NCB closes 26 NYC loans totaling $40.5 million

Edward Howe III, National Cooperative Bank

New York, NY According to Edward Howe III, managing director of the National Cooperative Bank (NCB) New York office, the bank originated $40.5 million in new loans during April for 26 New York area properties.

Senior VP Mindy Goldstein arranged $22.7 million in loans during the month, as well as the largest loan of the month, a $5.7 million first mortgage and $500,000 line of credit for Elmhurst Towers Apartments, Inc., a 160-unit co-op at 81-11 45^th Ave. in Elmhurst.

Other financing activity during April includes:

• A $5.2 million first mortgage and $500,000 line of credit for Ocean Harbor Club Owners, Inc., a 92-unit co-op at 4 Rose St. in Oceanside, NY;

• A $3.5 million first mortgage for Allendale Apartments, Inc., an 82-unit co-op at 34-24 82nd St. in Jackson Heights, NY;

• A $3.2 million first mortgage for 66 Madison  Ave. Apartment Corp., a 124-unit co-op at 17-19 East 27th St. a.k.a. 664-70 Madison  Ave. in Manhattan;

• A $2.1 million first mortgage and $250,000 line of credit for a 27-unit co-op at 40 West  84th St. in Manhattan;

• A $1.1 million line of credit for The Ascot Owner, Inc., a 143-unit co-op at 407 Park  Ave. South in Manhattan;

• A $275,000 first mortgage and $100,000 line of credit for a nine-unit co-op at 625 East 6th St. in Manhattan; and

• A $250,000 line of credit for a 39-unit co-op at 61-69 Pierrepont St. in Brooklyn, NY.

VP Harley Seligman originated $10.7 million in financing during April, including:

• A $2.5 million first mortgage and $500,000 line of credit for Pleasant Manor Apartments Ltd., a 33-unit co-op at 35-85 Broadway in Pleasantville, NY;

• A $1 million first mortgage for 466 Tenants Corp., a 16-unit co-op at 466 Washington St. in Manhattan;

• A $1 million first mortgage for a 40-unit co-op at 242 East 38th St. in Manhattan;

• A $600,000 first mortgage for Ivy Day, Inc., a 12-unit co-op at 335 West 20th St. in Manhattan;

• A $600,000 term loan for The Alhambra Condominium, a 108-unit condo at 109 Alhambra Drive in Oceanside, NY;

• A $525,000 first mortgage for Gallant House, Inc., a 14-unit co-op at 220 West 20th St. in Manhattan;

• A $550,000 first mortgage and $200,000 line of credit for Chelsea Gardens Apt. Corp., a 12-unit co-op at 405 West 21st St. in Manhattan;

• A $500,000 first mortgage and $200,000 line of credit for Chelsea Cottage Corp., a seven-unit co-op at 361 West 21st St. in Manhattan;

• A $400,000 first mortgage for Merle House, Inc., a ten-unit co-op at 244 West 20th St. in Manhattan;

• A $400,000 first mortgage for Home at Last Corp., a ten-unit co-op at 149  Ave. C in Manhattan;

• A $400,000 first mortgage for a nine-unit co-op at 140 Sullivan St. in Manhattan.

• A $375,000 first mortgage and $200,000 line of credit for Clement House, Inc., a ten-unit co-op at 252 West 21st St. in Manhattan;

• A $350,000 line of credit for an 89-unit co-op at 2199 Holland  Ave. in Bronx, NY; and

• A $350,000 first mortgage for Sea Gull Garden Apartment Owners Corp., a 20-unit co-op at 474 Fulton St. in Farmingdale, NY. 

Edward Howe III reported $7.2 million in originations during April. Financing included:

• A $3 million first mortgage for 9611 Owners Corp., an 87-unit co-op at 96-11 65th Road in Rego Park, NY;

• A $2 million first mortgage for an eight-unit co-op at 17 East 80th St. in Manhattan; and

• A $1.2 million first mortgage for a 48-unit co-op at 91 Van Cortlandt  Ave. West in Bronx, NY;

• A $700,000 first mortgage and $300,000 line of credit for a 37-unit co-op at 19 South Broadway in Tarrytown.