New York, NY (February 5, 2018) – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, originated $25 million in new loans during January for nine 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 $9.8 million in originations during January, including:
A $3 million first mortgage and a $500,000 line of credit for a 36-unit co-op at 35 West 9th Street in Manhattan;
A $2.5 million first mortgage and a $250,000 line of credit for Kent Bentley Apartments, Inc., a 66-unit co-op at 2015 St. Paul Avenue in Bronx, NY;
A $2 million first mortgage and a $1.5 million line of credit for Lenox Manor Owners, Inc., a 141-unit co-op at 174-180 East 77th Street in Manhattan.
Mindy Goldstein, senior vice president originated $8.1 million for the month of January, including:
A $3.9 million first mortgage for a 134-unit co-op at 3363 Sedgwick Avenue in Bronx, NY;
A $2 million first mortgage and a $250,000 line of credit for a 36-unit co-op at 320 West 84th Street in Manhattan;
A $1.2 million first mortgage and a $100,000 line of credit for 1264 Owners Corp., a 22-unit co-op at 1264 Amsterdam Avenue in Manhattan;
A $550,000 first mortgage and a $100,000 line of credit for a 27-unit co-op at 126 West 96th Street in Manhattan.
Harley Seligman, vice president, reported $7.1 million in originations during the month, including the largest loan of the month, a $6.1 million first mortgage and a $500,000 line of credit for Bay Terrace Cooperative Section Viii, Inc., a 120-unit co-op at 209-20 and 209-80 18th Avenue in Bayside, NY. Other financing for the month included:
A $500,000 first mortgage for Wooster 100 Realty, Ltd, a four unit co-op at 100 Wooster 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.
