NCB, FSB, a federally insured savings bank and a leading lender to cooperative housing throughout the Tri-State area, completed approximately $20.2 million in new loan originations during the month of March. Edward Howe III, Managing Director of the NCB, FSB New York office, made the announcement.
"March proved to be another successful month for NCB with several new cooperatives seeking our financial services, some of which are highlighted below," said Mr. Howe. "We're pleased to be able to create tailored loan packages to meet the varying needs of cooperatives in the Tri-State area and anticipate a strong level of lending volume to continue throughout the year."
Financing for the following four properties accounted for $8 million of the loans NCB arranged this month, including $7.45 million in mortgages and $750,000 in lines of credit.
Mr. Howe arranged $6.9 million in financing during the month including a $4.3 million first mortgage for a 139-unit co-op located at 811 Walton Street in Bronx, NY; a $1.85 million first mortgage and a $500,000 line of credit for a 14-unit co-op located on 141 East 72nd Street in Manhattan; and a $250,000 line of credit for Charlton Tenants Corp, a 40-unit co-op located at 210 Sixth Avenue in Manhattan.
NCB, FSB Senior Vice President Mindy Goldstein arranged a $1.3 million first mortgage for a 26-unit co-op located at 161 East 90th Street in Manhattan.
As a full-service financial institution, NCB, FSB provides term loans, lines of credit, commercial and residential mortgages and personal and business banking products to cooperatives nationwide. NCB, FSB 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.
NCB Financial Group (NCB) consists of National Consumer Cooperative Bank, a federally chartered cooperative corporation; its wholly-owned subsidiary NCB, FSB, a federally chartered savings bank; and, NCB Capital Impact, a 501(c)3 nonprofit affiliate. Loans and other financial services are provided by NCB, FSB and NCB Capital Impact. Deposit products and services are provided by NCB, FSB, which is a member FDIC. Each is a separate corporation within the NCB Financial Group.