NEW YORK, NY –National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, has arranged$7.9 million in financing for four Westchester County cooperatives.A portion of the funds for each property will be used for capital improvement projects.
Harley Seligman, a vice president in the New York office of NCB, arranged two of the loans, totaling $3.85 million:
•A $3.1 million first mortgage and $500,000 line of credit for Regency Park Owners Corp., a 65-unit co-op at 25 Lake Street in White Plains, NY. The seven-story building was constructed in 1969 and converted to a co-op in 1988. The cooperative’s anticipated capital improvements include elevator refurbishment, boiler replacement, and asphalt repair. The building is located close to The Westchester, a luxury shopping center, and the Cross Westchester Expressway.
•A $250,000 line of credit for The Colonial House Tenants Corp., a 55-unit co-op at 167 Centre Avenue in New Rochelle, NY. The six-story building was constructed in 1937 and converted to co-op ownership in 1985. It is within proximity to the New Rochelle Amtrak station, the New England Thruway and U.S Route 1. The area lies along the Long Island Sound. Anticipated capital improvements at 167 Centre Avenue include oil to natural gas conversion and front sidewalk repair.
Senior Vice President Mindy Goldstein arranged $1.8 million first mortgage and $350,000 line of credit for Hartsdale Executive House, Inc., an 84-unit co-op at 45 East Hartsdale Avenue in Hartsdale, NY.
•The six-story building was constructed in 1961 and converted to a co-op in 1981. It offers access to the Bronx River Parkway, Ridge Road County Park, and Metro North.
•Planned capital improvements include additional pointing of the brick, replacements to the boiler, roof and front entrance canopy, installation of new automatic entrance doors, refurbishment of elevator car doors and frames, and the repaving and stripping of the rear parking lot. The common hallways will receive new carpets, lighting, and a fresh coat of paint on the walls.
Edward Howe III, managing director of NCB’s New York office, arranged a $1.4 million first mortgage and $500,000 line of credit for a 41-unit co-op at 585 McLean Avenue in Yonkers, NY. The seven-story building was developed in 1951 and converted to co-op ownership in 1982. Planned capital improvements include hallway/lobby renovations and a new security system.
As a full-service financial institution, NCB provides term loans, lines of credit, commercial and residential mortgages and personal and business banking products to cooperatives nationwide. NCB offers an array of business banking products for cooperatives including cash management, competitive deposit rates and full service payment processing and lockbox.