Great Neck Co-op Pays Down First Mortgage Two Years Early With NCB


2 East Mill Drive (Zillow)
2 East Mill Drive (Zillow)

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.

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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.

The NCB loan officer was Edward Howe III, a managing director in the NCB New York office.