NEW YORK, NY - National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, announced that the Bank originated $41 million in new loans during May for 16 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 $27.1 million in new loans during the month, including the largest, an $8 million first mortgage and $2 million line of credit for Jamaica Towers Owners, Inc., a 358-unit co-op at 89-15 Parsons Boulevard and 160-10 89th Avenue in Jamaica, NY. Other financing activity included:
$7.7 million first mortgage and a $750,000 line of credit for a 222-unit co-op at 39-60 54th Street in Woodside, NY;
$2 million first mortgage and $250,000 line of credit for an 18-unit co-op at 240 West 23rd Street in Manhattan;
$1.8 million first mortgage and $350,000 line of credit for Hartsdale Executive House, Inc., an 84-unit co-op at 45 East Hartsdale Avenue in Hartsdale, NY;
$1.5 million first mortgage for a ten-unit co-op at 547 Broadway in Manhattan;
$800,000 first mortgage and $300,000 line of credit for an 18-unit co-op at 170 East 92nd Street in Manhattan;
$500,000 first mortgage and $200,000 line of credit for a four-unit co-op at 11 Jay Street in Manhattan;
$500,000 line of credit for a 27-unit co-op at 166 & 168-170 Mulberry Street in Manhattan;
$350,000 first mortgage and $100,000 line of credit for 18 Housing Corp., a five-unit co-op at 18 Monroe Place in Brooklyn, NY.
NCB Vice President Harley Seligman arranged $7.9 million in new loans during May, including:
$3.1 million first mortgage and $500,000 line of credit for Regency Park Owners Corp., a 65-unit co-op at 25 Lake Street in White Plains, NY;
$2 million first mortgage and $100,000 line of credit for Sea Breeze Town Houses Owners, Inc., a 16-unit co-op at 165 East Broadway in Long Beach, NY;
$1 million first mortgage and $250,000 line of credit for Carroll Gardens Owners, Corp., a 32-unit co-op at 510-512 Kappock Street in Bronx, NY;
$700,000 first mortgage for Clinton Avenue Owners Corp., a 32-unit co-op at 149-153 Clinton Avenue in Brooklyn, NY; and
$250,000 line of credit for The Colonial House Tenants Corp., a 55-unit co-op at 167 Centre Avenue in New Rochelle, NY.
Mr. Howe originated $6.1 million in new loans during May, including:
$4.2 million first mortgage for Hawthorne Gardens Owners Corp., a 77-unit co-op at 133-159 Smith Street in Freeport, NY; and
$1.4 million first mortgage and $500,000 line of credit for a 41-unit co-op at 585 McLean Avenue in Yonkers, 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.