National Cooperative Bank Originates $72.2 Million for 17 New York-Area Housing Cooperatives in August

NEW YORK, NY – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, originated over $72 million in new loans during August for seventeen 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 a $31 million, including the largest loan of the month, a $20 million first mortgage and a $1 million line of credit for 305 East 24th Owners Corp., a 370-unit co-op at 305 East 24th Street in Manhattan. Other financing for the month included: $3.4 million first mortgage for 60-70 Owners Corp., an 168-unit co-op at 60-70 Locust Ave in New Rochelle, NY; $3.2 million first mortgage and a $500,000 line of credit for 601 Kappock Owners Corp., a 98-unit at 601 Kappock Street in Bronx, NY.

Harley Seligman, senior vice president, reported $23.3 million in originations during the month, including: $10.5 million first mortgage and a $500,000 line of credit for Greenbriar Tenants Corp., a 222-unit co-op at 85-15 Main Street in Briarwood, NY; $6.8 million first mortgage and a $500,000 line of credit for Maplewood Gardens Apt. Corp., a 107-unit co-op at 120-124-130 South Park Avenue in Rockville Centre, NY; $2.5 million first mortgage and a $300,000 line of credit for Parkway Apartments Owners Corporation, a 77-unit co-op at 2860 Bailey Ave in Bronx, NY; $1.5 million third mortgage for a 129-unit co-op at 8451 Beverly Road in Kew Gardens, NY; $500,000 first mortgage for a 16-unit co-op at 338 92nd Street in Brooklyn, NY; $275,000 first mortgage for 135 Amity Street Corporation, an 11-unit co-op at 135 Amity Street in Brooklyn, NY.

Mindy Goldstein, senior vice president, originated $18 million for the month of August including: $5.6 million first mortgage and a $500,000 line of credit for Berkely Apartments Corp., a 128-unit co-op at 99-45 67th Road in Forest Hills, NY; $3.5 million first mortgage and a $300,000 line of credit for 3751 Apt Corp., a 77-unit co-op at 37-51 86th Street in Jackson Heights, NY; $2.5 million first mortgage and a $500,000 line of credit for Bard House, Inc., a 60-unit co-op at 142-162 Bard Ave in Staten Island, NY; $2.5 million first mortgage and a $500,000 line of credit for 128 Newport Owners Corp., a 46-unit co-op at 128-11 Newport Avenue in Belle Harbor, NY; $1.8 million first mortgage for 35th Avenue Bayside, Inc., a 54-unit co-op at 201-02 35th Avenue in Bayside, NY; $1.6 million first mortgage and a $250,000 line of credit for a 44-unit co-op at 55 South Bergen Place in Freeport, NY; $825,000 first mortgage for Ashfield 55 Corp., a 20-unit co-op located at 305 West 55th Street in Manhattan; $300,000 million first mortgage and a $150,000 line of credit for a 10-unit co-op at 110 W 71st 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.