New York, NY (November 9, 2009) — NCB, FSB, a leading provider of financing to New York housing cooperatives and the federally-insured depository subsidiary of NCB Financial Group, arranged over $14 million in new lending during October for 11 new properties. During the month, these properties secured financing including $11.5 million in mortgages and $3 million in lines of credit. Edward Howe III, Managing Director of the NCB,FSB New York office, made the announcement.
“At the start of the third quarter, nearly a dozen more properties in the Tri-State area secured funds to refinance debt or undertake capital improvement projects, as Boards begin to prepare for 2010,” said Mr. Howe. “We, at NCB, FSB are proud to be a dependable source of financing for these communities.”
NCB Senior Vice President Sheldon Gartenstein arranged over $6 million in financing during October including a $2 million first mortgage and a $400,000 line of credit for a 99-unit co-op located at 601 Kappock Street in Riverdale, NY; a $1.6 million first mortgage and a $500,000 line of credit for a 54-unit co-op located at 505 East 82nd Street in Manhattan; a $650,000 first mortgage and a $400,000 line of credit for 91st Street Tenants Corp., a 37-unit co-op located at 108 East 91st Street in Manhattan; a $500,000 line of credit for Berkeley Apartments Corp., a 130-unit co-op located at 99-45 67th Road in Forest Hills, NY; and a $170,000 first mortgage for a five-unit co-op located at 55 7th Avenue in Brooklyn, NY.
Mr. Howe arranged the largest loan in October, with a $3 million first mortgage for a 72-unit co-op located at 2156 Cruger Avenue in the Bronx. He also arranged a $2.3 first mortgage and a $500,000 line of credit for The Grinnell Housing Development Fund Corporation, an 84-unit co-op located at 800 Riverside Drive in Manhattan; a $900,000 first mortgage and a $250,000 line of credit for 3600 Fieldston Road in Riverdale, NY; and a $250,000 line of credit for 38-unit co-op located at 51 East 90th Street in Manhattan.
NCB Senior Vice President Mindy Goldstein arranged the following financing during October. A $600,000 first mortgage and a $50,000 line of credit for Greenpoint Apt. Corp., an 18-unit co-op located at 48-11 to 48-23 39th Place and 39-51 to 39-55 Greenpoint Avenue in Sunnyside, NY; and a $400,000 first mortgage and a $100,000 line of credit for 504 East 6th Street in Manhattan.
As a full-service financial institution, NCB, FSB provides term loans, lines of credit, commercial and residential mortgages, lease financing, private placements and personal and business banking products. In addition, the Bank offers an array of other business banking products via its secure, online cash management platform, including Real Time Deposit, its remote deposit capture product allowing businesses to efficiently deposit checks via remote scanning services operated at the business’ location. The Bank is also a member of CDARS network, providing customers with a single source for FDIC insurance on CDs up to $50 million.
NCB,FSB is the federally insured depository subsidiary of NCB Financial Group which includes National Consumer Cooperative Bank and the non-profit affiliate NCB Capital Impact. Loans and other financial services are provided by NCB,FSB and NCB Capital Impact. Deposit products and services are provided by NCB, FSB, which is FDIC insured. Each is a separate corporation within the NCB Financial Group.
NCB Financial Group 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 also has offices in Alaska, California, New York and Virginia. In addition, NCB,FSB has a growing community banking network in southwestern Ohio. To learn more about NCB Financial Group, visit www.ncb.coop.
# # #