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NCB Arranges Over $21 Million in Financing for New York Area Housing in April


New York, New York (May 14, 2008) —
NCB, the leading provider of financing to New York housing cooperatives, originated over $21 million in financing in April for 12 New York area properties. The financings included $15 million in mortgages and $6.4 million in lines of credit.  Edward Howe III, Managing Director of the NCB New York office, made the announcement.

“April’s financing activity was primarily due to boards continuing to borrow to funds for  capital improvement projects or refinance existing debt, a trend we expect to continue in the coming months,” stated Mr. Howe.  “We attribute this ongoing activity to the team’s ability to provide creative financing packages—loans more traditional banks often shy away from—to meet the varying needs of New York area housing cooperatives.”

NCB’s Senior Vice President Sheldon Gartenstein arranged a total of $4.6 million in loans during April, including a $2.3 million first mortgage and a $1.3 million line of credit for Main Duane Owners Corp., a 14-unit co-op located at 134-138 Duane Street in Manhattan; a $435,000 first mortgage and a $200,000 line of credit for a 9-unit co-op located at 314 West 19th Street in Manhattan; and a $286,000 first mortgage and a $100,000 line of credit for Steric Realty Corporation, a 5-unit co-op located at 131 West 78th Street in Manhattan.

Mr. Howe arranged a total of $3 million in loans during April, including a $1.3 million first mortgage and a $250,000 line of credit for a 62-unit co-op located at 720 East 31st Street in Brooklyn, NY; an $825,000 line of credit for Netherland Gardens Owners Corp., a 58-unit co-op located at 205 West Post Road in White Plains, NY; and a $600,000 third term mortgage for McLean Towers, Inc., an 81-unit co-op located at 385 McLean Avenue in Yonkers, NY.

NCB’s Senior Vice President Mindy Goldstein arranged a total of $14 million in loans during April, including the largest deal of the month, a $4.1 million first mortgage and a $500,000 line of credit for a 187-unit co-op located at 2630 Kingsbridge Terrace in Bronx, NY.  In addition, Ms. Goldstein originated a $2.7 million first mortgage and a $500,000 line of credit for a 95-unit co-op located at 5 Oakdale Manor in Suffern, NY; a $2 million first mortgage and a $1 million line of credit for Lenox Manor Owners, Inc., a 153-unit co-op located at 176 East 77th Street in Manhattan; a $1.5 million first mortgage and a $500,000 line of credit for a 44-unit co-op located at 100 Randall Avenue in Freeport, NY; a $700,000 line of credit for 165 Housing Corp., a 22-unit co-op located at 165 Perry Street in Manhattan; and a $500,000 line of credit for an 8-unit co-op located at 9 West 16th Street in Manhattan.

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.