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NCB, FSB New York Originates $84 Million in New Loans During May

New York, NY (June 25, 2012)  — NCB, FSB (NCB), a federally insured savings bank and a leading lender to cooperative housing throughout the Tri-State area, arranged $84 million in new financing activity during May for 23 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.
“We are pleased to report another 23 local cooperatives have arranged financing through the Bank to address their various funding needs,” said Mr.  Howe. “Activity in May was strong, and we anticipate this level of loan originations to continue in the second half of the year.”
Financing highlights in May included:

  • In May, Mr. Howe arranged over $31 million in new loans, including an $11 million first mortgage and a $2.5 million line of credit for 5 West 14th Owners Corp., a 429-unit co-op located at 5 West 14th Street in Manhattan;
  • NCB Senior Vice President Mindy Goldstein arranged over $21 million in new loans during the month, including an $8 million first mortgage and a $1 million line of credit for 110-118 Riverside Tenants Corp., a 168-unit co-op located at 110-118 Riverside Drive in Manhattan;
  • NCB, FSB Senior Vice President Sheldon Gartenstein originated over $31 million in new loans during May, including the largest loan of the month, a $17 million first mortgage and a $2 million line of credit for Cannon Point North, Inc., a 310-unit co-op  located at 25 Sutton Place South in Manhattan;
    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.

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.