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National Cooperative Bank New York Office Arranges Over $28 Million in New Financing Activity in January

 New York, NY (February 24, 2014) – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, originated over $28 million in new financing activity during January for 13 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.  

“The year started off strong, with more New York area cooperatives securing funds to address a variety of financial needs, in this still low interest rate environment,” said Mr. Howe. “These Boards and others are proactively refinancing existing debt- even if facing a prepayment penalty- as the cost to refinance now still results in considerable savings for residents.” 

Financing highlights in January included:  

  • NCB Senior Vice President Mindy Goldstein arranged more than $12 million in new loans during the month, including a $2.8 million first mortgage and a $500,000 line of credit for The Franklin Owners Corp., a 72-unit co-op located at 142-15 Franklin Avenue in Flushing, NY. 
  • In January, Mr. Howe arranged more than $11 million in new financing activity, including the largest loan of the month, a $6.5 million first mortgage and a $500,000 line of credit for 159 Madison Owners Corp., a 118-unit co-op located at 159 Madison Avenue in Manhattan.  
  • NCB Senior Vice President Sheldon Gartenstein originated nearly $5 million during the month, including a $3.4 million first mortgage and a $500,000 line of credit for NB Owners Corp., a 126-unit co-op located at 141-05 Northern Boulevard in Flushing, 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 organizations.