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Debt & Equity

NCB originates $47M in co-op loans

National Cooperative Bank (NCB), a lender to co-operative housing, announced that the Bank originated $46.750 million in new loans during March 2016 for 16 New York area properties.

Edward Howe III, managing director of the NCB New York office, reported $25 million in originations during March, including the largest, a $9.5 million first mortgage and $1 million line of credit for Terrace Gardens Plaza, Inc., a 375-unit co-op at 920 East 17th Street in Brooklyn, NY.

Other financing during the month included:
A $6.3 million first mortgage and two lines of credit for $2 million and $500,000 for a 54-unit co-op at 900 Fifth Avenue in Manhattan;
A $3.5 million first mortgage and $750,000 line of credit for New York Teachers Housing Corp., a 223-unit co-op at 3130 Irwin Ave & 3125 Tibbett Avenue in Bronx, NY;
A $1.5 million first mortgage and $500,000 line of credit for 431 Broad West Corp., a 10-unit co-op at 427-431 West Broadway in Manhattan.

Senior Vice President Mindy Goldstein arranged $17.4 million in loans during the month, including:
A $5.5 million first mortgage and $500,000 line of credit for Grover Cleveland Tenants Corp., a 204-unit co-op at 67-38 108th Street in Forest Hills, NY;
A $5.1 million first mortgage and $500,000 line of credit for Garden Town Apartment Owners, a 109-unit co-op at 1193-1215 East Broadway in Hewlett, NY;
A $2 million first mortgage and $500,000 line of credit for Winthrop Apartment Corp., an 84-unit co-op at 68-63 108th Street in Forest Hills, NY;
A $1.7 million first mortgage and $250,000 line of credit for Ipswich House Inc., a 49-unit co-op at 10 Ipswich Avenue in Great Neck, NY;
A $600,000 first mortgage and $250,000 line of credit for a 26-unit co-op at 35 West 82nd Street in Manhattan;
A $500,000 first mortgage for One Rutherford Tenants Corp., a 10-unit co-op at 224 East 17th Street in Manhattan.

Vice President Harley Seligman originated $3.9 million in financing during March, including:
A $1 million line of credit for Trencentun Corp., an 84-unit co-op at 3001 Henry Hudson Parkway in Riverdale, NY;
A $1 million line of credit for Tova Realty Corp., a 114-unit co-op at 42-44 Ketcham Road in Elmhurst, NY;
A $1 million first mortgage for a 114-unit co-op at 435 East 65th Street in Manhattan.

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