NEW YORK, NY - National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, originated $74.7 million in new loans during August for 24 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 $37.9 million in originations during the month, including the largest loan of the month, a $14 million line of credit for Amalgamated Housing Corporation, a 1,486-unit co-op at 98 Van Cortlandt Park South in Bronx, NY. Other financing for the month included: $6.7 million first mortgage and a $1.5 million line of credit for 38-50 West 9th Street Corp., a 51-unit co-op at 38 West 9th Street in Manhattan; $3.4 million first mortgage for an 81-unit co-op at 590 East 3rd Street in Mount Vernon, NY; $2.8 million first mortgage and a $200,000 line of credit for a 31-unit co-op at 71 Grace Avenue in Great Neck, NY; $1.9 million first mortgage and a $750,000 line of credit for a 36-unit co-op at 36-42 Pondfield Road West in Yonkers, NY; $1.8 million first mortgage and a $250,000 line of credit for Seventy-Eight Tenants Corporation, a 15-unit co-op at 78 Charles Street in Manhattan; $1.7 million first mortgage and a $200,000 line of credit for a 30-unit co-op at 230 Central Avenue in Lawrence, NY; $1.5 million first mortgage and a $200,000 line of credit for Lancaster Owners, Incorporated, a ten unit co-op at 39-41 East 10th Street in Manhattan; $870,000 first mortgage and a $200,000 line of credit for a 78-unit co-op at 6601 Broadway in Bronx, NY.
Harley Seligman, vice president, reported $22.2 million in originations during August, including: $12 million first mortgage for Park Lane South Owners, Inc., a 207-unit co-op at 118-18 Union Turnpike in Kew Gardens, NY; $5 million first mortgage for an 89-unit co-op at 2199 Holland Avenue in Bronx, NY; $2.8 million second mortgage and a $500,000 line of credit for Continental Owners Corp., a 267-unit co-op at 70 108th Street in Forest Hills, NY; $900,000 first mortgage for a 40-unit co-op at 426-428 West 46th Street in Manhattan; $300,000 first mortgage for M.P.P.M.P. Realty Inc., a five unit co-op at 146 West 74th Street in Manhattan; $250,000 first mortgage for an eight unit co-op at 1149 Prospect Avenue in Brooklyn, NY; $250,000 first mortgage for 41 Tenants Corp., a seven unit co-op at 41 East 19th Street in Manhattan; $225,000 first mortgage for a four unit co-op at 51 7th Avenue in Brooklyn, NY.
Mindy Goldstein, senior vice president originated $14.6 million for the month, including: $3.8 million first mortgage and a $250,000 line of credit for West 24th Owners Corp., a 96-unit co-op at 425-433 West 24th Street in Manhattan; $2.7 million first mortgage and a $500,000 line of credit for Riverbank South Owners Corp., a 28-unit co-op at 377 West 111th Street in Manhattan; $2 million first mortgage and a $250,000 line of credit for a 44-unit co-op at 100 Randall Avenue in Freeport, NY; $1.7 million first mortgage and a $500,000 line of credit for a 111-unit co-op at 67-40 Yellowstone Boulevard in Forest Hills, NY; $1.4 million first mortgage and a $250,000 line of credit for a 64-unit co-op at 2021 84th Street in Brooklyn, NY; $800,000 first mortgage and a $200,000 line of credit for 240 Prospect Pl. Apt. Corp., an eight unit co-op at 232-242 Prospect Place in Brooklyn, NY; $250,000 first mortgage for 542 Holding Corp., an eight unit co-op at 542 Broadway in Manhattan.
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.