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National Cooperative Bank Originates $70 Million in New York Loans During June

New York, NY – July 17, 2012 – NCB, a federally insured savings bank and a leading lender to cooperative housing throughout the Tri-State area, arranged $70 million in new financing activity during June for 27 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.  

“It’s not unusual to see a slight decrease in lending activity during the summer months. However, activity in June was quite the opposite, with more cooperatives securing funds for a variety of financial needs,” said Mr. Howe. “We are proud to be an available source of funding for these regional cooperatives.” 

NCB Senior Vice President Sheldon Gartenstein originated over $5 million in new loans during June, including a $4 million first mortgage and a $700,000 line of credit for a 74-unit co-op located at 760 West End Avenue in Manhattan; and a $500,000 line of credit for 211 Thompson Owners Corp., a 97-unit co-op located at 211 Thompson Street in Manhattan.  

In June, Mr. Howe arranged more than $35 million in new loans, including a $9 million first mortgage and a $1 million line of credit for 3135 Johnson Tenant Owners Corp., a 120-unit co-op located at 3135 Johnson Avenue in Riverdale, NY; a $6.3 million first mortgage for Bon Aire Properties, Inc., a 152-unit co-op located at 8-22 Bon Aire Circle in Suffern, NY; a $3.3 million first mortgage for Holiday House Owners Corp., an 89-unit co-op located at 143-30 Roosevelt Avenue in Flushing, NY; a $3.3 million first mortgage for a 79-unit co-op located at 175 Main Avenue in Wheatley Heights, NY; a $2.2 million first mortgage and a $200,000 line of credit for 346-352 West 56th Street Residents, Inc., a 79-unit co-op located at 346-352 West 56th Street in  Manhattan; a $2.1 million first mortgage and a $50,000 line of credit for 1080 Warburton Corp., a 42-unit co-op located at 1080 Warburton Avenue in Yonkers, NY; a $1.9 million first mortgage for The Colonial House Tenant Corp., a 59-unit co-op located at 167 Centre Avenue in New Rochelle, NY; a $1.5 million first mortgage and a  $250,000 line of credit for a 59-unit co-op located at 40-18 Hampton Street in Elmhurst, NY; a $1.4 million first mortgage for a 40-unit co-op located at 244-246 East 90th Street in Manhattan; a $1 million line of credit for The Homestead Owners Corp., a 159-unit co-op located at 80 Hartsdale Avenue in Hartsdale, NY; a $1 million line of credit for Colchester Owners, Corp., an 87-unit co-op located at 143 Garth Road in Scarsdale, NY; a $650,000 first mortgage for a 20-unit co-op located at 312 East 89th Street in Manhattan; and a $450,000 line of credit for a 72-unit co-op located at 2951 Ocean Avenue in Brooklyn, NY.  

NCB Senior Vice President Mindy Goldstein arranged more than $29 million in new loans during the month, including the largest loan of the month, an $11.5 million first mortgage and a $500,000 line of credit for 210-220-230 Owners Corporation, a 288-unit co-op located at 210-220-230 Pelham Road in New Rochelle, NY; a $3.5 million line of credit for 100 Hudson Tenants Corp., a 44-unit co-op located at 100 Hudson Street in Manhattan; a $3.2 million first mortgage for 220 East 73 Owners Corp., a 92-unit co-op located at 220 East 73rd Street in Manhattan; a $2.6 million first mortgage and a $600,000 line of credit for 57 East 72nd Corporation, a 20-unit co-op located at 57 East 72nd Street in Manhattan; a $2.5 million first mortgage and a $100,000 line of credit for One Franklin Owners Corp., a 50-unit co-op located at 1 Franklin Avenue in White Plains, NY; a $1 million line of credit for a 74-unit co-op located at 170 Second Avenue in Manhattan; an $800,000 first mortgage and a $200,000 line of credit for 145 Upper Corp., a five-unit co-op located at 145 West Broadway in Manhattan; a $640,000 first mortgage and a $200,000 line of credit for 439 East 88 Owners Corp.,  a 32- unit co-op  located at 439 East 88th Street in Manhattan; a $600,000 first mortgage and a $200,000 line of credit for 4 Arts Cooperative Corp., a seven-unit co-op located at 438 Broome Street in Manhattan; a $500,000 first mortgage for 36 W. 69th Apartment Inc., an eight-unit co-op located at 36 West 69th Street in Manhattan; a $344,600 first mortgage for a 15-unit co-op located at 509 East 83rd Street in Manhattan; and a $300,000 line of credit for 407-413 Owners Corp.,  a 34-unit co-op located at 407-413 East 91st Street 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.