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NCB’s New York Team Arranges $22 Million in New Loan Originations During the Month of June

New York, NY (July 15, 2009) — A leading provider of financing to New York housing cooperatives, NCB arranged $22 million in new loan originations during the month of June. The financings included $14.2 million in mortgages and $7.8 million in lines of credit for 13 local properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.

“NCB’s June activity is consistent with recent months, with many properties looking to secure financing while rates are still low,” said Mr. Howe. “For others, it was simply the right time to refinance or tackle costly improvement projects. We anticipate both of these trends to be driving factors for arranging financing in the coming months.”

Mr. Howe arranged a total of $5.4 million in financing during June including the largest loan of the month, a $4.2 million first mortgage and a $500,000 line of credit for a 124-unit co-op located at 207 East 74th Street in Manhattan. In addition, he also arranged a $750,000 line of credit for Coral Gardens Owners Corp., an 83-unit co-op located at 144-07/11 Sanford Avenue in Flushing, NY.

NCB Senior Vice President Mindy Goldstein arranged $8.6 million in financing during the month including a $3 million line of credit for The Estates at Bayside Owners, Inc., a 479-unit co-op located at 67-83 223rd Place in Bayside, NY; a $2.1 million first mortgage and a $200,000 line of credit for Bel-Air Equities, Inc., a 78-unit co-op located at 147-10 and 147-14 84th Road in Briarwood, NY; a $1.8 million first mortgage and a $500,000 line of credit for a 109-unit co-op located at 330 East 80th Street in Manhattan; a $500,000 first mortgage and a $100,000 line of credit for Paridon House Incorporated, an eight-unit co-op located at 57 East 75th Street in Manhattan; and a $350,000 first mortgage and a $100,000 line of credit for a 12-unit co-op located at 71 West 83rd Street in Manhattan.

NCB Senior Vice President Sheldon Gartenstein arranged a total of $8 million in financing during June including a $1.6 million first mortgage and a $600,000 line of credit for the 27th Street Apartments Corp., a 52-unit co-op located at 250 West 27th Street in Manhattan; a $1.4 million first mortgage and a $500,000 line of credit for 215 Equities Corp., a 147-unit co-op located at 215 West 92nd Street in Manhattan; a $1.4 million first mortgage and a $200,000 line of credit for a 41-unit co-op located at 166 East 92nd Street in Manhattan; a $1.1 million line of credit for Premier House, Inc., a 182-unit co-op located at 1401 Ocean Avenue in Brooklyn, NY; a $650,000 first mortgage and a $150,000 line of credit for Mont Cenis Apartments, Inc., a 24-unit co-op located at 54 Morningside Drive in Manhattan; and a $300,000 first mortgage and a $100,000 line of credit for an eight-unit co-op located at 345 East 19th Street in Manhattan.

 

NCB Financial Group (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, NCB also has offices in Alaska, California, New York and Virginia. To learn more about NCB Financial Group, visit www.ncb.coop.

NCB Financial Group (NCB) consists of National Consumer Cooperative Bank, a wholesale funding company; NCB, FSB, a federally-charted savings bank; and, NCB Capital Impact, a 501(c)3 nonprofit.  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 a member FDIC.   Each is a separate corporation within the NCB Financial Group.