New York, NY – October 9, 2012 – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, arranged more than $55 million in new financing activity during September for 22 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.
“September was a very active month with 22 local cooperatives taking advantage of available financing and great rates,” said Mr. Howe. “Cooperative boards are taking steps to secure their properties’ financial health through funding for capital improvement projects and refinancing of existing debt.”
NCB, FSB Senior Vice President Sheldon Gartenstein originated nearly $16 million in new loans during September, including a $4.8 million first mortgage for a 179-unit co-op located at 110-20 71st Road in Forest Hills, NY; a $4.4 million first mortgage and a $500,000 line of credit for 83-33 Gardens Corp., a 105-unit co-op located at 83-33 Austin Street in Kew Gardens, NY; a $3.8 million first mortgage for 84-49 Owners Corp., a 119-unit co-op located at 84-49 168th Street in Jamaica, NY; an $800,000 first mortgage and a $250,000 line of credit for 4-10 Bogardus Corp., a 35-unit co-op located at 4-10 Bogardus Place in Manhattan; a $650,000 first mortgage and a $250,000 line of credit for a 22-unit co-op located at 66 East 83rd Street in Manhattan; and a $500,000 line of credit for Sea Breeze Town Houses Owners, Inc., a 16-unit co-op located at 165 East Broadway in Long Beach, NY.
In September, Mr. Howe arranged more than $26 million in new loans, including the largest loan of the month, a $5.8 million first mortgage and a $500,000 line of credit for 419 Apartment Corp., a 91-unit co-op located at 419 East 57th Street in Manhattan; a $4 million first mortgage for an 87-unit co-op located at 1-3 Remsen Road in Yonkers, NY; a $3.8 million first mortgage and a $500,000 line of credit for Oak Drive Mutual Housing Co., Inc., a 99-unit co-op located at 3260 Cruger Avenue in Bronx, NY; a $3.2 million first mortgage and a $500,000 line of credit for a 102-unit co-op located at 20 East 74th Street in Manhattan; a $2.3 million first mortgage for Verrazano Residents, Inc., a 73-unit co-op located at 20-40 89th Street in Brooklyn, NY; a $2 million line of credit for Highland Terrace Housing Development Fund Corp., a 96-unit co-op located at 101 Highland Avenue in Yonkers, NY; a $1.6 million first mortgage and two lines of credit for $500,000 and $400,000 for a 68-unit co-op located at 2530 Independence Avenue in Riverdale, NY; and a $1.3 million line of credit for 3636 Greystone Owners, Inc., a 91-unit co-op located at 3636 Greystone Avenue in Riverdale, NY.
NCB Senior Vice President Mindy Goldstein arranged more than $13 million in new loans during the month, including a $3.4 million first mortgage and a $500,000 line of credit for a 57-unit co-op located at 1165 Park Avenue in Manhattan; a $2.3 million first mortgage and a $250,000 line of credit for Windsor Equities Owners, Inc., an 83-unit co-op located at 37-16/20 83rd Street in Jackson Heights, NY: a $1.5 million first mortgage and a $200,000 line of credit for 36 West 35th Apartment Corp., a 36-unit co-op located at 36 West 35th Street in Manhattan; a $1.3 million first mortgage and a $250,000 line of credit for 325 West 83 Owners Corp., a 24-unit co-op located at 327 West 83rd Street in Manhattan; a $900,000 first mortgage and a $200,000 line of credit for a 20-unit co-op located at 234 West 16th Street in Manhattan; an $800,000 first mortgage and a $200,000 line of credit for a 47-unit co-op located at 221 East 50th Street in Manhattan; a $700,000 first mortgage and a $200,000 line of credit for a nine-unit co-op located at 136 West 13th Street in Manhattan; and a $328,000 first mortgage and a $100,000 line of credit for an 11-unit co-op located at 202 West 78th 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.
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.