National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, financed three professional cooperative units in Manhattan for the second quarter of 2018.
NCB provided a $712,500 term loan to support the purchase of an 800 square foot professional cooperative unit, serving as a dentist office. The unit is located on East 72nd Street. NCB also provided a $3.2 million underlying mortgage for the housing cooperative in 2012.
NCB provided a $1 million term loan to refinance a professional cooperative unit located on Park Avenue, Upper East Side. The professional unit serves as a cardiologist office. The funds were used to pay off existing mortgages and fund closing costs.
NCB provided a $1.38 million term loan to refinance the purchase and renovation of a professional cooperative unit located on West 82nd Street. The professional unit will be used as office space for up to 4 psychiatric practices.
NCB launched the professional unit financing program to cooperatives and condominiums in 2016 to provide capital for medical and legal professionals to take advantage of NCB industry expertise in both residential lending and business banking.
For more information on financing professional units, please contact Robbie Gendels rgendels@ncb.coop or Joann Haines jhaines@ncb.coop.
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