New York, NY (September 12, 2013) – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, originated $53 million in new financing activity during August for 20 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.
“We are finishing the summer on a strong note, with 20 new local cooperatives securing financing during August,” said Mr. Howe. “We attribute this rise in loan originations to cooperatives focused on securing the property’s financial health, by undertaking capital improvement projects or refinance existing debt.”
In August, NCB Senior Vice President Sheldon Gartenstein originated a $500,000 line of credit for a 42-unit co-op located at 57-65 West 93rd Street in Manhattan.
NCB Senior Vice President Mindy Goldstein arranged more than $24 million in new loans during the month, including a $6.8 million first mortgage and a $500,000 line of credit for Central Westchester Tenants Corp., a 240-unit co-op located at 100 East Hartsdale Avenue in Hartsdale, NY; a $6.5 million first mortgage and a $1.5 million line of credit for Rocky Point Owners, Inc., a 183-unit co-op located at 63 Rocky Point Road-Yaphank Road in Rocky Point, NY; a $2.5 million first mortgage and a $500,000 line of credit for Park Terrace Owners Corp., a 73-unit co-op located at 50 Park Terrace East in Manhattan; a $1.6 million first mortgage and a $1 million line of credit for East 76th Street Realty Co., Inc., an 87-unit co-op located at 136 East 76th Street in Manhattan; a $1.3 million first mortgage and a $200,000 line of credit for Big Deal Realty on Greene Street, Inc., a 14-unit co-op located at 133-137 Greene Street in Manhattan; a $1.2 million first mortgage for a 49-unit co-op located at 70-80 Gibson Boulevard in Valley Stream, NY; and a $700,000 first mortgage and a $250,000 line of credit for LC Driggs Corp., a nine-unit co-op located at 705 Driggs Avenue in Brooklyn, NY.
In August, Mr. Howe arranged nearly $28 million in new financing activity, including a $4.7 million first mortgage and a $500,000 line of credit for Briarwood Owners Corp., a 234-unit co-op located at 139-09 84th Drive in Briarwood, NY; a $4 million first mortgage for Bethpage Apartment Corp., a 73-unit co-op located at 301 Hicksville Road in Bethpage, NY; a $3 million first mortgage and a $500,000 line of credit for Bonnie Crest Owners, Inc., a 98-unit co-op located at 629 Kappock Street in Riverdale, NY; a $2.2 million first mortgage and a $1 million line of credit for Great Neck Horizon House, Inc., an 81-unit co-op located at 185 & 195 South Middleneck Road in Great Neck, NY; a $2.1 first mortgage and a $1 million line of credit for a 60-unit co-op located at 77 Bronx River Road in Yonkers, NY; a $1.9 million first mortgage and a $500,000 line of credit for Heathcote-Wiltshire Corp., a 57-unit co-op located at 79-85-95-103 Wiltshire Road in Scarsdale, NY; a $1.9 million first mortgage and a $400,000 line of credit for Shady Glen Owners Corp., an 85-unit co-op located at 20 Shady Glen Court in New Rochelle, NY; a $1.6 million first mortgage and a $500,000 line of credit for Thirty-Two West 20th Street, Inc., an 18-unit co-op located at 32 West 20th Street in Manhattan; a $700,000 first mortgage for 735 Apartment Corp., a 30-unit co-op located at 735 Elm Avenue in Teaneck, NJ; a $500,000 line of credit for Ocean Kay Realty Corp. a 59-unit co-op located at 1916 Avenue K in Brooklyn, NY; a $500,000 line of credit for 720-740 Apartment, Inc., a 114-unit co-op located at 720-740 East 32nd Street in Brooklyn, NY; and a $300,000 first mortgage for a 49-unit co-op located at 81-14 Baxter Avenue in Elmhurst, 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.
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.