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National Cooperative Bank Originates $53 Million in New Loan Activity During August

New York, NY (September 30, 2013) — National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, arranged $53 million in new financing activity during August for 20 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.
  
“In August, we were pleased to work with another 20 local housing cooperatives who secured financing in the still-low interest rate environment to address a variety of financial needs,” said Mr. Howe. “We are proud to be a trusted resource for these housing communities, and anticipate this level of lending activity to continue in the coming months.”
  
Financing highlights in August included:

  • NCB Senior Vice President Mindy Goldstein arranged more than $24 million in new loans during August, including a $6.8 million first mortgage and a $500,000 line of credit for Central Westchester Tenants Corp., a 240-unit co-op located at 100 East Hartsdale Avenue in Hartsdale, NY;
  • In August, NCB Senior Vice President Sheldon Gartenstein originated a $500,000 line of credit for a 42-unit co-op located at 57-65 West 93rd Street in Manhattan; 
  • Mr. Howe arranged nearly $28 million in new financing activity during the month, including a $4.7 million first mortgage and a $500,000 line of credit for Briarwood Owners Corp., a 234-unit co-op located at 139-09 84th Drive in Briarwood, 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.