NCB’s New York Team Financing Activity Surges during March

New York, NY (April 20, 2009) — In a substantial increase from the previous month, NCB, the leading provider of financing to New York housing cooperatives, arranged over $57 million in new loan originations during the month of March for 24 New York area properties. The financings included $41.8 million in mortgages and $15.3 million in lines of credit.  Edward Howe III, Managing Director of the NCB New York office, made the announcement.

“The New York office was extremely pleased to finish the first quarter of 2009 on such a strong note, tripling our activity from the previous month,” said Mr. Howe.  “We attribute the significant increase in originations to the Bank’s successful lending programs allowing NCB to remain a consistent source of financing to cooperatives in the Tri-State area and nationwide.”

 Mr. Howe arranged the largest loan during March with an $11 million first mortgage for Midland Avenue Owners Corp. a 404-unit co-op located at 1296/1300/1304 Midland Avenue in Yonkers, NY. He also arranged a $4.5 million first mortgage and a $1 million line of credit for a 113-unit co-op located at 120 Central Park South in Manhattan; a $3.1 million first mortgage and a $900,000 line of credit for a 78-unit co-op located at 2-4 Windsor Terrace in White Plains, NY; a $2.5 million first mortgage and a $250,000 line of credit for The Gardens West Tenants Corp., a 55-unit co-op located at 50 West Street in Harrison, NY; a $1.6 million first mortgage and a $500,000 line of credit for a 74-unit co-op located at 125 Bronx River Road in Yonkers; a $1 million first mortgage for Channing Place, Inc., a 61-unit co-op located at 2-26 Channing Place in Eastchester, NY; and a $600,000 first mortgage and a $500,000 line of credit for a 60-unit co-op located at 141 Sullivan Street in Manhattan.

NCB Senior Vice President Mindy Goldstein arranged $26 million in financing during March including a $6 million line of credit for Doric Apartment Corporation, a 434-unit co-op located at 100 Manhattan Avenue in Union City, NJ; a $5 million first mortgage and a $500,000 line of credit for Wyndham House Tenants Corp., a 145-unit co-op located at 200 Atlantic Avenue in Lynbrook, NY; a $4.5 million first mortgage and a $500,000 line of credit for a 133-unit co-op located at 315 East 65th Street in Manhattan; a $2.6 million first mortgage and a $350,000 line of credit for a 72-unit co-op located at 30 East Hartsdale Avenue in Hartsdale, NY; a $1.5 million first mortgage and a $200,000 line of credit for Continental House Owners Corp., a 44-unit co-op located at 55 South Bergen Place in Freeport, NY; a $1.2 million first mortgage and a $500,000 line of credit for a 19-unit co-op located at 510 East 84th Street in Manhattan; a $710,000 second term loan for Henderson Apartments Corp., a 128-unit co-op located at 60-11 Broadway in Woodside, NY; a $500,000 line of credit for a 54-unit co-op located at 330-336 Central Park Avenue in Scarsdale, NY; a $425,000 first mortgage and a $100,000 line of credit for a 16-unit co-op located at 177 East 93rd Street in Manhattan; a $350,000 first mortgage and a $100,000 line of credit for a six-unit co-op at 43 Great Jones Street in Manhattan; a $350,000 first mortgage for a nine-unit co-op at 309 West 75th Street in Manhattan; a $300,000 line of credit for a 42-unit co-op located at 130 West 16th Street in Manhattan; and a $250,000 line of credit for an 89-unit co-op located at 2555 East 12th Street in Brooklyn, NY.

NCB Senior Vice President Sheldon Gartenstein arranged a total of $3.9 million in financing during the month including a $1.6 million first mortgage and a $500,000 line of credit for a 103-unit co-op located at 201 East 37th Street in Manhattan; a $1.5 million line of credit for Lafayette Gardens Tenants Corp., a 192-unit co-op located at 330-340 Haven Avenue in Manhattan; a $140,000 first mortgage for an eight-unit co-op located at 517 East 87th Street in Manhattan; and a $125,000 line of credit for Columbus Park Owners, Inc., a 162-unit co-op located at 100 West 94th 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.