NCB provides $4 million for apartment property; Includes $500,000 for capital improvement

National Cooperative Bank (NCB) provided $4 million in financing for Hidden Meadows, Inc., a 143-unit cooperative apartment community. Mindy Goldstein, a senior vice president in NCB's N.Y.C. office, arranged the loan for the cooperative. Mark Walsh, the financial adviser for Hidden Meadows, was also involved in the transaction. The $4 million loan - a $3.5 million first mortgage and $500,000 line of credit - will be used to refinance existing debt and fund future capital improvement projects at Hidden Meadows. The planned work includes upgrades to the sewer treatment plant and repairs to the sidewalk, roadways, and tennis courts. "The bank is proud to be a trusted financial resource for cooperative boards across the N.Y. region looking to secure the financial health of their buildings," said Goldstein. "NCB's mission is to work with cooperatives, to provide them with the best financing options to fit their needs. It was a pleasure to work with the Hidden Meadows board and assist them with reaching their long-term goals." Built in 1971 and converted to a cooperative in 1980, Hidden Meadows is located in Long Island's Suffolk County. The community consists of nine, two-story cooperative apartment buildings. All of its 143 units are currently occupied. "National Cooperative Bank was the perfect partner to work with on the refinancing of Hidden Meadows loan," said Walsh. "From loan origination to the closing process, the NCB team was clear and succinct in what they needed to help Soundview Realty Group and the cooperative to complete the deal in a timely manner."