NEW YORK, NY - National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, announced that the Bank originated more than $34 million in new loans during February for 15 New York area properties. Edward Howe III, managing director of the NCB New York office, made the announcement.
Mindy Goldstein, a senior vice president at NCB, arranged $27.6 million in financing, including the largest loan of the month, an $8 million first mortgage and $1 million line of credit for a 165-unit co-op at 201 East 79th Street in Manhattan. Other financing included:
$6.3 million first mortgage and a $1 million line of credit for Neptune Towers Cooperative, Inc., a 152-unit co-op at 25 Neptune Boulevard in Long Beach, NY;
$3.5 million first mortgage for a 112-unit co-op at 319 East 50th Street in Manhattan;
$1.5 million first mortgage and a $1 million line of credit for 50-22 Owners Ltd., a 51-unit co-op at 50-22 40th Street in Sunnyside, NY;
$1.4 million first mortgage and a $500,000 line of credit for an 11-unit co-op at 12 West 17th Street in Manhattan;
$1.3 million second mortgage for 83-33 Gardens Corp., a 105-unit co-op at 83-33 Austin Street in Kew Gardens, NY;
$1.2 million first mortgage for Jones Street Owners Corporation, a seven-unit co-op at 9 Jones Street in Manhattan;
$500,000 second mortgage for Cragsworld, Inc., a 46-unit co-op at 187 Garth Road in Scarsdale, NY; and
$400,000 first mortgage and a $100,000 line of credit for 161 Ninth, Ltd., an eight-unit co-op at 161 9th Avenue in Manhattan.
Mr. Howe originated $4.8 million in new loans during February, including:
$1.6 million first mortgage and a $500,000 line of credit for a 51-unit co-op at 109-111 N. Broadway in White Plains, NY;
$1.2 million first mortgage for a six-unit co-op at 30 Bond Street in Manhattan;
$1 million third mortgage for Fieldston Garden Apartments, Inc., a 69-unit co-op at 525 West 238th Street in Bronx, NY; and
$500,000 first mortgage for a seven-unit co-op at 14 Jay Street in Manhattan.
NCB Vice President Harley Seligman arranged $1.6 million in new loans during the month, including:
$1.1 million third mortgage and a $250,000 line of credit for a 36-unit co-op at 36-42 Pondfield Road West in Yonkers, NY; and
$300,000 first mortgage for a four-unit co-op at 164 Prospect Place in Brooklyn, NY.
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 National Cooperative Bank: National Cooperative Bank 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. NCB provides financial products and services for the nation’s cooperatives, their members, and socially responsible organizations. 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.