National Cooperative Bank Originates $50 Million for 22 New York-Area Housing Cooperatives in June

NEW YORK, NY – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, originated over $50 million in new loans during June for twenty-two New York area housing cooperatives. 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, originated $30 million, including the largest loan of the month, a $9.4 million first mortgage for Bon Aire Residents, Inc., a 209-unit co-op at 1-20 Revere Court and 1-14 Danbury Court in Suffern, NY.  Other financing for the month included: $7.4 million first mortgage for Jeffrey Gardens Apartment Corp., a 277-unit co-op at 46-02 215th Place in Bayside, NY; $3.7 million first mortgage and a $250,000 line of credit for Harrison Gardens Owners, Corp., an 88-unit co-op at 15 Harrison Avenue in Amityville, NY; $3 million first mortgage and a $1 million line of credit for Greenwich And Perry Street Housing Corporation, a 50-unit co-op at 725-731 Greenwich Street in Manhattan; $1.9 million first mortgage and a $750,000 line of credit for a 54-unit co-op at 687 West 204th Street in Manhattan; $1.2 million first mortgage and a $500,000 line of credit for College Gardens Cooperative, Inc., a 119-unit co-op at 3535-3555 Kings College Place in Bronx, NY; $885,000 third mortgage for a 130-unit co-op at 201 West 21st Street in Manhattan.

Mindy Goldstein, senior vice president, originated $13.2 million for the month of June, including: $2.7 million first mortgage and a $400,000 line of credit for a 59-unit co-op at 530 Riverdale Avenue in Yonkers, NY; $2 million first mortgage and a $400,000 line of credit for a 52-unit co-op at 595 McLean Avenue in Yonkers, NY; $2 million first mortgage and a $300,000 line of credit for Crestwood Apartments, Inc., a 36-unit co-op at One Meadow Drive in Woodsburgh, NY; $1.2 million first mortgage and a $500,000 line of credit for a 31-unit co-op at 439 East 88th Street in Manhattan; $1 million first mortgage and a $200,000 line of credit for a 30-unit co-op at 236 East 28th Street in Manhattan; $1 million first mortgage and a $200,000 line of credit for a nine unit co-op at 68 Laight Street in Manhattan; $500,000 first mortgage and a $250,000 line of credit for an 18-unit co-op at 252 West 20th Street in Manhattan; $300,000 first mortgage for a six unit co-op at 316 West 22nd Street in Manhattan; $250,000 line of credit for a 21-unit co-op at 463 Summit Avenue in Cedarhurst, NY.

Harley Seligman, vice president, reported $7 million in originations during the month, including: $2.4 million term loan for The Traymore Condominium, a 57-unit condominium at 225 Eastern Parkway in Brooklyn, NY; $1.5 million first mortgage for 78-06 Owners Corp., a 56-unit co-op at 78-06 46th Avenue in Elmhurst, NY; $1.5 million line of credit for a 31-unit co-op at 625 Park Avenue in Manhattan; $1 million first mortgage for a 12-unit condominium at 666 Broadway; $300,000 first mortgage for an eight unit co-op at 22 Lincoln Place in Brooklyn, NY; $250,000 first mortgage for an eight unit co-op at 514 East 11th Street 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, New York, Ohio and Virginia. To learn more, visit www.ncb.coop, National Cooperative Bank on Facebook and Instagram, or on Twitter @natlcoopbank.