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National Cooperative Bank New York Originates $40 Million in Financing Activity During Last Month of 2013

New York, NY (January 27, 2014) — National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, arranged $40 million in new financing activity during December for 13 New York area properties.  Edward Howe III, Managing Director of the NCB New York office, made the announcement. 

“We’re proud to report that 2013 was a record-breaking year for the Bank, concluding with $40 million in new financing closed in December,” said Mr. Howe. “We’re honored to be a vital resource for New York-area properties as they seek to arrange funds for a variety of financial needs, and greatly anticipate the coming year.” 

Financing highlights in December included:  

  • In December, Mr. Howe arranged more than $30 million in new financing activity, including the largest loan of the month, a $15.5 million first mortgage and a $1 million line of credit for 51st/52nd Street Tenants Corp., a 425-unit co-op located at 39-25/65 51st Street and 39-20/60 52nd Street in Woodside, NY; 
  • NCB Senior Vice President Sheldon Gartenstein originated a $2.7 million first mortgage for Hudson Gate II Apartments Corp., a 55-unit co-op located at 6209-6915 Boulevard East in West New York, NJ during December;  
  • NCB Senior Vice President Mindy Goldstein arranged nearly $7 million in new loans during the month, including a $1.9 million first mortgage and a $500,000 line of credit for Fardale Owners, Inc., a 95-unit co-op located at 6, 10, 14, 18, 22 and 26 Ivy Street in Farmingdale, NY.

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.