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NCB Arranges Nearly $67 Million in New Financing Activity For New York Area Cooperatives During August

New York, NY – September 18, 2012 – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, arranged nearly $67 million in new financing activity during August for 24 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.
 
“The summer closed on a high note, with another 24 New York area cooperatives working with the bank to secure financing and ensure their property’s vitality for years to come,” said Mr. Howe. “The Bank is proud to be a consistent and available financing option for cooperatives throughout the region.”   

In August, Mr. Howe arranged more than $33 million in new loans, including one of the largest loans of the month, an $11 million first mortgage for a 240-unit co-op located at 66-36 Yellowstone Boulevard in Forest Hills, NY; a $4.3 million first mortgage and a $500,000 line of credit for a 91-unit co-op located at 121 West 72nd Street in Manhattan; a $3.7 million first mortgage and a $250,000 line of credit for 31171 Owners Corp.,  a 94-unit co-op located at 311 East 71st Street in Manhattan; a $3.2 million first mortgage and a $250,000 line of credit for Westmoreland Apt. Corp., a 63-unit co-op located at 40-01 Little Neck Parkway in Queens, NY; a $2.1 million first mortgage for a 127-unit co-op located at 4380 Vireo Avenue in Bronx, NY; a $2 million first mortgage and a $250,000 line of credit for Palmer Terrace Owners Corp., an 87-unit co-op located at 2192-2280 Palmer Avenue in New Rochelle, NY; a $1.1 million first mortgage for an 82-unit co-op located at 250 West Merrick Road in Freeport, NY; a $1.1 million first mortgage and a $250,000 line of credit for Chittenden House, Inc., a 33-unit co-op located at 17-19 Chittenden Avenue in Manhattan; a $950,000 first mortgage and a $200,000 line of credit for a 25-unit co-op located at 249 Eldridge Street in Manhattan; a $900,000 first mortgage and a $100,000 line of credit for Melbourne House Apartments, Corp., a 24-unit co-op located at 140 South Middleneck Road in Great Neck, NY; and an $800,000 first mortgage and a $300,000 line of credit for a 21-unit co-op located at 17 East 84th Street in Manhattan. 

NCB Senior Vice President Mindy Goldstein arranged more than $17 million in new loans during the month, including a $4 million first mortgage and a $500,000 line of credit for Wyndover Woods Apartments, Inc., a 168-unit co-op located at 1,2,3,4,5,8 & 9 Wyndover Lane in Greenburgh, NY; a $2.8 million first mortgage and a $500,000 line of credit for Weskora Owners Corporation, a 73-unit co-op located at 30 North Broadway in White Plains, NY; a $2 million line of credit for Top of the Lofts, Inc., a 16-unit co-op located at 129 West 22nd Street in Manhattan; a $1.8 million first mortgage and a $500,000 line of credit for 222 West Broadway Owners Corp., a 24-unit co-op located at 6 Varick Street aka 222 West Broadway in Manhattan; a $1.6 million first mortgage and a $100,000 line of credit for 3/10 Tenants’ Housing Corp., a 22-unit co-op located at 103 East 10th Street in Manhattan; a $1.5 million first mortgage for 1136 Tenants Corp., a 43-unit co-op located at 1136 Fifth Avenue in Manhattan; an $850,000 first mortgage and a $100,000 line of credit for Vietor Avenue Associates, Inc., a 98-unit co-op located at 83-60 Vietor Avenue in Elmhurst, NY; a $500,000 line of credit for Croydon Manor Apt. Corp., a 52-unit co-op located at 43-08 41st Street in Sunnyside, NY; and a $360,000 first mortgage for a ten-unit co-op located at 206 Lincoln Place in Brooklyn, NY.   

NCB, FSB Senior Vice President Sheldon Gartenstein originated more than $16 million in new loans during August, including another $11 million first mortgage for 870 East Tower, Inc., a 167-unit co-op located at 870 United Nations Plaza in Manhattan; a $4.7 million first mortgage for Bay Terrace Cooperative Section XII, Inc., a 123-unit co-op located at 212-30 23rd Avenue in Bayside, NY; a $450,000 first mortgage for 143 23rd Street Jackson Heights, Inc., a 16-unit co-op located at 35-16 80th Street in Jackson Heights, NY; and a $250,000 line of credit for 2669 Owners, Ltd, a 27-unit co-op located at 240 West 102nd 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.