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National Cooperative Bank Originates Over $14 Million in New Loans During February in New York Office

New York, NY (March 26, 2014) – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, originated over $14 million in new financing activity during February for ten New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.

“In February we saw co-ops throughout the city take advantage of the low interest rate environment to secure financing in order to reduce existing debt,” said Mr. Howe. “As part of the community for more than three decades, we are extremely proud to be a resource for co-ops looking for the ideal financing options best suited to their needs.”
Financing highlights in February included:

  • In February, Mr. Howe arranged nearly $9 million in new financing activity, including the largest loan of the month, a $2.8 million first mortgage for Tova Realty Corp., a 126-unit co-op located at 42-22 Ketcham Street in Elmhurst, NY;
  • NCB Senior Vice President Mindy Goldstein arranged nearly $6 million in new loans during the month, including a $1.8 million first mortgage and a $500,000 line of credit for Fowler Court Tenants, Inc., a 48-unit co-op located at 400 Riverside Drive 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.