National Cooperative Bank Originates $14 Million for 10 New York-Area Housing Cooperatives in November

National Cooperative Bank Originates $14 Million for 10 New York-Area Housing Cooperatives in November

New York, NY (December 5, 2018) – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, originated over $14 million in new loans during November for ten New York area housing cooperatives. Edward Howe III, managing director of the NCB New York office, made the announcement. 
Mindy Goldstein, senior vice president, originated $10.6 million, including the largest loan of the month, a $6.5 million first mortgage and a $500,000 line of credit for Hawthorne Owners Corp., a 144-unit co-op at 211 East 53rd Street in Manhattan. Other financing for the month included:

A $1.25 million first mortgage and a $250,000 line of credit for Pierrepont Apt. Corp., a 35-unit-co-op at 62 Pierrepont Street in Brooklyn, NY;
A $1.05 million first mortgage for 38-40 Owners Corp., a nine unit co-op at 38-40 N. Moore Street in Manhattan;
An $800,000 first mortgage for a 54-unit co-op at 495 East 178th Street in Bronx, NY;
A $285,000 first mortgage for Ira Investors Co., Inc., a two unit co-op at 16 West 68th Street in Manhattan.

Harley Seligman, senior vice president, originated $3.5 million for the month of November including:

A $1.5 million first mortgage for a 31-unit co-op at 101-109 West 115th Street in Manhattan;
A $625,000 first mortgage and a 400,000 line of credit for a 36-unit co-op at 883 East 165th Street in Manhattan;
A $375,000 third mortgage for Forest Hill Inn Apartments Ltd., a 97-unit co-op at 20 Continental Avenue in Forest Hills, NY;
A $325,000 first mortgage for 212-214 Carlton Tenants Corp., a six unit co-op at 212-214 Carlton Avenue in Manhattan;
A $275,000 first mortgage for 252 West Owners Corp., a six unit co-op at 252 West 102nd 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.

 

 

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