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NCB Arranges $8.6 Million in Financing for Two Westchester Co-ops

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NCB Arranges $8.6 Million in Financing for Two Westchester Co-ops

January 21, 2016 - 08:12
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NCB Arranges $8.6 Million in Financing for Two Westchester Co-ops

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WHITE PLAINS, NY -- National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, has arranged $8.6 million in financing for two Westchester co-ops. During the month, the bank arranged $42.2 million in the greater New York region.

 Edward Howe III, managing director arranged a $4 million first mortgage and $500,000 line of credit for 333 Bronx River Tenants Corp., a 163-unit co-op at 333 Bronx River Road in Yonkers.

·         The seven-story building was built in 1966 and converted to co-op in 1981.

·         Recent capital improvements include an upgraded burner, pointing, sidewalk renovation and a conversion to gas.

Senior Vice President Mindy Goldstein arranged a $3.6 million first mortgage and $500,000 line of credit for Pelhamdale Manor Corp., an 86-unit co-op at 1-79 Robins Crescent and 86-142 Robins Road in New Rochelle, NY.

·         The two, eight-story buildings were built in 1950 and converted to co-op in 1987.

·         Recent capital improvements include repaving of the roads, replacement of sidewalks and walkways, conversion of one of the three heating systems to natural gas, and replacement of all front doors.

·         The $3.6 million loan refinances an existing NCB mortgage and line of credit and provides over $900,000 in loan proceeds to fund the cooperative reserve fund for planned capital improvements.  These improvements include repaving of the roads, replacement of sidewalks and walkways, conversion of one of the three heating systems to natural gas, and replacement of all front doors.

"We are always happy to see co-ops funding improvements to their building, ensuring a stable community for current and future unit owners" said Mindy Goldstein, NCB Senior Vice President.   "As a cooperative, it is the responsibility of the board and membership to preserve the value of the building and we are happy to be a reliable source of capital to housing cooperatives in the area."