New York, NY (October 29, 2012) — National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, arranged more than $55 million in new financing activity during September for 22 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.
“We are pleased to report that 22 local cooperatives have turned to the Bank to seek available financing options,” said Mr. Howe. “As the fall season approaches, owners are looking to begin capital improvement projects, ensuring their property’s vitality for years to come.”
Financing highlights in September included:
- NCB, FSB Senior Vice President Sheldon Gartenstein originated nearly $16 million in new loans during September, including a $4.8 million first mortgage for a 179-unit co-op located at 110-20 71st Road in Forest Hills, NY;
- In September, Mr. Howe arranged more than $26 million in new loans, including one of the largest loans of the month, a $5.8 million first mortgage and a $500,000 line of credit for 419 Apartment Corp., a 91-unit co-op located at 419 East 57th Street in Manhattan;
- NCB Senior Vice President Mindy Goldstein arranged more than $13 million in new loans during the month, including a $3.4 million first mortgage and a $500,000 line of credit for a 57-unit co-op located at 1165 Park Avenue 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.
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.