New York, NY (August 26, 2013) — National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, arranged $33 million in new financing activity during July for 16 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.
“We are pleased to report another 16 local housing cooperatives secured new financing during July,” said Mr. Howe, “The Boards and the communities they represent are proactively taking steps to lower existing debt, manage monthly maintenance and protect the overall financial health of their properties for years to come.”
Financing highlights in July included:
- NCB Senior Vice President Sheldon Gartenstein originated nearly $24 million in new financing during July, including the largest loan of the month, a $7.4 million line of credit and a $1 million third mortgage for Regency East Apartment Corp., a 143-unit co-op located at 301 East 64th Street in Manhattan;
- In July, Mr. Howe arranged a $3 million first mortgage for Woodbrook Gardens Corp., a 105-unit co-op located at 140 North Broadway in Irvington, NY;
- NCB Senior Vice President Mindy Goldstein arranged more than $5 million in new loans during July, including a $1.5 million first mortgage for NOH Realty Corp., an eight-unit co-op located at 541 Broadway/112 Mercer 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.
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.