New York, NY (December 11, 2013) – National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, originated $39 million in new financing activity during November for 20 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.
“We are pleased to report that financing activity continued to climb in November, with the New York office arranging $39 million in new loans for 20 cooperatives in the region,” said Mr. Howe. “We are proud to further our mission, and provide these cooperatives with the critical funding to undertake capital improvement projects or refinance existing debt. These Boards work hard to maintain and protect the financial and physical health of their communities, and we are pleased to be a vital resource for them.”
NCB Senior Vice President Sheldon Gartenstein originated $9 million in new loans during the month, including a $3.3 million first mortgage and a $500,000 line of credit for Sulgrave Owners Corp., a 76-unit co-op located at 121-131 North Broadway in White Plains, NY; a $1.9 million first mortgage and a $300,000 line of credit for Barker Avenue Apartment Corp., a 68-unit co-op located at 33 Barker Avenue in White Plains, NY; a $1 million first mortgage and a $500,000 line of credit for 2669 Owners Ltd., a 27-unit co-op located at 240 West 102nd Street in Manhattan; a $1 million first mortgage and $200,000 line of credit for a 29-unit co-op located at 477 Central Park West in Manhattan; and a $300,000 line of credit for Whitehall Terrace Owners, Inc., a 46-unit co-op located at 76-26 113th Street in Forest Hills, NY.
NCB Senior Vice President Mindy Goldstein arranged more than $21 in new loans during November, including the largest loan of the month, a $4.3 million first mortgage and a $500,000 line of credit for a 157-unit co-op located at 2665 Homecrest Avenue in Brooklyn, NY. She also originated a $3.4 million first mortgage and a $500,000 line of credit for Hudson Street Owners Corp., a 36-unit co-op located at 90 Hudson Street in Manhattan; a $2.4 million first mortgage for North & South Lewis Place Owners Corp., a 73-unit co-op located at 1-8 North Lewis Place, 2-7 South Lewis Place, 2-6 S. Forest Avenue, 1-6 Merrick Road and 407-422 Merrick Road in Rockville Centre, NY; a $2 million line of credit for an 88-unit co-op located at 176 West 87th Street in Manhattan; a $1.8 million first mortgage and a $250,000 line of credit for 530 Riverdale Owners Corp., a 60-unit co-op located at 530 Riverdale Avenue in Yonkers, NY; a $1.5 million first mortgage and a $250,000 line of credit for a 20-unit co-op located at 204 West 78th Street in Manhattan; an $850,000 first mortgage for a 20-unit co-op at 75 Maine Avenue in Rockville Centre, NY; an $842,500 first mortgage for Sunset Court Association, Inc., a 44-unit co-op located at 40-02, 40-06, and 40-12 7th Avenue in Brooklyn, NY; a $700,000 first mortgage and a $200,000 line of credit for a ten-unit co-op located at 96-100 Prince Street in Manhattan; a $675,000 first mortgage and a $500,000 line of credit for a 24-unit co-op located at 336 East 50th Street in Manhattan; a $375,000 first mortgage for an eight-unit co-op located at 240 Prospect Place in Brooklyn; and a $370,000 first mortgage for 55 East Owners Corp., a 35-unit co-op located at 55 East 65th Street in Manhattan.
In November, Mr. Howe arranged more than $8 million in new financing activity, including a $3.5 million first mortgage and a $500,000 line of credit for a 28-unit co-op located at 200 Mercer Street in Manhattan; a $2 million first mortgage and a $500,000 line of credit for Imperial Sanford Owners Corp., a 118-unit co-op located at 144-30 Sanford Avenue in Flushing, NY; and a $1.6 million first mortgage and a $300,000 line of credit for a 48-unit co-op located at 325 East 80th 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 organizations.