National Cooperative Bank (NCB) provided a $25 million first mortgage and a $2.5 million line of credit for Great Neck Terrace.
Located at 2 East Mill Drive in Great Neck, New York, the co-operative community consists of 654 units.
This most recent loan has a term of 10 years and replaces a previous, $19 million first mortgage, also from NCB, that was coming due in the next 12 months. Proceeds will be used for capital improvements, such as upgrades to boilers, garages, the building’s façade, plumbing and lobbies.
“We were excited to once again work with Great Neck Terrace to facilitate a loan that would serve ownership and continue to make the community an attractive place to live,” said Edward Howe III, a managing director in NCB’s New York office, who worked on the transaction.