New York, NY (October 10, 2013) – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, originated nearly $20 million in new financing activity during September for 13 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.
“We finished the third quarter on a strong note, arranging another $20 million in new financing activity for local cooperatives,” said Mr. Howe. “We are proud to be a consistent and reliable financing option for these communities as they work hard to preserve and improve the financial and physical health of their properties.”
In September, Mr. Howe arranged $2.2 million in new financing activity, including a $2 million third mortgage for Ocean Harbor Club Owners, Inc., a 92-unit co-op located at 4 Rose Street in Oceanside, NY; and a $200,000 first mortgage for a 12-unit co-op located at 359-361 West 30th Street in Manhattan.
NCB Senior Vice President Sheldon Gartenstein originated more than $3.2 million in new loans during September, including a $1.4 million first mortgage and a $500,000 line of credit for 532 West Owners Corp., a 40-unit co-op located at 532 West 111th Street in Manhattan; a $650,000 line of credit for Beaver Towers, Inc., a 19-unit co-op located at 26 Beaver Street in Manhattan; a $300,000 first mortgage and a $200,000 line of credit for a 35-unit co-op located at 246 Cornelia Street in Brooklyn, NY; and a $225,000 first mortgage for an eight-unit co-op located at 161 President Street in Brooklyn, NY.
NCB Senior Vice President Mindy Goldstein arranged more than $14 million in new loans during the month, including a $4.3 million first mortgage for Tanglewood Terrace at Smithtown Corp., a 48-unit co-op located at 365 Route 111 in Smithtown, NY; a $3.5 million third mortgage for a 198-unit co-op located at 300 East 85th Street in Manhattan; a $2.5 million first mortgage for a 57-unit co-op located at 83-84 116th Street in Richmond Hill, NY; a $2.1 million third mortgage for a 62-unit co-op located at 600 West End Avenue in Manhattan; a $725,000 first mortgage for a 31-unit co-op located at 300 West 17th Street in Manhattan; a $600,000 first mortgage and a $200,000 line of credit for a 13-unit co-op located at 62 East 87th Street in Manhattan; and a $300,000 line of credit for an eight-unit co-op located at 232 West 75th 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.
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.