National Cooperative Bank originates $47 million in new loans

Edward Howe III, National Cooperative Bank

New York, NY According to Edward Howe III, managing director of the National Cooperative Bank (NCB) New York office, a leading lender to cooperative housing throughout the tri-state area, the bank originated $47 million in new loans during November for 14 New York area properties.

Howe arranged $30.3 million in loans during the month, including the largest loan of the month: a $15 million first mortgage for Forest Green Apt. Corp., a 252-unit co-op at 2433 Union Boulevard in Islip. Howe also completed the following transactions during November:

• A $6.5 million first mortgage and $500,000 line of credit for a 202-unit co-op at 440 East 79^th St. in Manhattan.

Mindy Goldstein

• A $3.8 million first mortgage for Hartsdale Gardens Owners Corp., a 74-unit co-op at 27, 37, 47 North Central Ave. in Hartsdale.

• A $3.1 million first mortgage for 64th Apartment Corp., a 119-unit co-op at 102-18 64^th Ave. aka 102-17 64^th Rd. in Forest Hills.

• A $1.2 million first mortgage for Garden Hamilton, Inc., a 36-unit co-op at 101 2^nd St. in Garden City, NY.

• A $200,000 line of credit for The Birch Street Corp., a 25-unit co-op at 40 East Birch St. in Mount Vernon.

Senior vice president Mindy Goldstein arranged $15 million during November, including:

• A $5.2 million first mortgage and $500,000 line of credit for 505 Central Ave. Corp., a 156-unit co-op at 505 Central Avenue in White Plains.

• A $4.3 million first mortgage and $500,000 line of credit for Riverview East Owners, Inc., a 155-unit co-op at 251 East 32nd St. in Manhattan.

• A $2 million first mortgage and $500,000 line of credit for 135 Willow Owners Corp., a 99-unit co-op at 135 Willow St. in Brooklyn.

• A $525,000 first mortgage and $100,000 line of credit for a 22-unit co-op at 430 78^th St. in Brooklyn. 

• A $500,000 line of credit for a 20-unit co-op at 111 West 11^th St. in Manhattan.

• A $300,000 line of credit for 121-125 Park Owners Corp., a 36-unit co-op at 121, 123,125 Park Ave. in Amityville.

• A $250,000 first mortgage for a seven-unit co-op at 46 Great Jones St. in Manhattan.

Vice president Harley Seligman arranged a $1.5 million first mortgage and $200,000 line of credit for East Hampton Mews Tenants Corp. The 48-unit co-op is located at 514 Pantigo Road aka 514 Montauk Hwy. in East Hampton.

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.

National Cooperative Bank is dedicated to strengthening communities nationwide through the delivery of banking and financial services, complemented by a special focus on cooperative expansion and economic development. NCB provides financial products and services for the nation’s cooperatives, their members, and socially responsible organizations. Headquartered in Washington, DC, the Bank has offices in Alaska, California, New York, Ohio and Virginia. To learn more, visit www.ncb.coop, National Cooperative Bank on Facebook, or on Twitter @coopbanking.