ARLINGTON, Va. (8/2/13)--National Cooperative Bank (NCB), a financial services company providing banking products to cooperatives nationwide, has partnered with two credit unions and a local bank to secure $42.3 million in financing for two commercial real estate transactions in Alaska.
"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, NCB president/CEO.
The bank completed the purchase of a $7.25 million loan participation in a $12.25 million loan facility with $5.16 billion asset Alaska USA FCU in Anchorage for the refinancing of the KeyBank Center Midtown, also in Anchorage. The building originally was purchased in 2012 by the Bligh Island Corp., a fully-owned subsidiary of The Tatitlek Corp., an Alaska Native village corporation with 329 shareholders at Prince William Sound.
NCB also arranged a $35 million commercial real estate loan for 188 West Northern Lights, an office building in Midtown Anchorage. The loan will be used to refinance existing debt, fund tenant improvements and fulfill leasing commissions. In the transaction, NCB partnered with a California-based credit union and an Alaskan bank for the financing package.
NCB "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," Brookner said. "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."