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National Cooperative Bank’s New York Office Originates $29 Million in New Financing Activity During October

New York, NY (November 26, 2013) — National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, arranged $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.
 
“We are pleased to report the fourth quarter started off strong, with our team arranging $29 million in new loans for 15 local cooperatives,” said Mr. Howe. “We are proud of serving this community, and our role as a consistent financing resource for cooperatives looking to undertake capital improvement projects or refinance existing debt.”
 
Financing highlights in October included:

  • 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;
  • 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;
  • 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;
    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.