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NCB, FSB New York Arranges Over $21 Million in New Financings for Local Cooperatives during April

New York, NY (May 17, 2011) – NCB, FSB, a federally insured savings bank and a leading lender to cooperative housing throughout the Tri-State area, arranged over $21 million in new loans during the month of April for 16 New York area properties.  Edward Howe III, Managing Director of the NCB, FSB New York office, made the announcement.  

“The second quarter is off to a solid start with $21 million in new loans originated for cooperatives looking to refinance existing debt or undertake capital improvement projects,” said Mr. Howe. “We continue to assist properties throughout the region by meeting their financing needs and to ensure their vitality for years to come.” 

 NCB, FSB Senior Vice President Mindy Goldstein arranged over $9 million in new financings in April, including the largest loan of the month, a $3 million line of credit for 419 Apartment Corp., a 91-unit co-op located at 419 East 57th Street in Manhattan. She also arranged a $1.4 million first mortgage and a $300,000 line of credit for a 59-unit co-op located at 2390 Palisade Avenue in the Bronx; a $1.3 million first mortgage and a $150,000 line of credit for a 51-unit co-op located at 39-75 56th Street in Woodside, NY; a $900,000 first mortgage and a $100,000 line of credit for a 17-unit co-op located at 184 Columbia Heights in Brooklyn, NY; an $850,000 first mortgage and a $100,000 line of credit for 91 Tenants Corp., a ten-unit co-op located at 114 East 91st Street in Manhattan; a $500,000 first mortgage and a $100,000 line of credit for a 12-unit co-op located at 402 West 153rd Street in Manhattan; and a $353,000 first mortgage for Grampark Corporation Inc., an eight-unit co-op located at 1 Gramercy Park West in Manhattan.  

In April, Mr. Howe arranged new loans totaling $4.5 million, including a $1.5 million line of credit for The Beverly House, a 129-unit co-op located at 84-51 Beverly Road in Kew Gardens, NY; a $1.2 million first mortgage and an $800,000 line of credit for Bleecker & 11th Owners Corp., a 36-unit co-op located at 396 Bleecker Street in Manhattan; and a $1 million first mortgage for Whitewood Gardens, Inc., a 36-unit co-op located at 643 Pelham Road in New Rochelle, NY.  

 NCB, FSB Senior Vice President Sheldon Gartenstein arranged $8 million in new financing activity during the month including a $2.5 million first mortgage and a $500,000 line of credit for Alexandria House Inc., a 76-unit co-op located at 250 West 103rd Street in Manhattan, NY; a $1.7 million second mortgage for a 120-unit co-op located at 84-49 168th Street in Jamaica, NY; a  $1 million first mortgage and a $300,000 line of credit for 177 Columbia Owners Corp., a 29-unit co-op located at 177-179 Columbia Heights in Brooklyn, NY; a $550,000 first mortgage and a $100,000 line of credit for a nine-unit co-op located at 28 East 21st Street in Manhattan; a $500,000 first mortgage for 151 Lafayette Owners Corp., a five-unit co-op located at 151 Lafayette Avenue in Brooklyn, NY; and a $500,000 line of credit for Collect Pond House Inc., a 39-unit co-op located at 366 Broadway in Manhattan.  

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 @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 financial products and services for the nation's cooperatives, their members, and socially responsible organizations. 

   

The NCB Financial Group also works in a strategic alliance with NCB Capital Impact, a non-profit Community Development Financial Institution created under the same act of Congress as NCCB with particular focus on impacting low and moderate income communities. 

   

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