NEW YORK CITY-National Cooperative Bank reports it has completed a $30-million loan for Amalgamated Houses in the Bronx.
The deal will allow Amalgamated Houses to refinance approximately $8.5 million of existing debt and $19.6 million to bolster its reserves and undertake substantial capital improvements to the property, according to NCB officials.
NCB worked with Fannie Mae in securing the transaction. Edward Howe III, managing director of NCB's New York office, arranged the financing.
“Amalgamated Houses is a shining example of how the cooperative structure can work, and thrive for many generations, and provide an excellent affordable housing option in New York City,” states Howe. “We are thrilled to be a vital part of this co-op's future success, and know this financing will play an important role in improving the financial and physical health of the co-op for current residents and those who will live there down the road.”
Founded in 1927, Amalgamated Houses is a community of 1,500 moderate-income families. The $19.6-million portion of the loan will be utilized to undertake a number of substantial exterior renovations projects over the next 10 years, as well as strengthen its reserves for any unplanned needs.
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