National Cooperative Bank originates $28 million in new loans in January

National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the tri-state area, originated $28 million in new loans during January for 13 New York area properties, according to Edward Howe III, managing director of the bank's New York office. "We are pleased to begin the New Year by arranging more than $28 million in new loans for over a dozen New York area cooperatives," said Howe. "A number of Boards are taking advantage of available financing through the Bank to proactively upgrade and enhance their properties, or make the necessary improvements to ensure the building's health." NCB senior vice president Mindy Goldstein arranged more than $12 million in new loans during the month, including a $2.8 million first mortgage and a $500,000 line of credit for The Franklin Owners Corp., a 72-unit co-op located at 142-15 Franklin Ave. in Flushing, NY; a $2.5 million first mortgage and a $500,000 line of credit for 168-176 East 88th St. Corp., a 37-unit co-op located at 170 East 88th St. in Manhattan; a $1.7 million first mortgage and a $400,000 line of credit for a 66-unit co-op located at 2866 Marion Ave. in Bronx, NY; a $935,000 first mortgage and a $500,000 line of credit for an 11-unit co-op located at 36 West 15th St. in Manhattan; a $750,000 first mortgage and a $250,000 line of credit for Chelsea Court Equities, Inc., a ten-unit co-op located at 332 and 334 West 19th St. in Manhattan; a $600,000 third mortgage for a 30-unit co-op located at 27 Prospect Park West in Brooklyn, NY; and a $500,000 first mortgage and a $500,000 line of credit for 23830 Owners Corp., a 37-unit co-op located at 230-240 East 30th St. in Manhattan. In January, Howe arranged more than $11 million in new financing activity, including the largest loan of the month, a $6.5 million first mortgage and a $500,000 line of credit for 159 Madison Owners Corp., a 118-unit co-op located at 159 Madison Ave. in Manhattan; a $2.5 million first mortgage and a $500,000 line of credit for Capitol House Tenants Corp., an 86-unit co-op located at 490 Atlantic Ave. in East Rockaway, NY; a $600,000 first mortgage for a 16-unit co-op at 231 Park Place in Brooklyn, NY; and a $425,000 first mortgage for Heckscher Park Gardens Owners Corp., a 26-unit co-op located at 105 Prime Ave. in Huntington, NY. NCB senior vice president Sheldon Gartenstein originated nearly $5 million during the month, including a $3.4 million first mortgage and a $500,000 line of credit for NB Owners Corp., a 126-unit co-op located at 141-05 Northern Blvd. in Flushing, NY; and a $750,000 line of credit for Randall House Owners Corp., a 229-unit co-op located at 63 East 9th St. in Manhattan. 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.