unit co-op at 222-250 North Broadway in Yonkers, NY;
  • A $3 million first mortgage and a $500,000 line of credit for Plaza Prospect Apt. Inc., a 122-unit co-op at 10 Plaza Street in Brooklyn, NY;
  • A $3 million first mortgage for a 72-unit co-op at 420 West 206th Street in Manhattan;
  • A $2.4 million first mortgage and a $250,000 line of credit for a 52-unit co-op at 30 Clinton Place in New Rochelle, NY;
  • A $1.9 million first mortgage and a $300,000 line of credit for a 53-unit co-op at 55 Halley Street in Yonkers, NY;
  • A $1.1 million first mortgage and a $200,000 line of credit for an 83-unit co-op at 1580 East 13th Street in Brooklyn, NY;
  • A $650,000 first mortgage and a $250,000 line of cred it Canal Studio Corp., a four-unit co-op at 305 Canal Street in Manhattan.

Mindy Goldstein, senior vice president originated $8.9 million for the month, including one of the largest loans in June, a $5 million first mortgage and a $250,000 line of credit for Oakwood Apartment Corp., a 107-unit co-op at 1 East Broadway in Long Beach, NY. Other financing included: 

  • A $900,000 first mortgage and a $250,000 line of credit for a 39-unit co-op at 461 West 44th Street in Manhattan;
  • An $800,000 first mortgage for 1485 East Sixteenth Owners Corp., a 53-unit co-op at 1425-1499 East 16th Street in Brooklyn, NY;
  • An $800,000 third mortgage for Park Terrace Owners Corp., a 71-unit co-op at 50 Park Terrace East in Manhattan;
  • A $450,000 first mortgage for The Huguenot Gardens Tenant Corp, a 24-unit co-op at 450 Pelham Road in New Rochelle, NY;
  • A $400,000 second mortgage for Franconia Village Cooperative, Inc., a 227-unit co-op at 44-55 Kissena Blvd., in Flushing, 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.