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NCB Arranges Nearly $48 Million in Financing for New York Area Housing in May


New York, New York (June 11, 2008) — NCB, the leading provider of financing to New York housing cooperatives, originated nearly $48 million in financing in May for 28 New York area properties. The financings included $37.5 million in mortgages and $10 million in lines of credit.  Edward Howe III, Managing Director of the NCB New York office, made the announcement.

“Financing activity during May increased significantly from the previous month, doubling both the number of borrowers and the dollar volume,” stated Mr. Howe.  “This upward trend indicates an increasing number of New York area co-ops continue to take advantage of the many attractive financing options, and still low interest rates”.

NCB’s Senior Vice President Mindy Goldstein arranged a total of $12.3 million in loans during May, including the largest deal of the month, a $4.2 million first mortgage and a $1 million line of credit for a 55-unit co-op located at 55 West 95th Street in Manhattan.  In addition, Ms. Goldstein originated a $2.3 million first mortgage and a $300,000 line of credit for Executive Towers Apartment Owners Corp., a 134-unit co-op located at 160 Academy Street in Poughkeepsie, NY; a $1.6 million first mortgage for Croyden Manor Apartment Corp., a 53-unit co-op located at 43-08 41st Street in Sunnyside, NY; a $600,000 first mortgage for a 24-unit co-op located at 202-15 42nd Avenue and 40-40 203rd Street in Bayside, NY; a $560,000 first mortgage and a $100,000 line of credit for a 14-unit co-op located at 173 East 74th Street in Manhattan; a $500,000 line of credit for Work of Art Loft Corp., a 10-unit co-op located at 242 Lafayette Street in Manhattan; a $450,000 third term mortgage for One Franklin Owners Corp., a 50-unit co-op located at 1 Franklin Avenue in White Plains, NY; a $300,000 first mortgage and a $100,000 line of credit for a 6-unit co-op located at 14 East 74th Street in Manhattan; and a $250,000 line of credit for a 13-unit co-op located at 47-49 King Street in Manhattan.

NCB’s Senior Vice President Sheldon Gartenstein arranged a total of $21.6 million in loans during May, including a $3.7 million first mortgage and a $750,000 line of credit for an 83-unit co-op located at 229 East 79th Street in Manhattan; a $3.3 million first mortgage for The George Whitney House Corporation, a 6-unit co-op located at 120 East 80th Street in Manhattan; a $2.7 million first mortgage and a $500,000 line of credit for an 88-unit co-op located at 11 East 87th Street in Manhattan; a $2.6 million first mortgage and $1.5 million in lines of credit for a 115-unit co-op located at 143-50 Hoover Avenue in Briarwood, NY; a $2.3 million first mortgage and a $300,000 line of credit for a 69-unit co-op located at 208-216 East 82nd Street in Manhattan; a $1.3 million first mortgage and a $500,000 line of credit for West 13th Street Owners, Inc., a 25-unit co-op located at 30-34 West 13th Street in Manhattan; a $1.1 million first mortgage and a $200,000 line of credit for Syldor Apartments Corp., a 42-unit co-op located at 108-05 Astoria Boulevard in Elmhurst, NY; a $500,000 line of credit for Gramatan Court Apartments, Inc., a 27-unit co-op located at 23-25 Sagamore Road in Bronxville, NY; and a $350,000 line of credit for an 84-unit co-op located at 21 North Chatsworth Avenue in Larchmont, NY.

Mr. Howe arranged a total of $13.8 million in loans during May, including a $2.5 million first mortgage for Riverbank South Owners Corp., a 28-unit co-op located at 377 West 11th Street in Manhattan; a $1.8 million first mortgage and a $500,000 line of credit for Grand Gardens Apartments Corp., a 64-unit co-op located at 61 West Grand Street in Mount Vernon, NY; a $1.5 million first mortgage and a $500,000 line of credit for Forest Park Cooperative Section II, Inc., a 288-unit co-op located at 83-20 98th Street in Woodhaven, NY; a $1.3 million line of credit for Queen Anne Apartment Corp., a 120-unit co-op located at 155 East 76th Street in Manhattan; a $1 million second mortgage and a $500,000 line of credit for an 81-unit co-op located at 60 West Broad Street in Mt. Vernon, NY; a $1 million second mortgage for Snug Harbor Owners Corp., a 63-unit co-op located at 303 Mercer Street and 258 & 262 Greene Street in Manhattan; a $900,000 first mortgage for Gotham House Owners Corp., a 60-unit co-op located at 150 East 27th Street in Manhattan; an $805,000 first mortgage for Village Place Corp., a 23-unit co-op located at 48 East 13th Street/35 East 12th Street in Manhattan; a $700,000 second mortgage and a $500,000 line of credit for Mainstay Cooperative Section Two, Inc., a 108-unit co-op located at 66-10 149th Street in Flushing, NY; and a $350,000 second mortgage for a 48-unit co-op located at 6901 Narrows Road in Brooklyn, NY.

NCB Arranges Nearly $48 Million in Financing for New York Area Housing in May


New York, New York (June 11, 2008) — NCB, the leading provider of financing to New York housing cooperatives, originated nearly $48 million in financing in May for 28 New York area properties. The financings included $37.5 million in mortgages and $10 million in lines of credit.  Edward Howe III, Managing Director of the NCB New York office, made the announcement.

“Financing activity during May increased significantly from the previous month, doubling both the number of borrowers and the dollar volume,” stated Mr. Howe.  “This upward trend indicates an increasing number of New York area co-ops continue to take advantage of the many attractive financing options, and still low interest rates”.

NCB’s Senior Vice President Mindy Goldstein arranged a total of $12.3 million in loans during May, including the largest deal of the month, a $4.2 million first mortgage and a $1 million line of credit for a 55-unit co-op located at 55 West 95th Street in Manhattan.  In addition, Ms. Goldstein originated a $2.3 million first mortgage and a $300,000 line of credit for Executive Towers Apartment Owners Corp., a 134-unit co-op located at 160 Academy Street in Poughkeepsie, NY; a $1.6 million first mortgage for Croyden Manor Apartment Corp., a 53-unit co-op located at 43-08 41st Street in Sunnyside, NY; a $600,000 first mortgage for a 24-unit co-op located at 202-15 42nd Avenue and 40-40 203rd Street in Bayside, NY; a $560,000 first mortgage and a $100,000 line of credit for a 14-unit co-op located at 173 East 74th Street in Manhattan; a $500,000 line of credit for Work of Art Loft Corp., a 10-unit co-op located at 242 Lafayette Street in Manhattan; a $450,000 third term mortgage for One Franklin Owners Corp., a 50-unit co-op located at 1 Franklin Avenue in White Plains, NY; a $300,000 first mortgage and a $100,000 line of credit for a 6-unit co-op located at 14 East 74th Street in Manhattan; and a $250,000 line of credit for a 13-unit co-op located at 47-49 King Street in Manhattan.

NCB’s Senior Vice President Sheldon Gartenstein arranged a total of $21.6 million in loans during May, including a $3.7 million first mortgage and a $750,000 line of credit for an 83-unit co-op located at 229 East 79th Street in Manhattan; a $3.3 million first mortgage for The George Whitney House Corporation, a 6-unit co-op located at 120 East 80th Street in Manhattan; a $2.7 million first mortgage and a $500,000 line of credit for an 88-unit co-op located at 11 East 87th Street in Manhattan; a $2.6 million first mortgage and $1.5 million in lines of credit for a 115-unit co-op located at 143-50 Hoover Avenue in Briarwood, NY; a $2.3 million first mortgage and a $300,000 line of credit for a 69-unit co-op located at 208-216 East 82nd Street in Manhattan; a $1.3 million first mortgage and a $500,000 line of credit for West 13th Street Owners, Inc., a 25-unit co-op located at 30-34 West 13th Street in Manhattan; a $1.1 million first mortgage and a $200,000 line of credit for Syldor Apartments Corp., a 42-unit co-op located at 108-05 Astoria Boulevard in Elmhurst, NY; a $500,000 line of credit for Gramatan Court Apartments, Inc., a 27-unit co-op located at 23-25 Sagamore Road in Bronxville, NY; and a $350,000 line of credit for an 84-unit co-op located at 21 North Chatsworth Avenue in Larchmont, NY.

Mr. Howe arranged a total of $13.8 million in loans during May, including a $2.5 million first mortgage for Riverbank South Owners Corp., a 28-unit co-op located at 377 West 11th Street in Manhattan; a $1.8 million first mortgage and a $500,000 line of credit for Grand Gardens Apartments Corp., a 64-unit co-op located at 61 West Grand Street in Mount Vernon, NY; a $1.5 million first mortgage and a $500,000 line of credit for Forest Park Cooperative Section II, Inc., a 288-unit co-op located at 83-20 98th Street in Woodhaven, NY; a $1.3 million line of credit for Queen Anne Apartment Corp., a 120-unit co-op located at 155 East 76th Street in Manhattan; a $1 million second mortgage and a $500,000 line of credit for an 81-unit co-op located at 60 West Broad Street in Mt. Vernon, NY; a $1 million second mortgage for Snug Harbor Owners Corp., a 63-unit co-op located at 303 Mercer Street and 258 & 262 Greene Street in Manhattan; a $900,000 first mortgage for Gotham House Owners Corp., a 60-unit co-op located at 150 East 27th Street in Manhattan; an $805,000 first mortgage for Village Place Corp., a 23-unit co-op located at 48 East 13th Street/35 East 12th Street in Manhattan; a $700,000 second mortgage and a $500,000 line of credit for Mainstay Cooperative Section Two, Inc., a 108-unit co-op located at 66-10 149th Street in Flushing, NY; and a $350,000 second mortgage for a 48-unit co-op located at 6901 Narrows Road in Brooklyn, 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.

 

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.