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NCB, FSB Arranges New Loans Totaling $72 Million for New York Cooperatives During March

 New York, NY (April 30, 2012)  — NCB, FSB (NCB), a federally insured savings bank and a leading lender to cooperative housing throughout the Tri-State area, arranged $72 million in new financing activity during March for 25 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.
“March was another strong month of lending activity, with another 25 cooperatives turning to the Bank to address a host of financing needs,” said Mr. Howe, “We are pleased to close this quarter with strong numbers, and are looking to continue this level of financing activity in the coming months.” 

Financing highlights in March included: 

  • NCB, FSB Senior Vice President Sheldon Gartenstein originated over $17 million in new loans during March, including a $7.4 million first mortgage for Hudson View Gardens, Inc., a 353-unit co-op located at 116 Pinehurst Avenue in Manhattan;
  • In March, Mr. Howe arranged nearly $35 million in new loans, including the largest loan of the month, a $10 million first mortgage and a $500,000 line of credit for a 129-unit co-op located at 2400 Johnson Avenue in Riverdale, NY;
  • NCB Senior Vice President Mindy Goldstein arranged nearly $20 million in new loans during the month, including a $7 million first mortgage and a $500,000 line of credit for Fontaine Owners Corp., a 130-unit co-op located at 353 East 72nd 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.