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National Cooperative Bank Arranges $39 Million in New Loans During November for New York Area Cooperatives

New York, NY (December 30, 2013) — National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, arranged $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.

“During the final months of the year, more cooperatives are working to arrange financing as interest rates start to rise slightly,” said Mr. Howe. “With rates still at historical low level, we look forward to working with cooperative shareholders with the tailored loan packages to address all of their properties’ financial needs.”

Financing highlights in November included:

  • 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;
  • 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;
  • 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;

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.