New York, NY (October 28, 2013) — National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, arranged $20 million in new financing activity during September for 13 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.
“During September, an additional 13 New York area cooperatives worked with the Bank to arrange new financing solutions for their properties,” said Mr. Howe. “These cooperatives and many others are utilizing these tailored financing packages to help ensure their communities financial health for years to come.”
Financing highlights in September included:
- In September, Mr. Howe arranged $2.2 million in new financing activity, including a $2 million third mortgage for Ocean Harbor Club Owners, Inc., a 92-unit co-op located at 4 Rose Street in Oceanside, NY;
- NCB Senior Vice President Sheldon Gartenstein originated more than $3.2 million in new loans during September, including a $1.4 million first mortgage and a $500,000 line of credit for 532 West Owners Corp., a 40-unit co-op located at 532 West 111th Street in Manhattan;
- NCB Senior Vice President Mindy Goldstein arranged more than $14 million in new loans during the month, including a $4.3 million first mortgage for Tanglewood Terrace at Smithtown Corp., a 48-unit co-op located at 365 Route 111 in Smithtown, 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.
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.