National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, arranged $20 million in new financing activity during September for 13 New York area properties.
Edward Howe III, managing director of the NCB New York office, said, “During September, an additional 13 New York area cooperatives worked with the Bank to arrange new financing solutions for their properties.
“These co-operatives and many others are utilizing these tailored financing packages to help ensure their communities financial health for years to come.”
Financing highlights in September included:
In September, Howe arranged $2.2 million in new financing activity, including a $2 million third mortgage for Ocean Harbor Club Owners, Inc., a 92-unit co-op located at 4 Rose Street in Oceanside, NY;
NCB senior vice president Sheldon Gartenstein originated more than $3.2 million in new loans during September, including a $1.4 million first mortgage and a $500,000 line of credit for 532 West Owners Corp., a 40-unit co-op located at 532 West 111th Street in Manhattan;
NCB senior vice president Mindy Goldstein arranged more than $14 million in new loans during the month, including a $4.3 million first mortgage for Tanglewood Terrace at Smithtown Corp., a 48-unit co-op located at 365 Route 111 in Smithtown, NY.
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