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National Cooperative Bank Originates $1.0 Billion in 2013 for New Real Estate Loans Nationwide

 Arlington, VA (January 22, 2014) National Cooperative Bank (NCB), a bank committed to serving cooperatives nationwide, reported $1.0 billion in real estate lending during 2013.  The Bank arranged more than $719 million in financing for housing communities, $232 million in new loans for 1,209 individual unit owners and $67.5 million for other commercial real estate projects across the country.       

“2013 was another great year for NCB as we continue to show strong originations for commercial and residential real estate nationwide,” said Charles E. Snyder, President and CEO of NCB. “During the year we also furthered our mission of helping co-op communities throughout the country maintain their status as the most vital members of the business community. We look forward to continuing our efforts in 2014 as we help housing cooperatives and their members find practical financing solutions.” 

Cooperative Building Loan Highlights for New York:  

Of the $719 million originated for housing associations in 2013, $664.3 was arranged for properties in the New York metropolitan area, which boasts the largest number of cooperative housing communities in the country. This region is a key market for the Bank, which captures the majority of the market share as the leading lender. 

Residential Loan Highlights:

NCB’s residential lending had another strong year originating $232 million, with the West Coast lending team arranging 505 loans totaling $109 million; the New York office securing $43 million in financing for 160-unit owners; and $66.2 for 421 unit owners in co-ops elsewhere across the country.  The New York office also arranged six loans totaling $5.3 million for its Superintendent Program, which allows cooperatives and condominiums to secure financing for the properties’ superintendent residence.  

                                                                        

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.