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National Cooperative Bank Reports Robust Lending Activity; Bank Arranges More Than $77 Million in New Loans for New York Cooperatives

New York, NY – April 15, 2013 – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, originated more than $77 million in new financing activity during March for 26 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement. 

    “We closed the first quarter on a high note, arranging a substantial amount of financing for nearly 30 new cooperative housing communities in the region,” said Mr. Howe.  “Many of these co-op Boards have opted to secure funds now to complete renovations or upgrades to the building this spring, in order to ensure the future vitality of these properties.” 

     NCB Senior Vice President Sheldon Gartenstein originated nearly $19 million in new loans during March, including a $4.5 million first mortgage and a $500,000 line of credit for a 118-unit co-op located at 200 East 78th Street in Manhattan; a $3 million first mortgage for Caribbean House, Inc., a 62-unit co-op located at 1375 River Road in Edgewater, NJ; a $2.8 million first mortgage and a $500,000 line of credit for Mutual Housing Association, Inc., a 122-unit co-op located at 3850 Sedgwick Avenue in Bronx, NY; a $2 million first mortgage and a $1 million line of credit for a 115-unit co-op located at 51 West 81st Street in Manhattan; a $1.9 million first mortgage and a $300,000 line of credit for 110-34 73rd Owners Corp., a 65-unit co-op located at 110-34 73rd Road in Forest Hills, NY; and a $1 million line of credit and a $1 million third mortgage for Clifton House Owners Corp., a 123-unit co-op located at 127 West 79th Street in Manhattan.

    In March, Mr. Howe arranged nearly $51 million in new loans, including the largest loan of the month, a $6.5 million first mortgage and a $975,000 line of credit for a 138-unit co-op located at 1523 Central Park Avenue in Yonkers, NY; a $5.5 million first mortgage and a $500,000 line of credit for Tracy Tenants Corp., a 162-unit co-op located at 245 East 24th Street in Manhattan; a $5.3 million first mortgage and a $500,000 line of credit for Kensington Gate Owners, Inc., a 94-unit co-op located at One Kensington Gate in Great Neck, NY; a $4.1 million first mortgage and a $500,000 line of credit for 21 North Chatsworth Owners Corp., an 85-unit co-op located at 21 North Chatsworth Avenue in Larchmont, NY; a $3.1 million first mortgage and a $500,000 line of credit for a 106-unit co-op located at 632 Palmer Road in Yonkers, NY; a $3 million first mortgage and a $500,000 line of credit for Saunders Apartments, Inc., a 173-unit co-op located at 63-89 Saunders Street in Rego Park, NY; a $3 million first mortgage and a $500,000 line of credit for East 84th Street Apartments Corp., a 94-unit co-op located at 444 East 84th Street in Manhattan; a $2.9 million first mortgage and a $500,000 line of credit for 325 House, Inc., a 59-unit co-op located at 325 East 77th Street in Manhattan; a $2.8 million first mortgage and a $500,000 line of credit for Georgian House Owners Corp., a 118-unit co-op located at 118-11 84th Avenue in Kew Gardens, NY; a $2.5 million first mortgage and a $500,000 line of credit for a 60-unit co-op located at 345 East 77th Street in Manhattan; a $1.9 million first mortgage and a $500,000 line of credit for Steven Lee House Inc., a 79-unit co-op located at 3200 Netherland Avenue in Riverdale, NY; a $1.6 million first mortgage and a $500,000 line of credit for Claridge Apartment Corp., a 51-unit co-op located at 50 Hill Park Avenue in Great Neck, NY; a $1.3 million first mortgage and a $350,000 line of credit for a 59-unit co-op located at 120-10/12 85th Avenue in Kew Gardens, NY; and a $520,000 first mortgage and a $100,000 line of credit for Prince Studio Corp., a seven-unit co-op located at 123 Prince Street in Manhattan.

     NCB Senior Vice President Mindy Goldstein arranged more than $8 million in new loans during March, including a $2.6 million first mortgage for Arkansas Owners Corp., a 90-unit co-op located at 84-19 51st Avenue in Elmhurst, NY; a $1.9 million first mortgage and a $500,000 line of credit for 1155 Ocean Apt. Corp., a 59-unit co-op located at 1155 Ocean Avenue in Brooklyn, NY; a $900,000 first mortgage for 203 Owners Corp., a 30-unit co-op located at 203 West 98th Street in Manhattan; an $850,000 first mortgage for a 20-unit co-op located at 920 Broadway in Woodmere, NY; a $750,000 line of credit for West Side Lofts Limited, a 30-unit co-op located at 347-353 West 39th Street in Manhattan; and a $525,000 first mortgage for a 20-unit co-op located at 448 East 84th 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.

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.