National Cooperative Bank announces $60M in loans in August

National Cooperative Bank 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.

“In 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,” said Mr. Howe.

“The 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’ vitality.”

Mr. 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.

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  • Jennifer Underwood

    It’s good news. Many New York cooperatives need financial assistance and consider taking out loans. But in such cases it’s important for this assistance to be affordable because there are many ways to get loans with standard interest rates. The thing is that such loans offered by National Cooperative Bank have relatively low rates and intended to help New York cooperatives out. When property needs financing then finding a suitable loan option can be hard. Some consumers search only online loan for poor credit which can be quite expensive so loans mentioned in the article are a decent alternative especially in this particular occasion.

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