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National Cooperative Bank Arranges More Than $51 Million in New Loans During February

New York, NY (March 25, 2013) — National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, arranged over $51 million in new financing activity during February  for 17 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.

“We continued to experience strong lending activity during February with more cooperatives securing funds for a variety of needs,” said Mr. Howe. “With the opportunity to borrow money at such advantageous interest rates, cooperatives are proactively refinancing or undertaking capital improvements to maintain the vitality of the property for years to come.”
 
Financing highlights in February included:

  • Mr. Howe arranged nearly $24 million in new loans, including an $8.8 million first mortgage and a $500,000 line of credit for 83rd Street Tenants, Inc., an 81-unit co-op located at 8 East 83rd Street in Manhattan;
  • NCB Senior Vice President Mindy Goldstein arranged over $25 million in new loans during February, including the largest loan of the month, an $11.6 million first mortgage and a $500,000 line of credit for Fairfield Commons Owners Corp., a 216-unit co-op located at 2-346 Edmunton Drive in North Babylon NY;
  • NCB Senior Vice President Sheldon Gartenstein originated more than $2 million in new loans during February, including a $1.8 million first mortgage and a $300,000 line of credit for Whitehall Commons, Ltd., a 63-unit co-op located at 45 Pondfield Road West in Bronxville, 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.