National Cooperative Bank Originates $54 Million for 23 New York-Area Housing Cooperatives in December

National Cooperative Bank Originates $54 Million for 23 New York-Area Housing Cooperatives in December

New York, NY (January 7, 2019) – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, originated over $54 million in new loans during December for 23 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 $26.8 million, including the largest loan of the month, a $5.5 million first mortgage and a $500,000 line of credit for Tudor Woods, Inc., a 148-unit co-op at 76-98 DeHaven Drive in Yonkers, NY. Other financing for the month included:

A $5 million first mortgage and a $250,000 line of credit for a 79-unit co-op at 175 Main Avenue in Wheatley Heights, NY;
A $3.6 million first mortgage and a $400,000 line of credit for Saxony Hall Owners, Corp. an 85-unit co-op at 87-15 165th Street in Jamaica, NY;
A $3 million first mortgage and a $500,000 line of credit for Fleetridge East Owners, Inc., a 62-unit co-op at 636 North Terrace Avenue in Mount Vernon, NY;
A $2.5 million first mortgage and a $500,000 line of credit for Wakefield Cooperative Corp., a 199-unit co-op at 745/740 East 231st and 745/749 East 231st Street in Bronx, NY;
A $2 million first mortgage and a $500,000 line of credit for Charlton Tenants Corp., a 40-unit co-op at 210 Sixth Avenue in Manhattan;
A $1.5 million first mortgage and a $200,000 line of credit for Work of Art Loft Corp., a ten unit co-op at 242-244 Lafayette Street in Manhattan;
A $600,000 first mortgage and a $200,000 line of credit for a 12-unit co-op at 71 West 83rd Street in Manhattan.

Harley Seligman, senior vice president, originated $14.1 million for the month of December including:

A $4.8 million first mortgage and a $500,000 line of credit for 6485 and 6495 Broadway Apartments, Inc., a 127-unit co-op at 6485-6495 Broadway in Bronx, NY;
A $2.1 million first mortgage and a $500,000 line of credit for a 66-unit co-op at 285 East 35th Street in Brooklyn, NY;
A $1.5 million second mortgage and a $750,000 line of credit for a 25-unit co-op at 601 West End Avenue in Manhattan;
A $1 million first mortgage and a $100,000 line of credit for a ten unit co-op at 260 West 10th Street in Manhattan;
An $800,000 term loan for Vestry Place Condominium, a 32-unit condominium at 181 Hudson Street in Manhattan;
A $590,000 first mortgage for 80 Columbus Owners Corp., a 13-unit co-op at 121-123 West 80th Street in Manhattan;
A $500,000 first mortgage and a $200,000 line of credit for Underhill Gardens Apartment Corporation, a 24-unit co-op at 295 St. Marks Avenue in Brooklyn, NY;
A $500,000 first mortgage for 137 20th Street Jackson Heights, Inc., a ten unit co-op at 35-20 77th Street in Jackson Heights, NY;
A $300,000 first mortgage for a seven unit co-op at 231 Maujer Street in Brooklyn, NY.

Edward Howe III, managing director of NCB’s New York office, reported $13.5 million in originations during the month, including:

A $4.7 million first mortgage and a $1 million line of credit for 3515 Owners Corp., a 77-unit co-op at 3515 Henry Hudson Parkway, Bronx, NY;
A $3.8 million first mortgage and a $500,000 line of credit for an 87-unit co-op at 510-530 Dubois Avenue in Valley Stream, NY:
A $1.5 million line of credit for a 59-unit co-op at 125 West 96th Street in Manhattan;
A $1.2 million third mortgage for Sheepshead Terrace Cooperative Apt., Inc., a 168-unit co-op at 2413-83 East 29th Street in Brooklyn, NY;
A $525,000 line of credit for Garden Hamilton, Inc., an 83-unit co-op at 101 Second Street in Garden City, NY;
A $350,000 line of credit for an 11-unit co-op at 343 West 12th 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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