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NCB, FSB Ends Year on a Strong Note Arranges Over $84 Million in New Financings for New York Area Co-Ops in December

New York, NY  (January 6, 2011) – NCB, FSB, a federally insured savings bank and a leading lender to cooperative housing throughout the Tri-State area ended the year with a flurry of financing activity in December, arranging over $84 million in new financing for 25 New York area properties.  Edward Howe III, Managing Director of the NCB, FSB New York office, made the announcement. 

“December was one of our most active periods in 2010, with total loan volume surging from the previous month,” said Mr. Howe. “These properties, like others in the region, are being proactive in protecting and ensuring the current and future health of the asset, by securing funds to begin scheduled capital improvement projects and refinance existing debt.”  

In December, Mr. Howe arranged new loans totaling $38 million including the largest loan of the month a $15 million first mortgage and a $290,000 line of credit for The Armory Owners Corp., a 159-unit co-op located at 529 West 42nd Street in Manhattan. He also originated a $6.5 million first mortgage and a $500,000 line of credit for a 73-unit co-op located at 1150 Fifth Avenue in Manhattan; a $3.8 million first mortgage and a $500,000 line of credit for Spruce Towers Corp., a 62-unit co-op located at 2 Spruce Street in Great Neck, NY; a $3.7 million first mortgage for a 53-unit co-op located at 38-50 West 9th Street in Manhattan; a $2.7 million first mortgage for a 112-unit co-op located at 657 East 26th Street in Brooklyn, NY; a $1.6 million first mortgage for Midwood Bay House, Inc., a 122-unit co-op located at 1840 East 13th Street in Brooklyn, NY; a $1.4 million first mortgage for a 72-unit co-op located at 255 79th Street in Brooklyn, NY; a $1.3 million first mortgage and a $150,000 line of credit for a 69-unit co-op 35 Eastern Parkway in Brooklyn, NY; and a $575,000 line of credit for a 73-unit co-op located at 1200 Madison Avenue in Manhattan.  

NCB, FSB Senior Vice President Sheldon Gartenstein arranged $33 million in new financings during the month including a $6 million first mortgage and a $1 million line of credit for Park Briar Owners Inc, a 160-unit co-op located at 110-45 Queens Boulevard in Forest Hills, NY; a $4.5 million first mortgage and a $500,000 line of credit for a 68-unit co-op located at 1349 Lexington Avenue in Manhattan; a $3.7 million first mortgage and a $750,000 line of credit  for a 125-unit co-op located at 23-45-55 Bell Boulevard in Bayside, NY; a $3.3 million first mortgage and a $750,000 line of credit for Bay Country Owners Corp., a 126-unit co-op located at 23-25/35 Bell Boulevard in Bayside, NY; a $3 million first mortgage and a $300,000 line of credit for Greystone in Westchester No. 4, a 140-unit co-op located at 61-65 Bolmer Avenue in Yonkers, NY; a $2.9 million first mortgage and a $300,000 line of credit for a 62-unit co-op located at 515 West End Avenue in Manhattan; a $2.5 million first mortgage and a $500,000 line of credit for Hewlett Park Apartment Owners Inc., a 66-unit co-op located at 1355-1395 Broadway in Hewlett, NY; a $2 million first mortgage for Woodrow Wilson Owners Corp., a 134-unit co-op located at 69-10 108th in Forest Hills, NY; and a $750,000 first mortgage and a $100,000 line of credit for an 18-unit co-op located at 420-422 West 46th Street in Manhattan.  

 NCB, FSB Senior Vice President Mindy Goldstein arranged $13.5 million in new loans during December including a $2.9 million first mortgage for a 63-unit co-op located at 55 Lenox Road in Rockville Centre, NY; a $2.6 million first mortgage and a $500,000 line of credit for East Rock Tenants Corp., a 75-unit co-op located at 320 Atlantic Avenue in East Rockaway, NY; a $2 million first mortgage and a $500,000 line of credit for a 16-unit co-op located at 100 West 81st Street in Manhattan; a $1.5 million first mortgage and a $500,000 line of credit for a 128-unit co-op located at 200 West 54th Street in Manhattan; an $825,000 first mortgage and a $150,000 line of credit for a 38-unit co-op located at 334 West 87th Street; an $800,000 second mortgage and a $500,000 line of credit for Waterview Towers Inc., a 320-unit co-op located at 2630 Cropsey Avenue/1935 Share Parkway in Brooklyn, NY; and a $750,000 second mortgage for Executive Towers Apartment Owners Corp., a 135-unit co-op located at 160 Academy Street in Poughkeepsie, NY. 

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. 

   

About NCB: 

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, National Cooperative Bank on Facebook, or on Twitter at coopbanking.  

   

The NCB Financial Group consists of the Congressionally-chartered National Consumer Cooperative Bank (NCCB) and NCB, FSB, a federally insured savings bank wholly owned by NCCB.  The NCB Financial Group provides