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Debt & Equity

New York co-ops boost NCB lending to $951M during past year

National Cooperative Bank (NCB), a financial institution committed to serving co-operatives nationwide, reported $951 million in real estate lending during 2014.

The bank arranged more than $593 million in financing for housing communities, $186 million in new loans for 744 individual unit owners and $172 million for other commercial real estate projects across the country.

“2014 was another great year for NCB, as it experienced successful financing throughout the commercial and residential real estate industry nationwide, particularly in the New York co-operative housing market,” said Charles E. Snyder, president and CEO of NCB.

CHARLES SNYDER
CHARLES SNYDER

“We also we experienced loan growth in other commercial real estate properties nationwide with the hiring of two new commercial real estate business development officers. We enter 2015 with a great pipeline and look forward to another strong year.”

Of the $593 million originated for housing associations in 2014, $523 was arranged for properties in the New York metropolitan area, which boasts the largest number of co-operative housing communities in the country.

This region is a key market for the bank, which captures the majority of the market share as the leading lender.
CB’s residential lending had another strong year originating $186 million: the West Coast lending team arranged 342 loans totaling $85 million; the New York office secured $68.3 million in financing for 150-unit owners; and $32.7 million was originated for 250 unit owners in co-ops in other parts of the country.

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