New York, NY (October 8, 2024) – National Cooperative Bank’s New York Team recently closed $185.7 million in first mortgage loans and $14.5 million in lines of credit for Electchester Housing Companies five limited equity housing cooperatives located in the New York City neighborhood of Flushing, Queens. NCB’s loan proceeds were used to refinance existing debt and to provide funds for planned capital improvements.
Electchester Housing was established to provide affordable housing for members of Local No. 3 of the International Brotherhood of Electrical Workers. Occupying 57 acres, the 38-building residential development has 2,397 residential co-op units. First, Second, Third and Fourth Companies were incorporated in 1949 under the regulations of Article IV Limited-Dividend Cooperative Housing Cooperative and Fifth Company was incorporated in 1961.
NCB provided the following financing:
- First Housing Company, Inc.
o $36,420,000 first mortgage and a $2.9 million line of credit for the 381-unit co-op - Second Housing Company, Inc.
o $56,270,000 million first mortgage and a $2.9 million line of credit for the 684-unit co-op. - Third Housing Company, Inc.
o $47,200,000 first mortgage and a $2.9 million line of credit for the 788-unit co-op. - Fourth Housing Company, Inc.
o $30,220,000 first mortgage and a $2.9 million line of credit for the 360-unit co-op. - Fifth Housing Company, Inc.
o $15,600,000 first mortgage and a $2.9 million line of credit for the 184-unit co-op.
“As a mission focused bank with a commitment to serving housing cooperatives, NCB is proud to work with Electchester Housing Companies to provide the necessary financing to meet the current and future capital needs at the five properties,” stated Mindy Goldstein, Senior Vice President of NCB. "Many individuals were instrumental in working on this transaction, ensuring Electchester received the necessary funds to refinance their existing debt and provide money for future capital expenditures.”
As a full-service financial institution, NCB offers banking products and services for housing cooperatives, condominiums, HOAs, and their respective management companies. Additional products include treasury management, competitive deposit rates and payment processing, and lockbox solutions.
