Arlington, Va.—National Cooperative Bank (NCB), a leading financial services company dedicated to providing banking products to cooperatives nationwide, recently partnered with two credit unions and a local bank to secure $42.3 million in financing for two separate commercial real estate transactions in Alaska.
NCB arranged a $35 million commercial real estate loan for 188 West Northern Lights, a Class A office building in Midtown Anchorage, Alaska. The loan will be used to refinance existing debt, fund tenant improvements and fulfill leasing commissions. In this transaction, NCB partnered with a California-based credit union and Alaska’s Northrim Bank for the financing package.
The Bank also completed the purchase of a $7.25 million loan participation in a $12.25 million loan facility with Alaska USA Federal Credit Union, for the refinancing of the KeyBank Center Midtown in Anchorage. The building was originally purchased in 2012 by the Bligh Island Corporation, a fully-owned subsidiary of The Tatitlek Corporation, an Alaska Native village corporation of Prince William Sound with 329 shareholders.
“These transactions are the perfect example of how member-owned organizations—like NCB and credit unions—are successfully partnering to provide creative financing solutions to entities across the country,” said Steven Brookner, of NCB.
He continued, “The Bank has a long-standing relationship with native communities, like the Tatitlek shareholders, and we’re proud to be a consistent source of financing for these communities who share a similar cooperative structure to NCB and credit unions. It’s NCB’s mission to promote the growth and strength of member-owned organizations, and providing needed funding to our Alaskan Native customers is another opportunity to support this effort.”
About National Cooperative Bank:
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.