New York, NY (February 11, 2010) — NCB, FSB, a federally insured savings bank and a leading lender to cooperative housing throughout the Tri-State area, arranged approximately $24 million in new loans during January for nine new properties. The financing arranged during the month included approximately $21 million in mortgages and $2.7 million in lines of credit. Edward Howe III, Managing Director of the NCB,FSB New York office, made the announcement.
“January began the year with steady financing activity, demonstrating that cooperative boards will continue to borrow money in the form of first mortgages and lines of credit throughout 2010,” commented Mr. Howe. “With the current interest rate environment still low, boards are eagerly exploring the opportunity to refinance existing debt or cover the cost of expensive capital improvement projects, which ultimately increases the value of their properties.”
NCB Senior Vice President Sheldon Gartenstein arranged $19.25 million in financing in January including a $7 million first mortgage and a $1 million line of credit for Lex Tenants Corp., a 184-unit co-op located at 50 Lexington Avenue in Manhattan; a $4 million first mortgage and a $500,000 line of credit for Berkeley Apartments Corp., a 130-unit co-op located at 99-45 67th Road in Forest Hills, NY; a $3.5 million first mortgage and a $500,000 line of credit for 32 Gramercy Park Owners Corp., a 173-unit co-op located at 32 Gramercy Park South in Manhattan; a $1.15 million first mortgage and a $300,000 line of credit for the 67-unit co-op located at 251 Seaman Avenue in Manhattan; a $1 million first mortgage for the 53-unit co-op located at 151-161 West 86th Street in Manhattan; and a $300,000 line of credit for the 40-unit co-op located at 222 Smith Street in Freeport, NY.
Mr. Howe arranged $3.7 million in financing during January including a $2.3 million first mortgage for Watersview Owners Corp., a 60-unit co-op located at 9951 Shore Road in Brooklyn; and a $1.4 million first mortgage for Rocinante Corp., a six-unit co-op located at 100 West Houston Street in Manhattan.
NCB Senior Vice President Mindy Goldstein arranged a 500,000 first mortgage and a 100,000 line of credit for the seven-unit co-op located at 2 East 12th Street in Manhattan in January.
As a full-service financial institution, NCB, FSB provides term loans, lines of credit, commercial and residential mortgages and personal and business banking products to cooperatives nationwide. NCB, FSB offers an array of business banking products for cooperatives including cash management, competitive deposit rates and full service payment processing and lockbox.
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, the Bank has offices in Alaska, California, New York, Ohio and Virginia. To learn more, visit www.ncb.coop.
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.
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