NEW YORK, NY - National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, originated $16 million in new loans during November for 11 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, reported $8 million in originations during the month, including the largest loan of the month, a $3.5 million first mortgage and a $500,000 line of credit for a 72-unit co-op at 60 Pineapple Street in Brooklyn, NY. Other financing for the month included: $2.8 million first mortgage and a $500,000 line of credit for a 95-unit co-op at 50 Lefferts Avenue in Brooklyn, NY; $750,000 first mortgage for Heathcote-Overhill Corporation, a 47-unit co-op at 50 Popham Road in Scarsdale, NY.
Mindy Goldstein, senior vice president originated $4.1 million for the month, including: $1.6 million first mortgage for a 48-unit co-op at 187 Pinehurst Avenue in Manhattan; $1.3 million first mortgage and a $250,000 line of credit for 2155 Bay Owner’s Corp., an 85-unit co-op at 2155 82nd Street in Brooklyn, NY; $975,000 first mortgage for a 41-unit co-op at 130 Hicks Street in Brooklyn, NY.
Harley Seligman, vice president, reported $3.9 million in originations during November, including: $1.9 million first mortgage and a $250,000 line of credit for E 11 St Owners Corp., an eight unit co-op at 56 East 11th Street in Manhattan; $500,000 first mortgage for a four unit co-op at 300 Clinton Avenue in Brooklyn, NY; $500,000 first mortgage for 59 & 65 28th Street, Jackson Heights Inc., a 17-unit co-op at 37-46 and 37-52 85th Street in Jackson Heights, NY; $460,000 first mortgage for an eight unit co-op at 127 West 15th Street in Manhattan; $350,000 first mortgage for a five unit co-op at 438 West 23rd 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, California, New York, Ohio and Virginia. To learn more, visit www.ncb.coop, National Cooperative Bank on Facebook and Instagram, or on Twitter @natlcoopbank.