NEW YORK, NY - National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, arranged more than $43 million in new financing activity during October for 13 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.
“In October, our New York office arranged more than $43 million for local cooperatives, a strong start to the fourth quarter,” said Mr. Howe. “The Bank is proud to be a consistent and readily available financing option for cooperatives throughout the region.”
NCB Senior Vice President Mindy Goldstein arranged more than $6 million in new loans during the month, including a $2.7 million first mortgage and a $500,000 line of credit for 81st Dwellers, Inc., a 60-unit co-op located at 35 West 81st Street in Manhattan; a $2 million first mortgage and a $500,000 line of credit for Kew Manor Owners Corporation, an 83-unit co-op located at 131-11 Kew Gardens Road in Richmond Hill, NY; and a $450,000 line of credit for Garden Town Apartment Owners, Inc., a 109-unit co-op located at 1193-1215 Broadway in Hewlett, NY.
NCB, FSB Senior Vice President Sheldon Gartenstein originated nearly $11 million in new loans during October, including a $5 million first mortgage and a $1 million line of credit for a 188-unit co-op located at 210 East 15th Street in Manhattan; a $3.2 million first mortgage and a $250,000 line of credit for 221 East 78th Tenants Corporation, a 53-unit co-op located at 221 East 78th Street in Manhattan; an $890,000 first mortgage and a $100,000 line of credit for Norfork Arms Tenants Corp., an 18-unit co-op located at 170 Norfork Street in Manhattan; and a $250,000 line of credit for 49 East Owners Corp., a 44-unit co-op located at 49 East 12th Street in Manhattan.
In October, Mr. Howe arranged more than $26 million in new loans, including the largest loan of the month, a $7.6 million first mortgage and a $2 million line of credit for 20166 Tenants Corp., a 256-unit co-op located at 201 East 66th Street in Manhattan; a $5.5 million first mortgage and a $500,000 line of credit for Shore Ridge Apartment Corp., a 108-unit co-op located at 9437 Shore Road in Brooklyn, NY; a $4 million first mortgage and a $1 million line of credit for 69 West 9 Owners Corp., a 120-unit co-op located at 69 West 9th Street in Manhattan; a $1.9 million first mortgage and a $500,000 line of credit for Western Houston Equities, Inc., a 61-unit co-op located at 185 Houston Street in Manhattan; a $1.5 million first mortgage and a $1 million line of credit for The Knolls Cooperative Section #2, Inc., a 251-unit co-op located at 55 Knolls Crescent in Riverdale, NY; and a $750,000 line of credit for 60-104 Owners Corp., an 89-unit co-op located at 60-104 Pinewood Road in Hartsdale, 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.
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.
The NCB Financial Group also works in a strategic alliance with NCB Capital Impact, a non-profit Community Development Financial Institution created under the same act of Congress as NCCB with particular focus on impacting low and moderate income communities.
NCB is a proud supporter of the 2012 International Year of Cooperatives – a United Nations declaration and global campaign to educate the public about the benefits of cooperatives. “Cooperative enterprises build a better world” is the official slogan of The International Year of Cooperatives, and NCB is doing its part to build awareness of cooperatives in all fields of business.