New York, NY (January 30, 2012) — NCB, FSB (NCB), a federally insured savings bank and a leading lender to cooperative housing throughout the Tri-State area, arranged $56 million in new financing activity during December for 21 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.
“As we close the year on a strong note, we are proud to remain a consistent source of financing for cooperatives in the Tri-State area,” said Mr. Howe. “These properties joined hundreds of others that turned to the Bank for funding during the past year, to secure the vitality of their buildings.”
Financing highlights in December included:
- In December, Mr. Howe arranged over $45 million in new loans, including the largest loan of the month, a $5.5 million first mortgage at 301 East Tenants Corp., a 137-unit co-op located at 301 East 75th Street in Manhattan;
- NCB Senior Vice President Mindy Goldstein arranged new loans totaling $10.5 million, including a $3.2 million first mortgage and a $200,000 line of credit for 1345 Hewlett Owners, Inc., a 78-unit co-op located at 1325-1347 Broadway and 1-9 Everit Avenue in Hewlett, 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.
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.