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NCB, FSB New York Originates Nearly $56 Million in New Loans During February

New York, NY (March 26, 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 February for 23 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.
  
“We are pleased to report that another 23 local cooperatives secured financing during February,” said Mr. Howe, “These Boards and others are proactively taking steps to lower existing debt and manage monthly maintenance, to protect the overall financial health of their properties for years to come.”  
    
Financing highlights in February included:

  • In February, Mr. Howe arranged $24 million in new loans, including the largest loan of the month, a $7.5 million second mortgage at North Isle Village, Inc., a 769-unit co-op located at 50 Gibbs Road in Coram, NY;
  • NCB Senior Vice President Mindy Goldstein arranged $13 million in new loans this month, including a $2.6 million first mortgage and a $500,000 line of credit for 7210 Owners Corp., a 66-unit co-op located at 72-10 112th Street in Forest Hills, NY;
  • NCB, FSB Senior Vice President Sheldon Gartenstein originated $19 million in new financings in February, including a $4.7 million first mortgage and a $500,000 line of credit for a 149-unit co-op located at 203 East 72nd Street in Manhattan;  

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.

NCB is a proud supporter of the 2012 International Year of Cooperatives – a United Nations declaration and global campaign to educate the public about the benefits of cooperatives. “Cooperative enterprises build a better world” is the official slogan of The International Year of Cooperatives, and NCB is doing its part to build awareness of cooperatives in all fields of business.