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White Plains Co-Op Receives $5 Million Loan From National Cooperative Bank

SCARSDALE, N.Y. -- National Cooperative Bank, a leading lender to cooperative housing throughout the tri-state area, has arranged for about $17.3 million in financing for five Westchester County cooperatives. 

National Cooperative Bank provided abput $17.3 million in financing for five Westchester County co-operatives.

National Cooperative Bank provided abput $17.3 million in financing for five Westchester County co-operatives.

Photo Credit: National Cooperative Bank Facebook

A portion of the money for each property will be used for capital improvement projects. Edward Howe III, managing director of NCB’s New York office, arranged for four of the loans: 

  • A $5 million first mortgage for Bristol House, Inc., a 71-unit co-op at 10 Nosband Ave., White Plains. The six-story building will use a portion of the money for door replacements and waterproofing of the façade.
  • A $4.6 million first mortgage for a 344-unit co-op at 230 Garth Road, Scarsdale. The apartment building was built in 1963 and converted to co-operative ownership in 1995.
  • A $4 million first mortgage for Highland Terrace Housing Development Fund Corporation., a 96-unit co-op at 101 Highland Ave., Yonkers. The two-story, walk-up garden apartment building was constructed in 1950 and converted to co-operative ownership in 1989.
  • A $2.9 million line of credit for Colchester Owners Inc., an 87-unit co-op at 143 Garth Road, Scarsdale. The six-story building was built in 1929 and converted to co-operative ownership in 1979. A portion of the financing will go to an elevator modernization initiative; past upgrades include a 36-space indoor parking garage. 

Senior Vice President Mindy Goldstein arranged an $800,000 third mortgage for Weskora Owners Corp., a 72-unit co-op at 30 N. Broadway, White Plains. 

The six-story building constructed in 1956 was converted to co-operative ownership in 1980. Planned capital improvements at the property include pointing and painting. 

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 lockboxs.

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