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NCB Lends $60+ Million in New Loans for Co-op Housing During August

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The National Cooperative Bank strengthens communities nationwide by delivering banking and financial services with an emphasis on cooperative expansion and economic development. The organization sent this press release about its financing activity last month:

National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, originated $60.5 million in new loans during August for 22 New York area properties. Edward Howe III, managing director of the NCB New York office, made the announcement.

‚ÄúIn contrast to the activity during June and July, where the loan concentration was borough-specific, the financings in August were more evenly distributed across Manhattan, the outer boroughs, and Westchester,‚ÄĚ Howe said. ‚ÄúThe Bank is proud to be a trusted source of financing for cooperatives in New York that are looking to take advantage of available financing options for their properties‚Äô vitality.‚ÄĚ

Howe originated more than $43 million in new loans during August, including the largest loan of the month, an $18 million first mortgage for Park City 3 & 4 Apartments Inc., a 1089-unit co-op at 97-07, 97-37, 98-05 63rd Road & 97-10, 97-40, 98-20 62nd Drive in Rego Park, NY; a $6 million first mortgage and a $1 million line of credit for Parkside Development Co., Inc., a 166-unit co-op at 3856 Bronx Boulevard in Bronx, NY; a $4.2 million first mortgage and a $500,000 line of credit for a 161-unit co-op at 14 Horatio Street in Manhattan; a $3.6 million first mortgage for Mark Twain Owners Corp., an 83-unit co-op at 100 West 12th Street in Manhattan; a $3 million line of credit for 3755 Owners LTD, a 95-unit co-op at 3755 Henry Hudson Parkway in Riverdale, NY; a $2.4 million first mortgage and a $500,000 line of credit for Midtown Manor Apartments, Ltd., a 75-unit co-op at 211 East 35th Street in Manhattan; a $1.7 million first mortgage and a $500,000 line of credit for Palmer House Owners Corporation, a 71-unit co-op at 2333/2345 Palmer Avenue in New Rochelle, NY; a $1.5 million first mortgage and a $250,000 line of credit for 24-unit co-op at 323 West 83rd Street in Manhattan; and $200,000 first mortgage for Court and Third Corp., an eight-unit co-op at 102 3rd Place in Brooklyn, NY.

Additionally, Mindy Goldstein, a senior vice president at NCB, arranged $17.2 million in financing during the month. Transactions include a $2 million first mortgage and a $200,000 line of credit for a 72-unit co-op at 2640 Marion Avenue in Bronx, NY; a $1.8 million first mortgage and a $500,000 line of credit for a seven-unit co-op at 828 Fifth Avenue in Manhattan; a $1.6 million first mortgage and a $250,000 line of credit for Clark Street Tenants Incorporated, a 26-unit co-op at 15 Clark Street in Brooklyn, NY; a $1.5 million first mortgage and $250,000 line of credit for a 15-unit co-op at 40 West 22nd Street in Manhattan; a $1.3 million first mortgage and a $250,000 line of credit for a 52-unit co-op at 109-23 71st Road in Forest Hills, NY; a $1.3 million first mortgage and a $300,000 line of credit for Trinity Arms Ltd., a 35-unit co-op at 25 Trinity Place in New Rochelle, NY; a $1.2 million first mortgage and a $500,000 line of credit for Garden Lofts Corporation, a 24-unit co-op at 131-133 West 28th Street in Manhattan; a $1 million term loan for The Lion’s Head Condominium, a 67-unit building at 121 West 19th Street in Manhattan; a $750,000 line of credit for 410-57 Corporation, a 74-unit co-op at East 57th Street in Manhattan; a $500,000 first mortgage for an eight-unit co-op at 21 Bleecker Street in Manhattan; a $500,000 first mortgage and a $300,000 line of credit for 169 Spring Owners Corp., a 12-unit co-op at 169 Spring Street in Manhattan; a $450,000 first mortgage and a $150,000 line of credit for West 21st Street Apartment Corp., a nine-unit co-op at 228 West 21st Street in Manhattan; and a $425,000 first mortgage and a $300,000 line of credit for J.W. Weber Housing Corp., a ten-unit co-op at 101 8th Avenue in Brooklyn, NY.

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.

NCB 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. 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.

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