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National Cooperative Bank Provides $10.5 Million in Financing to Lake Point Tower Condominium

 (Arlington, VA – July 8, 2014) – National Cooperative Bank (NCB), a leading financial services company dedicated to serving cooperatives and housing communities nationwide, provided $10.5 million in financing for the historic Lake Point Tower Condominium, located in downtown Chicago, IL. Jared Tunnell, a Vice President with the division at NCB that focuses on loans and cash management solutions for housing communities, arranged the loan for the condominium community. 

The $10.5 million loan will fund a large hallway repair/replacement project including carpeting, paint and art work at the 68-story residential condominium, which was completed in 1968. 

“We are thrilled we were able to work closely with the community, board of directors and its property management team to secure a loan that will help Lake Point maintain its status as one of Chicago’s premier residences,” said Mr. Tunnell. “NCB is a prominent lender to community associations nationwide—providing capital for improvements in lieu of hefty special assessments or depleting reserve funds—and is active in the community association industry to help communities access the capital it needs to maintain their building for current and future residents.”        

Gracing the Chicago skyline for over 45 years, Lake Point consists of a 2.76-acre parcel of land and a tower constructed above a two-story rectangular base containing residential units and common areas, commercial spaces, parking garage and a laundry facility.  

“We had a great experience working with NCB on this $10.5 million loan, which allowed Lake Point Tower to fund the hallway renovation,” said Jhoanna Cochico, general manager of the Lake Point Tower Condominium Association, which is professionally managed by FirstService Residential. “Lake Point is home to over 1,200 residents, all of whom will now enjoy these upgrades and reap the benefits of increased property values.”

The property currently has 758 units and numerous amenities for the owners, including an outdoor private park, a state-of-the-art fitness center, an indoor pool, sauna and steam rooms, playground, racquetball court, bicycle storage, 24-hour concierge and security, two waterfalls with seating areas in the lobby and an activity/meeting room with free Wi-Fi.

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.