NCB PROVIDES $30M LOAN TO AMALGAMATED HOUSES IN THE BRONX

NEW YORK CITY — National Cooperative Bank (NCB) has secured a $30 million loan for Amalgamated Houses in the Bronx. The financing will enable the owners of the multifamily community to refinance $8.5 million of existing debt at a lower interest rate. The borrower will use $19.6 million to undertake a number of exterior renovations projects during the next 10 years. Founded in 1927, Amalgamated Houses provides housing for 1,500 moderate-income families. NCB worked with Fannie Mae in securing the transaction. Edward Howe III, managing director at NCB’s New York office, arranged the financing.