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NCB, FSB New York Reports Largest Month Year-To-Date in November; Nearly $123 Million in New Loan Activity

New York, NY (January 7, 2013)  — National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, arranged nearly $123 million in new financing activity during November for 28 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.  

“We are pleased to announce that the Bank has arranged nearly $123 million in new loan originations during November, in what was our largest sum year-to-date,” said Mr. Howe. “The fourth quarter is off to a strong start and we look forward to providing New York cooperatives with financing opportunities for years to come.” 

Financing highlights in November included:

  • In November, Mr. Howe arranged nearly $42 million in new loans, including an $8 million first mortgage and a $1 million line of credit for 250 Tenants Corp., a 147-unit co-op located at 250 West 94th Street in Manhattan;
  • NCB Senior Vice President Mindy Goldstein arranged nearly $43 million in new loans during the month, including the largest loan of the month, a $20 million first mortgage and a $5 million line of credit for The Estates at Bayside Owners, Inc., a 479-unit co-op located at 67-83 223rd Place in Bayside, NY;
  • NCB, FSB Senior Vice President Sheldon Gartenstein originated more than $38 million in new loans during November, including a $10 million first mortgage and a $2 million line of credit for 150 East Tenants Corp., a 131-unit co-op located at 150 East 61st 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.