National Cooperative Bank Originates $34 Million for 15 New York-Area Housing Cooperatives in October

NEW YORK, NY – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, originated $34 million in new loans during October for fifteen New York area housing cooperatives. Edward Howe III, managing director of the NCB New York office, made the announcement.

Harley Seligman, senior vice president, originated 16.1 million, including the largest loan of the month, an $8.9 million first mortgage and a $1 million line of credit for 27 Victoria Owners Corp., a 280-unit co-op at 200 East 27th Street in Manhattan. Other financing for the month included: $2.8 million first mortgage and a $400,000 line of credit for Hastings Gardens Owners Corp., an 85-unit co-op at 737-751 North Broadway in Hastings-on-Hudson, NY; $1.9 million first mortgage and a $200,000 line of credit for Act One Tenants Corp., an 18-unit co-op at 35 Hudson Street in Yonkers, NY; $310,000 first mortgage and a $200,000 line of credit for Bryna Court Owners Corp., a 20-unit co-op at 195 Prospect Park West in Brooklyn, NY; $300,000 first mortgage and a $100,000 line of credit for Ahona Housing Development Fund Corporation, a seven unit co-op at 606 East 11th Street in Manhattan.

Edward Howe III, managing director of NCB’s New York office, reported $11 million in originations during the month, including: $5 million first mortgage and a $500,000 line of credit for a 99-unit co-op at 141 East Third Street in Manhattan; $2.5 million third mortgage for a 222-unit co-op at 39-60 54th Street in Woodside, NY; $2 million first mortgage and a $500,000 line of credit for a 36-unit co-op at 160 West 95th Street in Manhattan; $500,000 first mortgage for Hillside Associates, Incorporated, a 16-unit co-op at 566 44th Street in Brooklyn, NY.

Mindy Goldstein, senior vice president, originated $6.9 million for the month of October including: $1.7 million first mortgage and a $250,000 line of credit for Unadilla Owners Corp., a 28-unit co-op at 126 West 11th Street in Manhattan. $1.5 million first mortgage and a $200,000 line of credit for an eight unit co-op at 265-267 Water Street in Manhattan; $1.3 million first mortgage and a $500,000 line of credit for a 12-unit co-op at 222 East 24th Street in Manhattan; $550,000 line of credit for a 103-unit co-op at 227 East 57th Street in Manhattan; $500,000 line of credit for Spencer Apartments, Inc., a 24-unit co-op at 523 West 121st Street in Manhattan; $400,000 first mortgage for Fenimore Gardens Corp. a 48-unit co-op at 101-151 Fenimore Road in Mamaroneck, 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, New York, Ohio and Virginia. To learn more, visit www.ncb.coop, National Cooperative Bank on Facebook and Instagram, or on Twitter @natlcoopbank.