NCB arranges $51 million for 17 N.Y. area properties

National Cooperative Bank (NCB) arranged $51 million in new financing activity for 17 New York area properties, according to Edward Howe III, managing director of the bank's New York office. Financing highlights include: * Howe arranged nearly $24 million in new loans, including an $8.8 million first mortgage and a $500,000 line of credit for 83rd Street Tenants, Inc., an 81-unit co-op located at 8 East 83rd St. in Manhattan. * NCB senior VP Mindy Goldstein arranged $25 million in new loans, including the largest loan of the month, an $11.6 million first mortgage and a $500,000 line of credit for Fairfield Commons Owners Corp., a 216-unit co-op located at 2-346 Edmunton Dr. in North Babylon. * NCB senior VP Sheldon Gartenstein originated $2 million in new loans, including a $1.8 million first mortgage and a $300,000 line of credit for Whitehall Commons, Ltd., a 63-unit co-op located at 45 Pondfield Rd. West in Bronxville. "We continued to experience strong lending activity during February with more cooperatives securing funds for a variety of needs," said Howe. "With the opportunity to borrow money at such advantageous interest rates, cooperatives are proactively refinancing or undertaking capital improvements to maintain the vitality of the property for years to come." 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.