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National Cooperative Bank’s New York Office Arranges $64 Million in New Loans

Cooperative Lender Has Biggest Month of 2014; Manhattan Posts Highest Activity with $33 Million in New Loans for 16 Co-ops 

New York, NY (July 8, 2014) – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, originated $64 million in new loans during June for 29 New York area properties, the largest activity year-to-date for the Bank. Manhattan experienced the most activity, with the bank arranging $33 million in financing for 16 co-ops. Edward Howe III, managing director of the NCB New York office, made the announcement.

“June was a record month for the Bank this year, both in the number of cooperatives securing financing, and in the overall loan total for the New York region,” said Mr. Howe. “We saw more than half of the financing originate in Manhattan, which was a change from last month’s heavy focus on the outer boroughs. The summer months are a wonderful time for Boards to begin or complete capital improvements or other projects that maintain the value of the cooperative.”

Mindy Goldstein, a senior vice president at NCB, led the way in June with $45.4 million in new financing activity. Her transactions include a $5.1 million first mortgage and a $3 million line of credit for a 37-unit co-op at 24 Central Park South in Manhattan; a $4.7 million first mortgage and a $250,000 line of credit for a 187-unit co-op at 2630 Kingsbridge Terrace in Bronx, NY; a $4.6 million first mortgage and a $1 million line of credit for Fifth Avenue Loft Corporation, a 20-unit co-op at 140 Fifth Avenue in Manhattan; a $4.1 million first mortgage and a $500,000 line of credit for Greenwood Arms Cooperative Corp., a 160-unit co-op at 85-10 151st Avenue and 86-10 151st Avenue in Howard Beach, NY; a $3.5 million third mortgage for Columbus Park Owners, Inc., a 162-unit co-op at 100 West 94th Street in Manhattan; a $2.5 million first mortgage and a $500,000 line of credit for a 120-unit co-op at 67-35 Yellowstone Boulevard in Forest Hills, NY; a $2.4 million first mortgage for a 35-unit co-op at 74 Fifth Avenue in Manhattan; a $1.7 million first mortgage and a $200,000 line of credit for Sted Tenants Owners Corp., a 96-unit co-op at 1345 East 4th Street and 1350 East 5th Street in Brooklyn, NY; a $1.5 million first mortgage and a $400,000 line of credit for Michelle Tenants Corp., a 71-unit co-op at 210-50 41st Avenue in Bayside, NY; a $1.5 million line of credit for 310 Apartment Corporation, a 74-unit co-op at 310 West 106th Street in Manhattan; a $1.3 million first mortgage and a $250,000 line of credit for a 15-unit co-op at 406 West 46th Street in Manhattan; a $1.2 million first mortgage and a $250,000 line of credit for 250 Equities Corp., a 23-unit co-op at 250 West 22nd Street in Manhattan;  a $975,000 first mortgage and a $250,000 line of credit for a ten-unit co-op at 214 West 17th Street in Manhattan; a $900,000 first mortgage and a $200,000 line of credit for a 17-unit co-op at 338 West 19th Street in Manhattan; an $850,000 first mortgage for Commons of Pleasantville, NY Inc., a 34-unit co-op at 290-310 Manville Road in Pleasantville, NY; an $800,000 first mortgage for a 20-unit co-op at 139 East 66th Street in Manhattan; a $430,000 first mortgage and a $300,000 line of credit for a 12-unit co-op at 135 West 17th Street in Manhattan; and a $310,000 first mortgage for a four-unit co-op at 304 West 78th Street in Manhattan.

Mr. Howe also contributed $18.6 million in loan originations to June’s total, including the largest loan of the month, a $6.3 million first mortgage for the 189-unit Bon Aire Park Owners, Inc. on Milford Lane in in Suffern, NY; a $3.2 million first mortgage and a $500,000 line of credit for Bay Terrace Cooperative Section VIII, Inc., a 120-unit co-op at 209-20 18th Avenue and 209-80 18th Avenue in Bayside, NY; a $1.5 million third mortgage for a 139-unit co-op at 345 East 73rd Street in Manhattan; a $1.4 million first mortgage and a $250,000 line of credit for 3215 Owners, Ltd., a 48-unit co-op at 3215 Netherland Avenue in Riverdale, NY; a $1.3 million first mortgage and a $500,000 line of credit for a 35-unit co-op at 741 West End Avenue in Manhattan; a $900,000 line of credit for a 99-unit co-op at 601 Kappock Street in Riverdale, NY; an $850,000 first mortgage for a ten-unit co-op at 491 Broadway in Manhattan; a $600,000 third mortgage for a 48-unit co-op at 325 East 80th Street in Manhattan; a $500,000 line of credit for Midwood Bay House, Inc., a 122-unit co-op at 1840 East 13th Street in Brooklyn, NY; a $500,000 line of credit for Elmhurst Towers Apartments, Inc., a 161-unit co-op at 81-11 45th Avenue in Elmhurst, NY; and a $420,000 first mortgage for a ten-unit co-op at 108 Pierrepont Street in Brooklyn, 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.