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National Cooperative Bank Reports More Than $78 Million in New Financing Activity for New York Cooperatives in Last Month of 2012

 New York, NY (January 28, 2013) — National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, arranged more than $78 million in new financing activity during December for 31 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.
  
“As 2012 comes to a close, we proudly look back at the many cooperatives this year which turned to the Bank to arrange funds for capital improvement projects, working to better position their properties in this competitive market and for years to come,” said Mr. Howe. “December’s strong financing activity speaks to the success of the New York office, and we look to 2013 with sharp focus.”
 
Financing highlights in December included: 

  • NCB Senior Vice President Sheldon Gartenstein originated more than $23 million in new loans during December, including a $5.5 million first mortgage and a $1 million line of credit for The Terrace View Owners, Inc., a 146-unit co-op located at 79-10 34th Avenue in Jackson Heights, NY;
  • In December, Mr. Howe arranged nearly $23 million in new loans, including the largest loan of the month, a $9.3 million first mortgage and a $1 million line of credit for Mamaroneck Gardens, Inc., a 267-unit co-op located at 100-348 Richbell Road in Mamaroneck, NY;
  • NCB Senior Vice President Mindy Goldstein arranged $32 million in new loans during the month, including a $9 million first mortgage and a $1 million line of credit for Heights 75 Owners Corp., a 95-unit co-op located at 75 Livingston Street in Brooklyn, NY;   

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.