New York, NY (January 9, 2014) – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, ended 2013 on a strong note, originating $40 million in new loans during December for 13 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.
“The Bank ended the year on a positive note securing financing for another 13 local cooperatives in December,” said Mr. Howe. “The past year was a record-setting year for the New York office, and we are extremely proud of our work in the region, and being a valuable financial resource that allows the Boards and residents of these communities to maintain the financial health of their properties for years to come.”
In December, Mr. Howe arranged more than $30 million in new financing activity, including the largest loan of the month, a $15.5 million first mortgage and a $1 million line of credit for 51st/52nd Street Tenants Corp., a 425-unit co-op located at 39-25/65 51st Street and 39-20/60 52nd Street in Woodside, NY; a $7.5 million first mortgage at Park Reservoir Housing Corp., a 271-unit co-op located at 3835 & 3845 Sedgwick Avenue in Bronx, NY; a $3.5 million first mortgage and a $500,000 line of credit for a 60-unit co-op located at 3117 Broadway in Manhattan; a $1.2 million first mortgage and a $500,000 line of credit for Palmer Avenue Owners Corp., a 40-unit co-op located at 2291-2307 Palmer Avenue in New Rochelle, NY; and a $750,000 line of credit for Compton Owners Corp., a 114-unit co-op located at 175-45 88th Avenue in Jamaica, NY.
NCB Senior Vice President Sheldon Gartenstein originated a $2.7 million first mortgage for Hudson Gate II Apartments Corp., a 55-unit co-op located at 6209-6915 Boulevard East in West New York, NJ during December.
NCB Senior Vice President Mindy Goldstein arranged nearly $7 million in new loans during the month, including a $1.9 million first mortgage and a $500,000 line of credit for Fardale Owners, Inc., a 95-unit co-op located at 6, 10, 14, 18, 22 and 26 Ivy Street in Farmingdale, NY; a $1 million first mortgage for a 34-unit co-op located at 43 North Forest Avenue in Rockville Centre, NY; a $750,000 line of credit for a 24-unit co-op located at 9 East 97th Street in Manhattan; a $600,000 line of credit for a 58-unit co-op located at 2390 Palisade Avenue in Bronx, NY; a $540,000 first mortgage and a $400,000 line of credit for a 21-unit co-op located at 310 Windsor Place in Brooklyn, NY; a $500,000 line of credit for Fairfield Greens Owners, Inc., a 60-unit co-op located at 742, 744, 746, 748 Deer Park Avenue and 33, 41, 49, 55 Mildred Place in North Babylon, NY: and a $500,000 line of credit for 35 East Tenants Corp., a 39-unit co-op located at 35 East 30th 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.