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NCB, FSB New York Originates Nearly $69 Million in New Financing During July

 New York, NY (August 27, 2012)  — National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, arranged nearly $69 million in new financing activity during July for 19 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.

“In July, we continued to see steady financing activity from our core market of cooperatives, as another 19 local properties took advantage of available financing options,” said Mr. Howe. “We are proud to be an important resource for these housing communities, and anticipate this level of activity continuing in the months to come.” 

Financing highlights in July included:

  • NCB Senior Vice President Mindy Goldstein arranged nearly $12 million in new loans during the month, including a $2.5 million first mortgage for 211 Terry Owners Inc., a 36-unit co-op located at 211-215 Terry Road in Smithtown, NY;
  • NCB, FSB Senior Vice President Sheldon Gartenstein originated over $5 million in new loans during July, including a $2.8 million first mortgage and a $500,000 line of credit for a 73-unit co-op located at 255 Fieldston Terrace in Riverdale, NY;
  • In July, Mr. Howe arranged nearly $52 million in new loans, including the largest loan of the month, a $36 million first mortgage and a $5 million line of credit for Castle Village Owners Corp., a 585-unit co-op located at 120 Cabrini Boulevard 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.