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NCB Arranges Nearly $20 Million in Financing for New York Area Housing in November

New York, New York (December 10, 2008) — NCB, the leading provider of financing to New York housing cooperatives, originated over $19 million in financing in November for 16 New York area properties.  The financings included $8.6 million in mortgages and $10.4 million in lines of credit.  Edward Howe III, Managing Director of the NCB New York office, made the announcement.

“Financing activity in November remained solid, with properties still borrowing to fund a wide range of capital improvement projects or refinance existing debt,” stated Mr. Howe.  “Activity to date indicates we will close out the year on a strong note, as we look ahead to 2009 and the opportunity to continue to create and deliver attractive loan packages to our customers.”

NCB’s Senior Vice President Mindy Goldstein arranged a total of $8.1 million in loans during November, including a $2.8 million first mortgage for Chateau Woodmere Corp., a 94-unit co-op located at 141 Woodmere Boulevard and 141 Wycoff Place in Woodmere, NY; a $1.5 million assignment of assessment/line of credit for The Chelsea 19 Condominium, a 44-unit condominium located at 251 West 19th Street in Manhattan; a $1.5 million line of credit for 168-176 East 88th Street Corporation, a 37-unit co-op located at 170 East 88th Street in Manhattan; a $1 million line of credit for a 42-unit co-op located at 133 Beach 120th Street in Rockaway Park, NY; a $500,000 first mortgage and a $100,000 line of credit for a 9-unit co-op located at 27 West 82nd Street in Manhattan; a $250,000 line of credit for a 12-unit co-op located at 36 East 69th Street in Manhattan; a $220,000 first mortgage for a 6-unit co-op located at 252 West 102nd Street in Manhattan; a $169,000 first mortgage for a 3-unit co-op located at 174 Hicks Street in Brooklyn, NY; and a $100,000 line of credit for a 78-unit co-op located at 37-51 86th Street in Jackson Heights, NY.

NCB’s Senior Vice President Sheldon Gartenstein arranged a total of $8.6 million in loans during November, including the largest deal of the month, a $5 million line of credit for Square Arch Realty Corp., a 338-unit co-op located at 2 Fifth Avenue in Manhattan.  In addition, Mr. Gartenstein originated a $2.2 million first mortgage and a $400,000 line of credit for a 68-unit co-op located at 68 East Hartsdale Avenue in Hartsdale, NY; a $600,000 second term mortgage for Dylan House, Ltd., a 22-unit co-op located at 241 West 36th Street in Manhattan; and a $375,000 line of credit for River Terrace Apartments, Inc., a 179-unit co-op located at 2621 Palisade Avenue in Riverdale, NY.

Mr. Howe arranged a total of $2.4 million in loans during November, including a $1.4 million first mortgage for Braddock Avenue Owners, Inc., a 48-unit co-op located at 222-89 Braddock Avenue in Bellerose, NY; and an $800,000 first mortgage and a $200,000 line of credit for The Birch Street Corporation, a 25-unit co-op located at 40 East Birch Street in Mt. Vernon, NY.

 

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.

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. In addition, NCB has a growing community banking network in southwestern Ohio. To learn more about NCB, visit www.ncb.coop.