NEW YORK, NY - National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, originated over $51 million in new financing activity during February for 17 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.
“In February, we continued to experience strong and steady activity, as 17 additional local cooperatives took advantage of available financing at low interest rates,” said Mr. Howe. “We anticipate this trend to continue in the coming months, as more New York cooperatives opt to secure financing through NCB to address a variety of financial needs.”
In February, Mr. Howe arranged nearly $24 million in new loans, including an $8.8 million first mortgage and a $500,000 line of credit for 83rd Street Tenants, Inc., an 81-unit co-op located at 8 East 83rd Street in Manhattan; a $3.3 million first mortgage for a 70-unit co-op located at 2035 Central Park Avenue in Yonkers, NY; a $2.5 million first mortgage and a $500,000 line of credit for 1326 Apartments Corp., a 39-unit co-op located at 1326 Madison Avenue in Manhattan; a $1.9 million first mortgage and a $500,000 line of credit for 66-10 Yellowstone Owners Corp., a 58-unit co-op located at 66-10 Yellowstone Boulevard in Forest Hills, NY; a $1.8 million first mortgage and a $250,000 line of credit for Fairfield Owners Corp., a 61-unit co-op located at 640 West 231st Street in Riverdale, NY; a $1.6 million first mortgage and a $250,000 line of credit for Fountain Gardens Owners Corp., a 57-unit co-op located at 4499 Henry Hudson Parkway in Riverdale, NY; an $800,000 first mortgage and a $100,000 line of credit for an 18-unit co-op located at 79 Barrow Street in Manhattan; a $750,000 third mortgage for 494 Ocean Harbor View Apartments, Inc., a 56-unit co-op located at 494 South Ocean Avenue in Freeport, NY; and a $500,000 line of credit for Capitol House Tenants Corp., a 86-unit co-op located at 490 Atlantic Avenue in East Rockaway, NY.
NCB Senior Vice President Mindy Goldstein arranged over $25 million in new loans during February, including the largest loan of the month, an $11.6 million first mortgage and a $500,000 line of credit for Fairfield Commons Owners Corp., a 216-unit co-op located at 2-346 Edmunton Drive in North Babylon NY; a $4.5 million first mortgage and a $500,000 line of credit for a 91-unit co-op located at 315 West 86th Street in Manhattan; a $3.6 million first mortgage and a $500,000 line of credit for 131 Riverside Apartments Corporation, a 56-unit co-op located at 131 Riverside Drive in Manhattan; a $1.5 million first mortgage and a $500,000 line of credit for a 13-unit co-op located at 13-19 White Street in Manhattan; a $1 million line of credit for The West 90th Owners Corporation., a 38-unit co-op located at 255 West 90th Street in Manhattan; a $500,000 line of credit for Tibbets Park Apartments, Inc., a 60-unit co-op located at 10 North Broadway in White Plains, NY; and a $400,000 third mortgage for Burnham House, Inc., an 11-unit co-op located at 840 Broadway in Manhattan.
NCB Senior Vice President Sheldon Gartenstein originated more than $2 million in new loans during February, including an $1.8 million first mortgage and a $300,000 line of credit for Whitehall Commons, Ltd., a 63-unit co-op located at 45 Pondfield Road West in Bronxville, NY.
As a full-service financial institution, NCB provides term loans, lines of credit, commercial and residential mortgages and personal and business banking products to cooperatives nationwide. NCB offers an array of business banking products for cooperatives including cash management, competitive deposit rates and full service payment processing and lockbox.
About NCB:
NCB 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. 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, or on Twitter @coopbanking.
The NCB Financial Group consists of the Congressionally-chartered National Consumer Cooperative Bank (NCCB) and NCB, FSB, a federally insured savings bank wholly owned by NCCB. The NCB Financial Group provides financial products and services for the nation’s cooperatives, their members, and socially responsible organizations.