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NCB Arranges Over $34 Million in Financing for New York Area Housing in October


New York, New York (November 13, 2007)
— NCB, the leading provider of financing to New York housing cooperatives, originated over $34 million in financing in October for 13 New York area properties. The financings included $31.4 million in mortgages and $2.9 million in lines of credit.  Edward Howe III, Managing Director of the NCB New York office, made the announcement.

“Financing activity in October remained solid, with properties still borrowing to fund a wide range of capital improvement projects or refinance existing debt,” stated Mr. Howe.  “We’re pleased to be able to create tailored loan packages to meet the varying needs of cooperatives in the Tri-State area.”

NCB’s Senior Vice President Sheldon Gartenstein arranged a total of $8.3 million in loans during October, including a $2 million second mortgage and a $1 million line of credit for Forest Hills South Owners, a 580-unit co-op located at 112-50 78th Avenue in Forest Hills, NY; a $1.6 million first mortgage and a $350,000 line of credit for a 46-unit co-op located at 55 Eastern Parkway in Brooklyn, NY; a $900,000 first mortgage and a $300,000 line of credit for a 27-unit co-op located at 125 West 76th Street in Manhattan; a $750,000 line of credit for an 11-unit co-op located at 12 West 17th Street in Manhattan; a $700,000 first mortgage and a $250,000 line of credit for Barclay Townhouse at Merrick II Owners, a 37-unit co-op located at 1425 Jerusalem Avenue in North Merrick, NY; and a $425,000 first mortgage and a $75,000 line of credit for a 4-unit co-op located at 300 Clinton Avenue in Brooklyn, NY.

Mr. Howe arranged a total of $8.4 million in loans during October, including a $3.5 million first mortgage and a $200,000 line of credit for Mendicino Green Apartment Corporation, a 107-unit co-op located at 1570/1600 Grand Avenue in Baldwin, NY; a $3.4 million first mortgage for a 112-unit co-op located at 1075 Grand Concourse in Bronx, NY; an $850,000 second mortgage for Lenru Apartment Corp., a 103-unit co-op located at 3400 Wayne Avenue in Bronx, NY; and a $435,000 first mortgage for a 20-unit co-op located at 108 East 66th Street in Manhattan.

NCB’s Senior Vice President Mindy Goldstein arranged a total of $17.5 million in loans during October, including the largest deal of the month, an $8.5 million first mortgage and a $2 million second mortgage for Park Lane South Owners, a 207-unit co-op located at 118-18 Union Turnpike in Kew Gardens, NY. In addition, Ms. Goldstein originated a $6 million first mortgage for a 151-unit co-op located at 87-10 51st Avenue in Elmhurst, NY; and a $1 million first mortgage for a 30-unit co-op located at 10 Christopher Street in Manhattan.

NCB means National Consumer Cooperative Bank, its subsidiaries and NCB Capital Impact, an affiliated non-profit corporation. Loans and technical assistance may be provided by NCB, NCB Capital Impact or NCB, FSB, all of which are Equal Housing Lenders. NCB, FSB is a wholly-owned subsidiary of NCB. Deposit products and services are provided by NCB, FSB, which is FDIC insured. Housing development services are offered through NCB and NCB Capital Impact's jointly owned subsidiary, NCB Community Works, LLC.

 

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. 

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