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National Cooperative Bank’s New York Office Originates $33 Million in New Financing Activity During July

New York, NY (August 12, 2013) – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, originated $33 million in new financing activity during July for 16 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.

“While the summer is traditionally a slower time of year, we’re still seeing demand from a number of cooperatives looking to take advantage of the still low interest rate environment,” said Mr. Howe. “We are pleased to have provided loans to 16 additional communities, and remain a consistent source of financing for New York area housing cooperatives.”

NCB Senior Vice President Mindy Goldstein arranged more than $5 million in new loans during July, including a $1.5 million first mortgage for NOH Realty Corp., an eight-unit co-op located at 541 Broadway/112 Mercer Street in Manhattan; a $1 million first mortgage and a $500,000 line of credit for Summit-Parmley Company, a 53-unit co-op located at 133 Summit Avenue in Summit, NJ; a $700,000 line of credit for a 103-unit co-op located at 205 East 77th Street in Manhattan; a $700,000 line of credit for Elmhurst House, Inc., an 81-unit co-op located at 88-11 Elmhurst Avenue in Elmhurst, NY; a $500,000 line of credit and a $450,000 third mortgage for 415 Ocean Owners, Inc., a 60-unit co-op located at 415 Ocean Parkway in Brooklyn, NY; and a $450,000 first mortgage and a $100,000 line of credit for Seminole Arms Owners Corp., a 16-unit co-op located at 415 St. John’s Place in Brooklyn, NY.

In July, Mr. Howe arranged a $3 million first mortgage for Woodbrook Gardens Corp., a 105-unit co-op located at 140 North Broadway in Irvington, NY.
 
NCB Senior Vice President Sheldon Gartenstein originated nearly $24 million in new financing during July, including the largest loan of the month, a $7.4 million line of credit and a $1 million third mortgage for Regency East Apartment Corp., a 143-unit co-op located at 301 East 64th Street in Manhattan. He also arranged a $4.8 million first mortgage and a $1 million line of credit for West 73rd Tenants Corp., a 146-unit co-op located at 175 West 73rd Street in Manhattan; a $2.3 million first mortgage and a $500,000 line of credit for 3065 Sedgwick Owners Corporation, a 73-unit co-op located at 3065 Sedgwick Avenue in Bronx, NY; a $1.7 million first mortgage and a $300,000 line of credit for a 71-unit co-op located at 440 Warburton Avenue in Yonkers, NY; a $1.3 million line of credit and a $700,000 third mortgage for a 60-unit co-op located at 60 Cooper Street in Manhattan; a $1 million line of credit for 3515 Owners Corp., a 77-unit co-op located at 3515 Henry Hudson Parkway in Riverdale, NY; an $800,000 first mortgage for a 26-unit co-op located at 26 Pondfield Road West in Yonkers, NY; a $685,000 first mortgage for 121-125 Park Owners Corp., a 36-unit co-op located at 121-125 Park Avenue in Amityville, NY; and a $500,000 line of credit for 155 Tenants Corp., a 73-unit co-op located at 155 East 93rd 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.