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National Cooperative Bank Reports $29 Million in New Financing Activity for New York Office During October

New York, NY (November 12, 2013) – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, originated $29 million in new financing activity during October for 15 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.

“The Bank saw a significant increase in the amount of financing arranged for 15 New York area cooperatives during October,” said Mr. Howe. “More building boards continue to take advantage of the still low interest rates to begin capital improvement projects or refinance existing debt at their properties.”

NCB Senior Vice President Mindy Goldstein arranged more than $8 million in new loans during the month, including a $3 million third mortgage for a 324-unit co-op located at 20 East 9th Street in Manhattan; a $1.4 million first mortgage for Ivanhoe Apartment Owners, Inc., a 45-unit co-op located at 38 Fourth Avenue in Nyack, NY; an $800,000 third mortgage for Bard House, Inc., a 59-unit co-op located at 142-162 Bard Avenue in Staten Island, NY; a $750,000 first mortgage and a $200,000 line of credit for Founders-Albatross, Inc., an eight-unit co-op located at 430 Greenwich Street in Manhattan; a $540,000 first mortgage and a $100,000 line of credit for an eight-unit co-op located at 432-434 East 10th Street in Manhattan; a $500,000 first mortgage and a $150,000 line of credit for Ninth Street Apartments, Inc., an eight-unit co-op located at 425 East 9th Street in Manhattan; a $500,000 line of credit for a 39-unit co-op at 150 West 87th Street in Manhattan; and a $375,000 first mortgage for a four-unit co-op located at 331 West 84th Street in Manhattan.

In October, Mr. Howe arranged more than $16 million in new financing activity, including the largest loan of the month, an $8 million first mortgage and a $1 million line of credit for Brigham Park Coop Section #3, Inc., a 306-unit co-op located at 3105 Avenue V in Brooklyn, NY; a $3 million first mortgage and a $300,000 line of credit for Van Buren Owners, Inc., an 85-unit co-op located at 102-21 63rd Road in Rego Park, NY; a $2 million unsecured line of credit for 13 West 13 Apartments Corp., an 82-unit co-op located at 13 West 13th Street in Manhattan; a $1.9 million first mortgage for Barclay Tenants Corp., a 64-unit co-op located at 45 Hillpark Avenue in Great Neck, NY; and a $250,000 third mortgage for an 18-unit co-op located at 79 Barrow Street in Manhattan.

NCB Senior Vice President Sheldon Gartenstein originated nearly $4 million in new loans during October, including a $2 million first mortgage for Inverness Housing Corp., a 48-unit co-op located at 294 Bronxville Road in Bronxville, NY; and an $870,000 first mortgage and a $1 million line of credit for 7 East 85th Tenants Corp., a 39-unit co-op located at 7 East 85th 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.