NEW YORK, NY - National Cooperative Bank (NCB), a leading lender to cooperative housing throughout the Tri-State area, originated nearly $127 million in new financing activity during June for 31 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.
“We are pleased to report that the New York office originated nearly $127 million in new loan activity during June for 31 local properties, making it the largest month both for loan volume and the number of cooperatives that worked with the Bank,” said Mr. Howe. “This high activity is in large part due to the still-low interest rates available to cooperatives looking to take advantage of the long summer months to re-finance for a variety of needs.”
Financing Highlights from June:
NCB Senior Vice President Sheldon Gartenstein originated more than $16 million in new financing during June, including a: $5 million third mortgage for Fifty-Five Corporation, a 108-unit co-op located at 55 Central Park West in Manhattan; $4.5 million first mortgage and a $1 million line of credit for Collect Pond House, Inc., a 35-unit co-op located at 366 Broadway in Manhattan; $2.5 million first mortgage and a $300,000 line of credit for a 59-unit co-op located at 3030 Johnson Avenue in Riverdale, NY;
In June, Mr. Howe arranged $79 million in new loans, including a $20 million first mortgage for Acropolis Gardens Realty Corp., a 617-unit co-op located at 2105-2177 33rd Street, 2106-2178 35th Street in Astoria, NY; $12 million first mortgage and a $2 million line of credit for 33 Greenwich Owners Corp., a 149-unit co-op located at 33 Greenwich Avenue in Manhattan; $5.5 million first mortgage and a $1 million line of credit for 101 Old Mamaroneck Owners Corp., a 198-unit co-op located at 101 Old Mamaroneck Road in White Plains, NY;
NCB Senior Vice President Mindy Goldstein arranged more than $31 million in new loans during June, including a: $7.5 million first mortgage and a $500,000 line of credit for Cathedral Properties Corp., a 215-unit co-op located at 22-24 Mulford Place and 30-36 Cathedral Avenue in Hempstead, NY; $4.1 million first mortgage for Broadpark Lodge Corp., a 94-unit co-op located at 94 Westchester Avenue, 292 Main Street in White Plains, NY; $3.6 million first mortgage and a $500,000 line of credit for an 81-unit co-op located at 400 East 17th Street in Brooklyn, 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.