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NCB Arranges Over $68 Million in Financing for New York Area Housing in April

New York, New York (May 15, 2007) — NCB, the leading provider of financing to New York housing cooperatives, originated more than $68 million in financing in April for 28 New York area properties. The financings included $51.7 million in first mortgages and $16.6 million in lines of credit.

“The financing for April significantly exceeded the previous month’s activity,” said Edward Howe III, Managing Director of the NCB New York office. “This upward trend demonstrates that an increasing number of New York area co-ops continue to take advantage of the many attractive financing options available to them. We predict this healthy lending volume to continue throughout the summer months.”

NCB’s Senior Vice President Sheldon Gartenstein arranged a total of $16.7 million in loans during April including a $2.5 million first mortgage and a $750,000 line of credit for a 189-unit co-op located at 83-75 Woodhaven Boulevard in Woodhaven, NY; a $2.2 million first mortgage and a $500,000 line of credit for a 34-unit co-op located at 135 Willow Street in Brooklyn Heights, NY; a $2.2 million fourth pledge of carrying charges for The Ansonia, a 398-unit condominium located at 2109 Broadway in Manhattan;  a $1.9 million first mortgage and a $500,000 line of credit for a 59-unit co-op located at 30 Grace Avenue in Great Neck, NY; a $1.8 million first mortgage and a $500,000 line of credit for The Stratton, a 167-unit co-op located at 1425 & 1475 Theriot Avenue in Bronx, NY; a $1.6 million first mortgage and a $300,000 line of credit for Pleasant Manor Apartments, a 33-unit co-op located at 55-85 Broadway in Pleasantville, NY; a $1.6 million first mortgage and a $200,000 line of credit for a 41-unit co-op located at 90 Schenck Avenue in Great Neck, NY; and a $150,000 first mortgage for a 12-unit co-op located at 48-50 East 83rd Street in Manhattan.

Mr. Howe arranged a total of $20.6 million in loans during April, including the largest deal of the month, a $15 million first mortgage and a $2 million line of credit for The Park Plaza, a 441-unit co-op located at 61-15;61-25 97th Street in Rego Park, NY. In addition, Mr. Howe originated a $2.3 million first mortgage and a $250,000 line of credit for a 70-unit co-op located at 125 North Washington Avenue in Hartsdale, NY; and a $500,000 second mortgage and a $500,000 third line of credit for a 78-unit co-op located at 4295 Webster Avenue in Bronx, NY.

NCB’s Senior Vice President Mindy Goldstein arranged a total of $31.6 million in loans during April, including a $3.5 million first mortgage and a $1 million line of credit for a 59-unit co-op located at 156 East 79th Street in Manhattan; a $3 million second term mortgage for a 271-unit co-op located at 18-15 215th Street in Bayside, NY; a $2.9 million first mortgage and a $500,000 line of credit for an 83-unit co-op located at 12 Hempstead Avenue in Rockville Centre, NY; a $2.5 million line of credit for an 86-unit co-op located at 41 Fifth Avenue in Manhattan; a $2.2 million first mortgage and a $1 million line of credit for a 40-unit co-op located at 8 East 96th Street in Manhattan; a $2 million first mortgage and a $1 million line of credit for a 51-unit co-op located at 444 Middle Neck Road in Great Neck, NY; a $2 million first mortgage and a $500,000 line of credit for a 204-unit co-op located at 330 Third Avenue in Manhattan; a $2 million line of credit for a 208-unit co-op located at 3410 DeReimer Avenue in Bronx, NY; a $1.5 million first mortgage and a $250,000 line of credit for a 19-unit co-op located at 329 West 108th Street in Manhattan; a $1.2 million first mortgage and a $500,000 line of credit for a 33-unit co-op located at 264 Lexington Avenue in Manhattan; a $1 million line of credit for The Park Lane South, a 207-unit co-op located at 118-18 Union Turnpike in Kew Gardens, NY; an $800,000 first mortgage and a $500,000 line of credit for The Bakery, a 16-unit co-op located at 521 West 47th Street in Manhattan; a $500,000 first mortgage and a $100,000 line of credit for a 20-unit co-op located at 20 Jane Street in Manhattan; a $350,000 assignment of assessments for The Bond Parc, a 44-unit condominium located at 12 Bond Street in Great Neck, NY; a $310,000 first mortgage for Chelsea Square North, a 9-unit co-op located at 409-411 West 21st Street in Manhattan; a $250,000 first mortgage an a $150,000 line of credit for an 8-unit co-op located at 322 West 22nd Street in Manhattan; and a $55,000 line of credit for a 5-unit co-op located at 190 Columbia Heights in Brooklyn, NY.

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. Independent financial advisory services are offered through NCB Financial Advisors. 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.