National Cooperative Bank Originates $26.7 Million for New York-Area Housing Cooperatives in September 2017

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New York, NY (October 5, 2017) – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, originated $26.7 million in new loans during September for 16 New York area properties. Edward Howe III, managing director of the NCB New York office, made the announcement.

Edward Howe III, managing director of NCB’s New York office, reported $13.5 million in originations during the month, including the largest loan of the month, a $7 million first mortgage and a $1 million line of credit for a 118-unit co-op at 2575 Palisade Avenue in Bronx, NY.  Other financing for the month included:

  •  A $2.5 million first mortgage and a $300,000 line of credit for Palmer Terrace Cooperative, Inc., a 191-unit co-op at 324 Palmer Terrace in Manaroneck, NY
  • An $830,000 first mortgage and a $200,000 line of credit for 33380 Owners Corp., a 50-unit co-op at 333 East 80th Street in Manhattan;
  • A $700,000 first mortgage for a seven unit co-op at 14 Jay Street in Manhattan;
  • A $675,000 first mortgage and a $250,000 line of credit for Amblunthorp Holding, Inc., a 12-unit co-op at 788 Ninth Avenue in Manhattan.

Harley Seligman, vice president, reported $7.8 million in originations during September, including:

  •  A $3 million first mortgage and a $500,000 line of credit for Cashton, A.S., Inc., a 40-unit co-op at 150-152 East 83rd Street in Manhattan;
  • A $2 million first mortgage for Trinity 3 in 1 Housing Development Fund Corp., a 100-unit co-op at 855 East 178th Street in Bronx, NY;
  • An $800,000 first mortgage and a $100,000 line of credit for an 11-unit co-op at 229 East 81st Street in Manhattan;
  • A $650,000 first mortgage and a $100,000 line of credit for a 15-unit co-op at 715 9th Avenue in Manhattan;
  • A $650,000 first mortgage for a five-unit co-op at 26 West 20th Street in Manhattan.

Mindy Goldstein, senior vice president originated $5.4 million for the month, including:

  •  A $1.3 million first mortgage and a $400,000 line of credit for 3260 Owners Corp., a 53-unit co-op at 3260 Netherland Avenue in Bronx, NY;
  • A $1.2 million first mortgage for Cherapunki Corporation, a seven unit co-op at 17 Thompson Street in Manhattan;
  • A $900,000 first mortgage and a $250,000 line of credit for Inwood Park Apartments, Inc., a 47-unit co-op at 585 West 214th Street in Manhattan;
  • A $525,000 line of credit for a 33-unit co-op at 74 Fifth Avenue in Manhattan;
  • A $500,000 line of credit for a 22-unit co-op at 10 Bleecker Street in Manhattan;
  • A $350,000 line of credit for a 22-unit co-op at 307 West 82nd Street 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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