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Debt & Equity

NCB loans top $24M in May

National Cooperative Bank (NCB), a lender to cooperative housing throughout the Tri-State area, announced that the bank originated $24 million in new loans during May 2016 for 14 New York area properties.

Photo by khrawlings/ Flickr
Photo by khrawlings/ Flickr

Edward Howe III, managing director of the NCB New York office, reported nearly $12 million in originations during May, including the largest loan of the month, a $5.5 million first mortgage and a $500,000 line of credit for Fairfield Views Inc., a 107-unit co-op at 3103 Fairfield Avenue in Bronx, NY.

Other financing during the month included:

  • A $2.2 million first mortgage and $250,000 line of credit for 266 Pelham Road Corporation, a 57-unit co-op at 266 Pelham Road in New Rochelle, NY;
  • A $1.9 million first mortgage for Ridge Apartments Owners Corp., a 64-unit co-op at 41-34 Frame Place in Flushing, NY:
  • A $1 million first mortgage and $200,000 line of credit for Cartier Apartments Owners, Corp., a 41-unit co-op at 21 Bond Street in Great Neck, NY; and
  • A $400,000 first mortgage for Wappanocca Manor, Inc., a 12-unit co-op at 245 Wappanocca Avenue in Rye, NY.

Vice President Harley Seligman originated $7.4 million in financing during the month, including:

  • A $2 million first mortgage for 425 Heights Tenants Corp., a 55-unit co-op at 425 Prospect Place in Brooklyn, NY;
  • A $2 million first mortgage for Midland Plaza Apartments Corp., a 48-unit co-op at 871 Kimball Avenue aka 1234 Midland Avenue in Yonkers, NY;
  • A $1.5 million second mortgage and $500,000 line of credit for 40-50 Tenants Corp., a 101-unit co-op at 40-50 East 10th Street in Manhattan;
  • A $500,000 line of credit for 22321 Owners Corp., a 55-unit co-op at 223-231 West 21st Street in Manhattan;
  • A $500,000 line of credit for 344 West 49th St Apt Corp., a 39-unit co-op at 344 West 49th in Manhattan; and
  • A $225,000 first mortgage and $200,000 line of credit for 309 West 103rd Street Apartment Corp., a four-unit co-op at 309 West 103rd Street in Manhattan.

Senior Vice President Mindy Goldstein arranged $4.7 million in loans during May, including:

  • A $2 million second mortgage and $500,000 line of credit for Jeffrey Gardens Apartment Corp., a 277-unit co-op at 46-43 215th Street in Bayside, NY;
  • A $1.4 million first mortgage for Lindenwood Village, Sec. E Cooperative Corp., a 148-unit co-op at 89-35 155th Avenue & 89-40 151st Avenue in Howard Beach, NY; and
  • A $600,000 first mortgage and $250,000 line of credit for Norson Realty Corp., a 32-unit co-op at 310 West 94th Street in Manhattan.
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