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National Cooperative Bank Arranges $70 Million in New Financing Activity for New York Area Cooperatives in June

 New York, NY (July 30, 2012)  — NCB, FSB (NCB), a federally insured savings bank and a leading lender to cooperative housing throughout the Tri-State area, arranged $70 million in new financing activity during June for 27 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.    

“In June, we saw an increase in lending activity as another 27 local cooperatives secured tailored financing packages for their properties,” said Mr. Howe. “We anticipate this level of activity to continue through the summer months as cooperatives refinance existing debt and arrange funds for capital improvement projects.”    

Financing highlights in June included:

  • NCB, FSB Senior Vice President Sheldon Gartenstein originated more than $5 million in new loans during June, including a $4 million first mortgage and a $700,000 line of credit for a 74-unit co-op located at 760 West End Avenue in Manhattan;
  • In June, Mr. Howe arranged more than $35 million in new loans, including a $9 million first mortgage and a $1 million line of credit for 3135 Johnson Tenant Owners Corp., a 120-unit co-op located at 3135 Johnson Avenue in Riverdale, NY;
  • NCB Senior Vice President Mindy Goldstein arranged more than $29 million in new loans during the month, including the largest loan of the month, an $11.5 million first mortgage and a $500,000 line of credit for 210-220-230 Owners Corporation, a 288-unit co-op located at 210-220-230 Pelham Road in New Rochelle, 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.

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.