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NCB Financing for New York Area Housing Co-ops Exceeds $49 Million in March


New York, New York (April 13, 2007) — NCB, the leading provider of financing to New York housing cooperatives, originated more than $49 million in financing in March for 20 New York area properties. The financings included $38.7 million in first mortgages and $10.6 million in lines of credit.

“March loan volume remained strong, with cooperative boards continuing to borrow financing for a wide range of capital improvement projects,” said Edward Howe III, Managing Director of the NCB New York office. “Property valuations continue to increase at a faster pace than interest rates, so boards are leveraging this advantageous situation.  We anticipate this trend to continue until interest rates move significantly upwards.”

Mr. Howe arranged a total of $24.8 million in loans during March, including a $3.9 million first mortgage and a $1 million line of credit for a 91-unit co-op located at 3636 Greystone Avenue in Riverdale, NY; a $3.6 million first mortgage and a $500,000 line of credit for a 193-unit co-op located at 138-15 Franklin Avenue in Flushing, NY; a $3.1 million first mortgage for a 118-unit co-op located at 102-18 64th Avenue in Forest Hills, NY; a $2.8 million first mortgage and a $500,000 line of credit for a 135-unit co-op located at 67-12 Yellowstone Boulevard in Forest Hills, NY; a $2.5 million first mortgage and a $350,000 line of credit for Hartsdale Gardens, a 74-unit co-op located at 27/37/47 North Central Avenue in Hartsdale, NY; a $2.3 million first mortgage and a $300,000 line of credit for a 114-unit co-op located at 175-45 88th Avenue in Jamaica, NY; a $2.1 million first mortgage and a $100,000 line of credit for a 60-unit co-op located at 504 Merrick Road in Lynbrook, NY; a $1.3 million first mortgage and a $200,000 line of credit for a 71-unit co-op located at 91-99 Payson Avenue in Manhattan; and a $250,000 second mortgage for a 72-unit co-op located at 2951 Ocean Avenue in Brooklyn, NY.

NCB’s Senior Vice President Mindy Goldstein arranged a total of $1.1 million in loans during March, including a $650,000 third term mortgage for Sunnyside Manor, a 120-unit co-op located at 7 Sunnyside Drive in Yonkers, NY; and a $440,000 line of credit for a 24-unit co-op located at 170 Claremont Avenue in Manhattan.

NCB’s Senior Vice President Sheldon Gartenstein arranged a total of $23.4 million in loans during March, including the largest deal of the month, a $5.2 million first mortgage and a $1 million line of credit for a 109-unit co-op located at 55 Central Park West in Manhattan. In addition, Mr. Gartenstein originated a $2.5 million first mortgage and a $1 million line of credit for West Gate House, a 124-unit co-op located at 860-870 West 181st Street in Manhattan; a $2 million first mortgage and a $1 million line of credit for a 236-unit co-op located at 60 Knolls Crescent in Riverdale, NY; a $1.9 million first mortgage and a $400,000 line of credit for a 76-unit co-op located at 579 West 215th Street in Manhattan; a $1.9 million first mortgage and a $400,000 line of credit for a 27-unit co-op located at 68 East 86th Street in Manhattan; a $1.6 million first mortgage and a $400,000 line of credit for The Tappan Court, a 57-unit co-op located at 253 South Broadway in Tarrytown, NY; a $1.5 million first mortgage and a $500,000 line of credit for The Surrey, a 269-unit co-op located at 836 Tilden Street in Bronx, NY; a $1.5 million line of credit for a 119-unit co-op located at 37-27 86th Street in Jackson Heights, NY; and a $500,000 first mortgage and a $100,000 line of credit for a 4-unit co-op located at 305 Canal 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. 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 and New York. In addition, NCB has a growing community banking network in southwestern Ohio. To learn more about NCB, visit www.ncb.coop.