New York, NY (February 27, 2012) — NCB, FSB (NCB), a federally insured savings bank and a leading lender to cooperative housing throughout the Tri-State area, arranged $46 million in new financing activity during January for 17 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.
“We are pleased to start the year on a strong note, with 17 local cooperatives turning to NCB to arrange financing,” said Mr. Howe. “We anticipate the level of activity will continue in this vein, as more cooperatives work to take steps to refinance existing debt and undertake new capital improvement projects.”
Financing highlights in January included:
• NCB Senior Vice President Mindy Goldstein arranged new loans totaling $5 million this month, including a $2.3 million first mortgage and a $500,000 line of credit for Wakefield Owners Corp., a 77-unit co-op located at 110-07 73rd Road in Forest Hills, NY;
• NCB, FSB Senior Vice President Sheldon Gartenstein arranged more than $5 million in new financings in January, including a $2.4 million first mortgage and a $500,000 line of credit for a 38-unit co-op located at 160 West 87th Street in Manhattan;
• In January, Mr. Howe arranged over $35 million in new loans, including the largest loan of the month, a $7.9 million first mortgage and a $1 million line of credit for Park Lane North Owners, Inc., a 205-unit co-op located at 118-17 Union Turnpike in Forest Hills, 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.
The NCB Financial Group also works in a strategic alliance with NCB Capital Impact, a non-profit Community Development Financial Institution created under the same act of Congress as NCCB with particular focus on impacting low and moderate income communities.
NCB is a proud supporter of the 2012 International Year of Cooperatives – a United Nations declaration and global campaign to educate the public about the benefits of cooperatives. “Cooperative enterprises build a better world” is the official slogan of The International Year of Cooperatives, and NCB is doing its part to build awareness of cooperatives in all fields of business.