NCB originates $84 million for 17 housing co-ops

May 15, 2018 - Financial Digest
Edward Howe, III,
National Cooperative Bank

New York, NY National Cooperative Bank (NCB) has originated $84 million in new loans during April for 17 N.Y. area housing co-ops, according to Edward Howe III, managing director. 

Howe originated $54.6 million, including the largest loan of the month, a $17 million first mortgage for Rex Ridge Apartment Corp., a 372-unit co-op at 23 Fieldstone Dr., Hartsdale. Other financing included: A $15.7 million first mortgage and a $500,000 line of credit for a 289-unit co-op at 444 East 86th St., Manhattan; a $13.8 million first mortgage for a 284-unit co-op at 17-85 215th St., Bayside; a $4.4 million first mortgage for Stonegate X Apartment Owners Corp., a 96-unit co-op at 30-220 Parkside Dr., Suffern; and a $3 million first mortgage and a $250,000 line of credit for a 60-unit co-op at 6200 Riverdale Ave., Bronx.

Harley Seligman, VP, completed $20.6 million including: A $6.5 million first mortgage and a $500,000 line of credit for Carlshire Tenants, a 109-unit co-op at 1-3 Washington Sq. in Larchmont; a $2.7 million first mortgage and a $250,000 line of credit for Paysons Apartment Corp., a 56-unit co-op at 43-55 Kissena Blvd., Flushing; a $2.5 million first mortgage and a $2.5 million line of credit for Queensview, a 726-unit co-op at 21 33rd Rd., Astoria; a $1.7 million first mortgage and a $250,000 line of credit for Syldor Apartment Corp., a 42-unit co-op at 108-05 Astoria Blvd., East Elmhurst; a $1.2 million first mortgage and a $500,000 line of credit for Hamilton Cooperative Apartments, a 160-unit co-op at 221 McDonald Ave., Brooklyn; a $650,000 first mortgage and a $100,000 line of credit for a nine unit co-op at 27 West 82nd St., Manhattan; a $500,000 first mortgage and a $200,000 line of credit for an eight unit co-op at 314 West 19th St., Manhattan; and a $500,000 line of credit for Estates Of Crystal House, an 83-unit co-op at 12 Old Mamaroneck Rd., White Plains.

Mindy Goldstein, senior vice president, originated $9 million including: A $2.3 million first mortgage and a $300,000 line of credit for a 69-unit co-op at 208-216 East 82nd St. in Manhattan; a $2.3 million first mortgage and a $250,000 line of credit for Top Of The Lofts, Inc., a 16-unit co-op at 129-131 West 22nd Street in Manhattan; A $1.6 million first mortgage and a $500,000 line of credit for a 68-unit co-op at 49 West 12th Street in Manhattan; and a $1.5 million first mortgage and a $250,000 line of credit for 57-65 West 93 Corp., a 36-unit co-op at 57 West 93rd St. 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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