National Cooperative Bank originates $42 million in new financing activity during September

National Cooperative Bank (NCB) rounded out the third quarter by arranging $42.4 million in new loans during September for 13 area properties, according to Edward Howe III, managing director of the bank's New York office. "The bank continued to see steady financing activity during September in the New York region," said Howe. "Loan originations in Manhattan accounted for exactly half of the overall amount generated during the month, with financing on Long Island totaling just more than a quarter of the overall activity." Howe originated $22.9 million in new loans during September, including the largest loan of the month, a $10 million first mortgage and a $2 million line of credit for 700 Park Corp., a 52-unit co-op at 700 Park Ave. in Manhattan. Other activity included: a $5.2 million first mortgage and a $1 million line of credit for a 47-unit co-op at 10 East 70th St. in Manhattan; a $1.5 million line of credit for a 180-unit co-op at 244 Madison Ave. in Manhattan; a $1.3 million line of credit for 60-70 Owners Corp., a 168-unit co-op at 60-70 Locust Ave. in New Rochelle; a $1 million line of credit for a 97-unit co-op at 20 Plaza St. in Brooklyn; a $500,000 line of credit for a 74-unit co-op at 11 East 87th St. in Manhattan; and a $400,000 term loan for a 71-unit co-op at 3600 Fieldston Rd. in Riverdale. Additionally, Mindy Goldstein, a senior vice president at NCB, arranged $11.4 million in financing during the month, including: a $3.6 million first mortgage and a $500,000 line of credit for The Shores at Lake Pointe, Inc., a 92-unit co-op on Lake Pointe Circle in Middle Island; a $3.5 million first mortgage and a $500,000 line of credit for Hidden Meadows, Inc., a 143-unit co-op on Bailey Rd. and Currans Rd, in Middle Island; a $3 million term loan for Granada Towers Condominium, a 70-unit condo at 310 Riverside Blvd. in Long Beach, NY; and a $300,000 line of credit for a 14-unit co-op at 107-109-111 North 9th St. in Brooklyn. NCB vice president Harley Seligman arranged $8 million for the region during September, including: a $5.5 million first mortgage and a $500,000 line of credit for Chateau Villa Corp., a 177-unit co-op at 390-430 Maryland Avenue in Staten Island, NY; and a $1.6 million first mortgage and a $500,000 line of credit for a 40-unit co-op at 444 East 87th St. in Manhattan.