“…A Great Neck, N.Y., co-op received a $25 million first mortgage with a $2.5 million line of credit from National Cooperative Bank, a representative for the bank confirmed to Mortgage Observer.
Great Neck Terrace Owners Corp., the owners’ association for 2 East Mill Drive in Great Neck took the 10-year loan to replace a previous $19 million mortgage with a $2 million line of credit two years early. That loan, also from NCB, had a rate of 3.4 percent, the representative said.
The 654-unit co-op will use the new loan, which has the same interest rate, for capital improvements.
David Lipson, a senior managing director and the head of the mortgage division at Century, brokered both the current loan and the previous loan, which dates to 2005.
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See the full article from the Commercial Observer here: Great Neck Co-op Pays Down First Mortgage Two Years Early With NCB
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