New York, NY (April 5, 2018) – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, originated over $63 million in new loans during March for twenty-five 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 $31.5 million, including the largest loan of the month, a $6.5 million first mortgage and a $500,000 line of credit for Hudson Courts Owners, Inc., a 117-unit co-op at 679-709 Warburton Avenue in Yonkers, NY. Other financing for the month included:
A $5.7 million first mortgage and a $1 million line of credit for 3755 Owners Ltd., a 91-unit co-op at 3755 Henry Hudson Parkway in Bronx, NY;
A $5.5 million first mortgage and a $500,000 line of credit for Booth Street Owners Corp., a 127-unit co-op at 67-76 Booth Street in Forest Hills, NY;
A $2.5 million first mortgage and a $500,000 line of credit for a 68-unit co-op at 3215 Arlington Avenue in Riverdale, NY;
A $2.3 million first mortgage and a $100,000 line of credit for Braddock Avenue Owners, Inc., a 47-unit co-op at 222-89 Braddock Avenue in Bellrose, NY;
A $1.7 million first mortgage and a $250,000 line of credit for Hillpark Plaza Inc., a 42-unit co-op at 15 Hillpark Avenue in Great Neck, NY;
A $1.6 million first mortgage and a $500,000 line of credit for a 73-unit co-op at 250 Cabrini Boulevard in Manhattan;
A $1 million first mortgage and a $500,000 line of credit for Dartmouth Cooperative Corp., an 80-unit co-op at 86-45 Shore Parkway in Howard Beach, NY;
An $800,000 third mortgage for a 74-unit co-op at 61 Bronx River Road in Yonkers, NY.
Mindy Goldstein, senior vice president, originated $18 million for the month of March, including:
A $4 million first mortgage and a $500,000 line of credit for Fairfield Green Owners, Inc., a 60-unit co-op at 748 Deer Park Avenue in North Babylon, NY;
A $2.8 million first mortgage and a $250,000 line of credit for a 51-unit co-op at 180 South Middle Neck Road in Great Neck, NY;
A $2.3 million first mortgage and a $250,000 line of credit for Saxony Heights Corp., an 89-unit co-op at 86-11 34th Avenue in Jackson Heights, NY;
A $2.2 million first mortgage and a $500,000 line of credit for High View Owners Inc., a 61-unit co-op at 2545 Sedgwick Avenue in Bronx, NY;
A $1 million first mortgage for West Tenth Street Housing Development Fund Corporation, a 24-unit co-op at 211 West 10th Street in Manhattan;
An $800,000 first mortgage and a $150,000 line of credit for West 19th Street Owners Corp., a 12-unit co-op at 453 West 19th Street in Manhattan;
An $800,000 first mortgage for a 58-unit co-op at 345 East 54th Street in Manhattan;
A $700,000 term loan for Columbus Townhouses II Condominium, a 26-unit condominium at 107-113 West 89th Street in Manhattan;
A $650,000 first mortgage and a $200,000 line of credit for a seven unit co-op at 2 East 12th Street in Manhattan;
A $500,000 first mortgage and a $100,000 line of credit for a five unit co-op at 138 Watts Street in Manhattan;
A $400,000 line of credit for 203 Owners Corp., a 30-unit co-op at 203 West 98th Street in Manhattan.
Harley Seligman, vice president, reported $13.6 million in originations during the month, including:
A $6.1 million first mortgage and a $700,000 line of credit for a 72-unit co-op at 229 East 79th Street in Manhattan;
A $2.8 million first mortgage and a $500,000 line of credit for Wade Hampton Apartments, Inc., an 84-unit co-op at 2081 Cruger Avenue in Bronx, NY;
A $2 million first mortgage and a $500,000 third mortgage for Kensington Gate Owners Inc, a 94-unit co-op at 155 Middle Neck Road in Great Neck, NY;
A $600,000 first mortgage and a $150,000 line of credit for Mont Cenis Apartments, Inc., a 24-unit co-op at 54 Morningside Drive in Manhattan;
A $225,000 first mortgage for a five unit co-op at 264 President 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.
