New York, NY (December 3, 2012) — National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, arranged more than $43 million in new financing activity during October for 13 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.
“During October, 13 cooperatives were able to secure funds from the Bank for a variety of needs,” said Mr. Howe. “We anticipate that a strong level of lending activity will continue through the end of 2012, as more cooperatives seek to enhance the value of their properties.”
Financing highlights in October included:
- NCB Senior Vice President Mindy Goldstein arranged more than $6 million in new loans during the month, including a $2.7 million first mortgage and a $500,000 line of credit for 81st Dwellers, Inc., a 60-unit co-op located at 35 West 81st Street in Manhattan;
- NCB, FSB Senior Vice President Sheldon Gartenstein originated nearly $11 million in new loans during October, including a $5 million first mortgage and a $1 million line of credit for a 188-unit co-op located at 210 East 15th Street in Manhattan;
- In October, Mr. Howe arranged more than $26 million in new loans, including the largest loan of the month, a $7.6 million first mortgage and a $2 million line of credit for 20166 Tenants Corp., a 256-unit co-op located at 201 East 66th 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.