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NCB, FSB Originates $63 Million in New Loans for New York Area Cooperatives during November

New York, NY (December 27, 2011)  — NCB, FSB (NCB), a federally insured savings bank and a leading lender to cooperative housing throughout the Tri-State area, arranged $63 million in new financing activity during November for 25 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.

“In November, we were proud to work with another 25 cooperatives to provide loans to improve the financial health and security of these buildings,” said Mr. Howe. “NCB is pleased to be a consistent source of funding to these communities throughout the region.” 

Financing highlights in November included:

  • NCB Senior Vice President Sheldon Gartenstein arranged over $24 million in new loans, including the largest loan of the month, an $11.2 million first mortgage and a $1 million line of credit for a 132-unit co-op located at 444 Central Park West in Manhattan;
  • NCB Senior Vice President Mindy Goldstein arranged new loans totaling nearly $11 million, including a $2.8 million first mortgage and a $500,000 line of credit for a 75-unit co-op located at 284-285 Central Avenue in Lawrence, NY;
  • In November, Mr. Howe arranged nearly $28 million in new loans, including a $5.8 million first mortgage and a $500,000 line of credit for Seminole Owners Corp., a 352-unit co-op located at 76-61 113th Street in Forest Hills, NY;

As a full-service financial institution, NCB provides term loans, lines of credit, commercial and residential mortgages and personal and business banking products to cooperatives nationwide. NCB offers an array of business banking products for cooperatives including cash management, competitive deposit rates and full service payment processing and lockbox.

 

About NCB:
NCB is dedicated to strengthening communities nationwide through the delivery of banking and financial services, complemented by a special focus on cooperative expansion and economic development. Headquartered in Washington, DC, the Bank has offices in Alaska, California, New York, Ohio and Virginia. To learn more, visit www.ncb.coop, National Cooperative Bank on Facebook, or on Twitter @coopbanking.

The NCB Financial Group consists of the Congressionally-chartered National Consumer Cooperative Bank (NCCB) and NCB, FSB, a federally insured savings bank wholly owned by NCCB. The NCB Financial Group provides financial products and services for the nation’s cooperatives, their members, and socially responsible organizations.

The NCB Financial Group also works in a strategic alliance with NCB Capital Impact, a non-profit Community Development Financial Institution created under the same act of Congress as NCCB with particular focus on impacting low and moderate income communities.