NCB Refis Bronx Co-op

National Cooperative Bank has made a $30 million loan for Amalgamated Houses, located in the New York City borough of The Bronx. It is the country’s oldest limited equity cooperative and it needed the loan to refinance approximately $8.5 million of existing debt and to have $19.6 million to bolster its reserves and undertake substantial capital improvements to the property.

NCB worked with Fannie Mae in securing the transaction.

The co-op plans a number of substantial exterior renovations projects over the next 10 years. It also wants to place some of the funds to strengthen its reserves for any unplanned needs.

The property’s general manager Charles Zsebedics said, “These improvements will help ensure that current and future generations of Amalgamated families can continue to live here in a safe and stable environment, as well as enjoy the strong and vibrant community that it continues to be.”

Amalgamated Houses was originally sponsored by the Amalgamated Clothing Workers Union.

In 2012 alone, NCB deployed $232 million to initiatives serving low and moderate income communities, a number it said it hopes to increase in the coming year.