NEW YORK, NY - National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, originated $61.7 million in new loans during July for 15 New York area properties. 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, reported $39.9 million in originations during the month, including the largest loan of the month, a $35 million first mortgage for Clearview Gardens First Through Sixth Corporations, a 1,788-unit co-op at 160-70 Willets Point Boulevard in Whitestone, NY. Other financing for the month included: $2 million 2nd mortgage for Penny Lane Owners Corp., a 179-unit co-op at 215 East 24th Street in Manhattan; $1.9 million first mortgage and a $200,000 line of credit for 2680 Apt., Inc., a 107-unit co-op at 2680 East 19th Street in Brooklyn, NY; $650,000 first mortgage and a $100,000 line of credit for 108 East Owners Corp., a 17-unit co-op at 108 East 66th Street in Manhattan.
Harley Seligman, vice president, reported $11.4 million in originations during July, including: $4.4 million first mortgage and a $250,000 line of credit for The Renee Owners, Inc., a 119-unit co-op at 78-40 164th Street in Manhattan; $2.9 million first mortgage and a $500,000 line of credit for Rivermere Apartments, Inc., a 39-unit co-op at 99 Lake Avenue in Bronxville, NY; $1.2 million first mortgage and a $250,000 line of credit for a 17-unit co-op at 107-109-111 North 9th Street in Brooklyn, NY; $1.2 million term loan for Woods Edge Home Owners Association, Inc. a 110-unit home owners association at Alicia Drive in North Babylon, NY; $700,000 first mortgage for Brudava Corp., a 41-unit co-op at 2506 Davidson Avenue in Bronx, NY.
Mindy Goldstein, senior vice president originated $10.5 million for the month, including; $5.2 million first mortgage and a $250,000 line of credit for a 95-unit co-op at 55 Monroe Boulevard in Long Beach, NY; $1.3 million second mortgage for Tanglewood Terrace at Smithtown Corp., a 48-unit co-op at 365 Route 111 in Smithtown, NY; $1.2 million first mortgage for a 29-unit condominium at 121 West 20th Street in Manhattan; $250,000 second mortgage and a $850,000 third mortgage for Athenium House Corp., a 10-unit co-op at 54 East 11th Street in Manhattan; $1 million first mortgage for a 120-unit co-op at 67-30 Clyde Street in Rego Park, NY; $400,000 first mortgage for Lindenwood Village Section B Cooperative, a 146-unit co-op at 88-12 151 Avenue in Howard Beach, 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.
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 and Instagram, or on Twitter @natlcoopbank.