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NCB Reports Record Month with Nearly $108 Million in New Financing for New York Cooperatives During July

 New York, NY – August 15, 2011 – NCB, FSB (NCB), a federally insured savings bank and a leading lender to cooperative housing throughout the Tri-State area, originated close to $108 million in new loans, a record setting month for the New York office, during July for 21 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.  

 “July was a record setting month for our New York office, with our largest loan of the year to date,” said Mr. Howe. “This noteworthy financing, combined with other cooperatives securing funds for refinancing or capital improvements, contributed to this month’s success. We are pleased to remain such a valuable source of financing to these communities throughout the region.” 

NCB Senior Vice President Mindy Goldstein arranged new loans totaling $61 million, including the largest loan of the month, a $50 million first mortgage for Rivercross Tenants Corp., a 365-unit co-op located at 531 Main Street in Roosevelt Island, NY. She also arranged a $4.5 million first mortgage and a $500,000 line of credit for Sunnybrook Gardens Owners Inc., a 149-unit co-op located at 764-822 Palmer Road and 1-15 Sunnybrook Road in Yonkers, NY; a $2 million first mortgage and a $500,000 line of credit for Linden Towers Cooperative #3 Inc., a 144-unit co-op located at 31-30/50/70 138th Street in Flushing, NY; a $950,000 first mortgage and a $200,000 line of credit for West Third Apartments Corp., a nine-unit co-op located at 522 LaGuardia Place in Manhattan; a $750,000 line of credit for a 43-unit co-op located at 35 East 30th Street in Manhattan; a $500,000 line of credit for a 50-unit co-op located at 50-22 40th Street in Sunnyside, NY; a $400,000 line of credit for 3/10 Tenants’ Housing Corp., a 22-unit co-op located at 103 East 10th Street in Manhattan; a $250,000 line of credit for a seven-unit co-op located at 146 Amity Street in Brooklyn, NY; and a $250,000 line of credit for a seven-unit co-op located at 238 Clinton Street in Brooklyn, NY.  

In July, Mr. Howe arranged new loans totaling $23 million, including a $9.5 million first mortgage for Bryant Gardens Corp., a 409-unit co-op located at 1-15 Bryant Crescent in White Plains, NY; an $8.5 million line of credit for Cherokee Owners, a 383-unit co-op located at 509/515 East 77th Street in Manhattan; a $2.2 million first mortgage for The Ridge Owners Corp., a 42-unit co-op located at 123 Bay Ridge Parkway in Brooklyn, NY; a $1.6 million first mortgage for Cherry Lane Owners Corp., a 71-unit co-op located at 42-95 Main Street in Flushing, NY; and a $1 million line of credit for Bay Terrace Cooperative Section Xll, a 124-unit co-op located at 212-30 23rd Avenue in Bayside, NY.  

NCB Senior Vice President Sheldon Gartenstein arranged over $24 million in new financings during July, including a $10 million first mortgage for The Townsend House Corporation, a 96-unit co-op located at 176 East 71st Street in Manhattan; a $3.5 million first mortgage and a $500,000 line of credit for a 39-unit co-op located at 140 Nassau Street in Manhattan; a $3 million first mortgage and a $300,000 line of credit for 22579 Owners Corp., a 70-unit co-op located at 225 East 79th Street in Manhattan; a $2.5 million line of credit for Bay Terrace Cooperative Section X, a 240-unit co-op located at 18-40/70 211th Street in Bayside, NY; a $2 million first mortgage and a $500,000 line of credit for Waldo Gardens, Inc., a 171-unit co-op located at 3800 Waldo Avenue in Riverdale, NY; a $1 million line of credit for a 71-unit co-op located at 300 West 108th Street in Manhattan; and a $750,000 first mortgage and a $200,000 line of credit for a 42-unit co-op located at 575 Riverside Drive in Manhattan.  

As a full-service financial institution, NCB provides term loans, lines of credit, commercial and residential mortgages and personal and business banking products to cooperatives nationwide. NCB 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.