New York, NY (May 7, 2018) – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, originated over $84 million in new loans during April for seventeen 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, originated $54.6 million, including the largest loan of the month, a $17 million first mortgage for Rex Ridge Apartment Corp., a 372-unit co-op at 23 Fieldstone Drive in Hartsdale, NY. Other financing for the month included:
A $15.7 million first mortgage and a $500,000 line of credit for a 289-unit co-op at 444 East 86th Street in Manhattan;
A $13.8 million first mortgage for a 284-unit co-op at 17-85 215th Street in Bayside, NY;
A $4.4 million first mortgage for Stonegate X Apartment Owners Corp., a 96-unit co-op at 30-220 Parkside Drive in Suffern, NY;
A $3 million first mortgage and a $250,000 line of credit for a 60-unit co-op at 6200 Riverdale Avenue, in Bronx, NY.
Harley Seligman, vice president, reported $20.6 million in originations during the month, including:
A $6.5 million first mortgage and a $500,000 line of credit for Carlshire Tenants, Inc., a 109-unit co-op at 1-3 Washington Square in Larchmont, NY;
A $2.7 million first mortgage and a $250,000 line of credit for Paysons Apartment Corp., a 56-unit co-op at 43-55 Kissena Blvd. in Flushing, NY;
A $2.5 million first mortgage and a $2.5 million line of credit for Queensview, Inc., a 726-unit co-op at 21 33rd Road in Astoria, NY;
A $1.7 million first mortgage and a $250,000 line of credit for Syldor Apartment Corp., a 42-unit co-op at 108-05 Astoria Boulevard in East Elmhurst, NY;
A $1.2 million first mortgage and a $500,000 lien of credit for Hamilton Cooperative Apartments, Inc., a 160-unit co-op at 221 McDonald Avenue in Brooklyn, NY;
A $650,000 first mortgage and a $100,000 line of credit for a nine unit co-op at 27 West 82nd Street in Manhattan;
A $500,000 first mortgage and a $200,000 line of credit for an eight unit co-op at 314 West 19th Street in Manhattan;
A $500,000 line of credit for Estates Of Crystal House Ltd, an 83-unit co-op at 12 Old Mamaroneck Road in White Plains, NY.
Mindy Goldstein, senior vice president, originated $9 million for the month of April, including:
A $2.3 million first mortgage and a $300,000 line of credit for a 69-unit co-op at 208-216 East 82nd Street in Manhattan;
A $2.3 million first mortgage and a $250,000 line of credit for Top Of The Lofts, Inc., a 16-unit co-op at 129-131 West 22nd Street in Manhattan;
A $1.6 million first mortgage and a $500,000 line of credit for a 68-unit co-op at 49 West 12th Street in Manhattan;
A $1.5 million first mortgage and a $250,000 line of credit for 57-65 West 93 Corp., a 36-unit co-op at 57 West 93rd Street in Manhattan.
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.
