Arlington, VA (August 1, 2013)—National
Cooperative Bank (NCB), a leading financial services company dedicated to
providing banking products to cooperatives nationwide, recently partnered with two
credit unions and a local bank to secure $42.3 million in financing for two separate commercial real
estate transactions in Alaska.
NCB arranged a $35 million
commercial real estate loan for 188 West Northern Lights, a Class A office
building in Midtown Anchorage, Alaska. The loan will be used to refinance
existing debt, fund tenant improvements and fulfill leasing commissions. In
this transaction, NCB partnered with a California-based credit union and Alaska’s
Northrim Bank for the financing package.
The Bank also completed the purchase of a $7.25 million loan
participation in a $12.25 million loan facility with Alaska USA Federal Credit
Union, for the refinancing of the KeyBank Center Midtown in Anchorage. The
building was originally purchased in 2012 by the Bligh Island Corporation, a
fully-owned subsidiary of The Tatitlek Corporation, an Alaska Native
village corporation of Prince William Sound with 329 shareholders.
“These transactions are the perfect example of
how member-owned organizations—like NCB and credit unions—are successfully partnering
to provide creative financing solutions to entities across the country,” said Steven
Brookner, of NCB.
He continued, “The Bank has a
long-standing relationship with native communities, like the Tatitlek
shareholders, and we’re proud to be a consistent source of financing for these
communities who share a similar cooperative structure to NCB and credit unions.
It’s NCB’s mission to promote the growth and strength of member-owned
organizations, and providing needed funding to our Alaskan Native customers is another
opportunity to support this effort.”
About National Cooperative Bank:
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