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National Cooperative Bank Reports More Than $67 Million in New Loans Originated in New York Office During October

New York, NY (November 18, 2014) – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, announced that the Bank originated $67.6 million in new loans during October for 13 New York area properties. Edward Howe III, managing director of the NCB New York office, made the announcement.

"The financing activity during October was spread across several regions of the Tri-State area, with the bulk of transactions happening on Long Island and in Manhattan,” said Mr. Howe. “Many cooperatives are currently working to comply with new regulations, or undergoing capital improvement projects, and The Bank is able to offer the best financial packages to fit their needs.”

Mr. Howe originated $49.4 million in new loans during October, including the largest loan of the month, a $25 million first mortgage and a $2.5 million line of credit for Great Neck Terrace Owners Corp., a 654-unit co-op at 2 East Mill Drive in Great Neck, NY. Other activity included:

  • A $6.8 million first mortgage and a $1 million line of credit for 411 West End Avenue, a 100-unit co-op in Manhattan; 
  • A $4.8 million first mortgage and a $500,000 line of credit for a 127-unit co-op at 620-640 Pelham Avenue in New Rochelle, NY; 
  • A $4.5 million first mortgage for a 113-unit co-op at 140 East Second Street in Brooklyn, NY;  
  • A $3.5 million first mortgage and a $150,000 line of credit for a 74-unit co-op at 61 Bronx River Road in Yonkers, NY;  
  • A $400,000 line of credit for Baldwin Pointe Owners Corp., a 24-unit co-op at 714 School Street in Baldwin, NY;  
  • A $275,000 line of credit for Lincoln Park Manor Tenants Corporation, a 30-unit co-op at 75 Lee Avenue and 70 Sherman Avenue in Yonkers, NY.  

Additionally, Mindy Goldstein, a senior vice president at NCB, arranged nearly $18 million in financing during the month, including:

  • An $11.6 million first mortgage and $1 million line of credit for a 182-unit co-op at 200 East 16th Street in Manhattan;
  • A $2.3 million first mortgage and a $500,000 line of credit for a 40-unit co-op at 29 Woodmere Boulevard in Woodmere, NY;
  • A $1.4 million line of credit for 1100 Concourse Tenants Corp., a 70-unit co-op at 1100 Grand Concourse in Bronx, NY;
  • A $450,000 first mortgage and a $300,000 line of credit for a 16-unit co-op at 227 East 12th Street in Manhattan;
  • A $285,000 first mortgage and a $100,000 line of credit for a 13-unit co-op at 613 East 6th Street in Manhattan.

NCB Vice President Harley Seligman arranged a $300,000 first mortgage for an eight-unit co-op at 224 Atlantic Avenue in Lynbrook, NY.  

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.