• Home > Press Releases
  • >
  • National Cooperative Bank Completes $18.6 Million in New Loan Originations for New York City Co-ops in April

National Cooperative Bank Completes $18.6 Million in New Loan Originations for New York City Co-ops in April

 New York, NY (May 5, 2014) – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, originated $18.6 million in new loans during April for 11 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement. 

“Co-ops in Manhattan made up the majority of the activity during April, accounting for more than 50 percent of the Bank’s financing activity in the region,” said Mr. Howe. “After a prolonged winter that saw unusually cold temperatures and snow totals, Boards are using the warmer months to commence much needed repairs and other capital improvement projects at their buildings.”  

With a total of $11.1 million in new financing activity during April, Mr. Howe also arranged the largest loan of the month, a $3.6 million first mortgage and a $750,000 line of credit for 67th Road Housing Corp., a 79-unit co-op at 99-21 67th Road in Forest Hills, NY; a $2.5 million first mortgage for Palmbrook Gardens Tenants Corp., a 59-unit co-op at 781, 793 & 811 Palmer Road in Bronxville, NY; a $1.6 million first mortgage and a $500,000 line of credit for 360 Owners Corp., a 26-unit co-op at 360 West 36th Street in Manhattan; a $1.5 million first mortgage for CJS Building and Development Corp., a five-unit co-op at 27 Howard Street in Manhattan; a $500,000 line of credit for Hanover Court Mutual Housing Cooperative, Inc., a 78-unit co-op at 92-31 57th Avenue in Elmhurst, NY; and a $200,000 line of credit for Gramatan Owners, Inc., a 52-unit co-op at 32 East Broad Street in Mt. Vernon, NY.  

Mindy Goldstein, a senior vice president at NCB, originated an additional $7.5 million in new loans during the month, such as a $3.5 million first mortgage and a $750,000 line of credit for a 23-unit co-op at 993 Fifth Avenue in Manhattan. Other financing activity includes a $1.5 million first mortgage and a $250,000 line of credit for a 35-unit co-op at 320 West 89th Street in Manhattan; a $500,000 first mortgage and a $200,000 line of credit for Baldwin Manor Owners, Inc., a 19-unit co-op at 1861 Grand Avenue in Baldwin, NY; a $375,000 line of credit for a five-unit co-op at 171 Duane Street in Manhattan; and a $300,000 first mortgage and a $100,000 line of credit for Perelandra Realty Corporation, a three-unit co-op at 121 West 77th 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.