City and Suburban Announces $9 Mil in Commercial Loans

YONKERS-City & Suburban Federal Savings Bank, headquartered here, reports it has closed nearly $9 million in commercial loans on residential and commercial properties in the New York metropolitan area. City & Suburban currently has eight branches in the Bronx, Manhattan and Westchester County with approximately $500 million in assets.

The largest commercial loan deal was valued at $3.25 million involving four retail (four-story) apartment buildings at 21st St., Newkirk Ave., East Montgomery St., and Rogers Ave., in Brooklyn. Other deals valued at more than $1 million were: a $1.8-million loan for a retail/apartment building on East 12th Street in the East Village of New York City and a $1.3-million loan for a two-story medical office building in the Park Slope section of Brooklyn.

“Before the summer we promised to make additional commitments in New York City, New Jersey and other parts of the New York metro area and we delivered,” says Joe Laquidara, senior vice president and chief mortgage officer of City & Suburban.

The bank also reports it provided $988,000 in financing for 19 condominium units within an 87-unit complex on West South Orange Ave., in South Orange, N.J., $800,000 for two, five-story apartment buildings on Charles St., in the West Village of New York City and $700,000 for a single story commercial building on West 27th St., in the Inwood section of New York City.