Dealmaker: NCB Provides $18M to Gill Park Cooperative

National Cooperative Bank, Arlington, Va., provided $17.9 million to Chicago affordable housing co-op Gill Park Cooperative.  

NCB Senior Vice President Larry Mathe arranged the financing in collaboration with the co-op’s board of directors and managing agent.   

Mathe said the 260-unit limited-equity housing cooperative has operated as a 100 percent Section 8 community since it opened. It will use the financing to complete its planned capital improvements over the next two years without incurring any increase in current maintenance fees. 

“For nearly a decade, the board at Gill Park Cooperative has had a vision of a major rehab for the building” said Gill Park Cooperative Managing Agent Mike Levine. “It looked at a number of financing options such as conventional and HUD-insured loans, but none of the financing alternatives provided the necessary funding to complete the project.”

Mathe said the co-op’s planned improvements include new plumbing and HVAC systems, a redesigned lobby and exterior improvements. All interior units will receive new kitchens, floors and wall finishes. 

NCB’s New York office also originated $42 million in new loans during December 2015 for 18 New York area properties. Edward Howe III, New York managing director, arranged the largest financing, a $4.8 million first mortgage and $500,000 line of credit for 65 West 95th Owners Corp., a 62-unit co-op in Manhattan.

Senior Vice President Mindy Goldstein also arranged a $4.5 million first mortgage and $500,000 line of credit for a 111-unit co-op at 245 East 35th Street in Manhattan and $3.6 million with a $500,000 line of credit for Pelhamdale Manor Corp., an 86-unit co-op in New Rochelle, N.Y.