NEW YORK, NY – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, rounded out the third quarter of 2014 by arranging $42.4 million in new loans during September for 13 New York area properties. Edward Howe III, managing director of the NCB New York office, made the announcement.
“The Bank continued to see steady financing activity during September in the New York region,” said Mr. Howe. “Loan originations in Manhattan accounted for exactly half of the overall amount generated during the month, with financing on Long Island totaling just more than a quarter of the overall activity.”
Mr. Howe originated $22.9 million in new loans during September, including the largest loan of the month, a $10 million first mortgage and a $2 million line of credit for 700 Park Corp., a 52-unit co-op at 700 Park Avenue in Manhattan. Other activity included
- A $5.2 million first mortgage and a $1 million line of credit for a 47-unit co-op at 10 East 70th Street in Manhattan;
- A $1.5 million line of credit for a 180-unit co-op at 244 Madison Avenue in Manhattan;
- A $1.3 million line of credit for 60-70 Owners Corp., a 168-unit co-op at 60-70 Locust Avenue in New Rochelle, NY;
- A $1 million line of credit for a 97-unit co-op at 20 Plaza Street in Brooklyn, NY;
- A $500,000 line of credit for a 74-unit co-op at 11 East 87th Street in Manhattan; and
- A $400,000 term loan for a 71-unit co-op at 3600 Fieldston Road in Riverdale, NY.
Additionally, Mindy Goldstein, a senior vice president at NCB, arranged $11.4 million in financing during the month, including:
- A $3.6 million first mortgage and a $500,000 line of credit for The Shores at Lake Pointe, Inc., a 92-unit co-op on Lake Pointe Circle in Middle Island, NY;
- A $3.5 million first mortgage and a $500,000 line of credit for Hidden Meadows, Inc., a 143-unit co-op on Bailey Road and Currans Road in Middle Island, NY;
- A $3 million term loan for Granada Towers Condominium, a 70-unit condo at 310 Riverside Boulevard in Long Beach, NY; and
- A $300,000 line of credit for a 14-unit co-op at 107-109-111 North 9th Street in Brooklyn, NY.
NCB Vice President Harley Seligman arranged $8 million for the region during September, including:
- A $5.5 million first mortgage and a $500,000 line of credit for Chateau Villa Corp., a 177-unit co-op at 390-430 Maryland Avenue in Staten Island, NY; and
- A $1.6 million first mortgage and a $500,000 line of credit for a 40-unit co-op at 444 East 87th Street in Manhattan.
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.