NEW YORK, NY - National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, originated $22.3 million in new loans during May for 12 New York area properties. The outer boroughs of Brooklyn and Queens, and Westchester led the way with over $18.5 million in financing. Edward Howe III, managing director of the NCB New York office, made the announcement.
“Half of the region’s loan activity during May occurred in Queens and Brooklyn, in sharp contrast to last month, where most of the financing was for cooperatives in Manhattan,” said Mr. Howe. “The Bank is proud to continuously be a trusted source of financing for cooperatives in a number of New York neighborhoods that are looking to maintain the value of their property.”
With a total of $17.8 million in new financing activity during May, Mr. Howe also arranged the largest loan of the month, a $5.5 million first mortgage for a 192-unit co-op at 138-15 Franklin Avenue in Flushing, NY; a $4.8 million first mortgage for Gateway Apartment Owners Corp., a 103-unit co-op at 60 Gateway Road in Yonkers, NY; $2.3 million first mortgage and a $500,000 line of credit for Harrison Commons, Ltd., a 51-unit co-op at 2-14 South Road in Harrison, NY; a $1.7 million first mortgage and a $500,000 line of credit for Florence Court Corp., a 29-unit co-op at 187 Hicks Street in Brooklyn, NY; an $800,000 first mortgage for a 40-unit co-op at 649 2nd Avenue in Manhattan; a $750,000 line of credit for a 60-unit co-op at 295 West 11th Street in Manhattan; a $500,000 line of credit for a 53-unit co-op at 38-50 West 9th Street in Manhattan; and a $475,000 first mortgage for Eighty-Five Owners Corp., a ten-unit co-op at 85 Stanton Street in Manhattan.
Mindy Goldstein, a senior vice president at NCB, arranged an additional $4.5 million in new loans during the month, such as a $2 million first mortgage and a $200,000 line of credit for The Mews at Roosevelt Tenants Corp., a 47-unit co-op at 147-11 to 147-19 Roosevelt Avenue/38-11 to 38-23 147th Street/147-06 and 147-18 38th Avenue in Flushing, NY; a $650,000 first mortgage and a $400,000 line of credit for Pondfield Apartments, Inc., a 16-unit co-op at 133 Pondfield Road in Bronxville, NY; a $600,000 first mortgage and a $200,000 line of credit for a 20-unit co-op at 264 West 22nd Street in Manhattan; and a $500,000 first mortgage for a 59-unit co-op at 255 West End Avenue in Manhattan.
As a full-service financial institution, NCB provides term loans, lines of credit, commercial and residential mortgages and personal and business banking products to cooperatives nationwide. NCB offers an array of business banking products for cooperatives including cash management, competitive deposit rates and full service payment processing and lockbox.
About NCB:
NCB 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. Headquartered in Washington, DC, the Bank has offices in Alaska, California, New York, Ohio and Virginia. To learn more, visit www.ncb.coop, National Cooperative Bank on Facebook, or on Twitter @coopbanking.
The NCB Financial Group consists of the Congressionally-chartered National Consumer Cooperative Bank (NCCB) and NCB, FSB, a federally insured savings bank wholly owned by NCCB. The NCB Financial Group provides financial products and services for the nation’s cooperatives, their members, and socially responsible organizations.