New York, NY (March 13, 2014) – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, originated more than $14 million in new loans during February for ten New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.
“In February, we noticed an increase in the number of buildings securing line of credits,” said Mr. Howe. “This is a great option for Boards looking to secure financing for upcoming capital improvement projects, but only paying interest on the money they actual deploy to fund a project.”
In February, Mr. Howe arranged nearly $9 million in new financing activity, including the largest loan of the month, a $2.8 million first mortgage for Tova Realty Corp., a 126-unit co-op located at 42-22 Ketcham Street in Elmhurst, NY; a $2 million first mortgage for The Bronxwood Tower, Inc., a 108-unit co-op located at 855 East 233rd Street in Bronx, NY; a $1.9 million first mortgage and a $350,000 line of credit for Centrentset Corp., a 102-unit co-op located at 137-149 West 12th Street in Manhattan; a $1 million line of credit for Cheltoncort Owners Corp., a 51-unit co-op located at 360 West 21st Street in Manhattan; a $400,000 first mortgage for Baldwin Pointe Owners Corp., a 24-unit co-op located at 714 School Street in Baldwin, NY; and a $400,000 line of credit for Village Place Corp., a 24-unit co-op located at 48 East 13th Street in Manhattan.
NCB Senior Vice President Mindy Goldstein arranged nearly $6 million in new loans during the month, including a $1.8 million first mortgage and a $500,000 line of credit for Fowler Court Tenants, Inc., a 48-unit co-op located at 400 Riverside Drive in Manhattan; a $1.5 million line of credit for Nagle Apartments Corp., a 111-unit co-op located at 31 and 37 Nagle Avenue and 14 Bogardus Place in Manhattan; a $1 million line of credit for Carlyle Towers Cooperative “B” Inc., a 193-unit co-op located at 138-10 Franklin Avenue in Flushing, NY; and a $750,000 line of credit for Bedford House Apartment Corp., a 60-unit co-op located at 306 East Mosholu Parkway South in Bronx, 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 organizations.