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National Cooperative Bank Funds New Rochelle Co-op Project

WESTCHESTER COUNTY, N.Y. – National Cooperative Bank has arranged $7.9 million in financing for four Westchester County cooperatives in Greenburgh, White Plains, New Rochelle and Yonkers.

National Cooperative Bank has arranged $7.9 million in financing for four Westchester County cooperatives.

National Cooperative Bank has arranged $7.9 million in financing for four Westchester County cooperatives.

 Photo Credit: Contributed
National Cooperative Bank has arranged $7.9 million in financing for four Westchester County cooperatives.

National Cooperative Bank has arranged $7.9 million in financing for four Westchester County cooperatives.

 Photo Credit: Contributed
Robert Mikulak

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 St., White Plains. 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 close to The Westchester, a 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 Ave., New Rochelle. The six-story building was constructed in 1937 and converted to co-op ownership in 1985. It is near the New Rochelle Amtrak station, the New England Thruway and U.S Route 1. Anticipated capital improvements include oil-to-natural gas conversion and front sidewalk repair.
  • Senior Vice President Mindy Goldstein arranged a $1.8 million first mortgage and $350,000 line of credit for Hartsdale Executive House Inc., an 84-unit co-op at 45 E. Hartsdale Ave., Hartsdale. 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 and installation of new automatic entrance doors. 
  • 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 Ave., Yonkers. 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. To learn more, visit www.ncb.coop.

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