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NCB New York Arranges $45 Million in New Financings during September

New York, NY – October 13, 2011 – NCB, FSB (NCB), a federally insured savings bank and a leading lender to cooperative housing throughout the Tri-State area, originated $45 million in new loans during September, for 18 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.

"We are pleased to report another solid month of financing activity during September, with cooperative boards taking steps to secure the property’s financial health through funding for capital improvement projects and refinancing of existing debt,” said Mr. Howe. “The Bank is proud to be a consistent and readily available financing option for cooperatives throughout the region.”

In September, Mr. Howe arranged $19 million in new loans, including a $6.2 million first mortgage and a $1 million line of credit for a 158-unit co-op located at 400 East 77th Street in Manhattan; a $4 million first mortgage and a $3 million line of credit for a 225-unit co-op located at 315 East 72nd Street in Manhattan; a $2.9 million first mortgage and a $350,000 line of credit for Larchmont Hills Owners Corp., a 67-unit co-op located at 17 North Chatsworth Avenue in Larchmont, NY; a $950,000 first mortgage for Homelawn Equities Owners, Inc., a 32-unit co-op located at 87-25 169th Street in Jamaica Estates, NY; and a $500,000 line of credit for a 60-unit co-op located at 6200 Riverdale Avenue in Riverdale, NY.

NCB Senior Vice President Sheldon Gartenstein arranged $14 million in new financings during September, including the largest loan of the month, a $7.5 million first mortgage for 2400 Apartment Corp., a 137-unit co-op located at 2400 Hudson Terrace in Fort Lee, NJ. He also originated a $3 million first mortgage and a $500,000 line of credit for a 72-unit co-op located at 108 Sagamore Road in Tuckahoe, NY; an $830,000 first mortgage and a $100,000 line of credit for a 30-unit co-op located at 140 West 74th Street in Manhattan; a $525,000 line of credit for a 53-unit co-op located at 687 West 204th Street in Manhattan; a $500,000 first mortgage and a $300,000 line of credit for a 25-unit co-op located at 337 East 50th Street in Manhattan; and a $250,000 line of credit for a 59-unit co-op located at 3030 Johnson Avenue in Riverdale, NY.  

NCB Senior Vice President Mindy Goldstein arranged new loans totaling over $12 million, including a $3.8 million first mortgage and a $500,000 line of credit for Fieldston Garden Apartments, Inc., a 69-unit co-op located at 525 West 238th Street in Bronx, NY; a $1.9 million first mortgage and a $200,000 line of credit for a 57-unit co-op located at 11 Wooley’s Lane in Great Neck, NY; a $1.8 million first mortgage and a $750,000 line of credit for 520 West 50th Street Inc., a 40-unit co-op located at 520-522 West 50th Street in Manhattan; a $1.7 million first mortgage and a $500,000 line of credit for Rhoda Apartments Corporation, a 42-unit co-op located at 65-70 Booth Street in Rego Park, NY; a $750,000 line of credit for 222 East 80 Corp., a 90-unit co-op located at 222 East 80th Street in Manhattan; a $300,000 line of credit for Crestwood Apartments, Inc., a 36-unit co-op located at One Meadow Drive in Woodsburgh, NY; and a $215,000 first mortgage for a ten-unit co-op located at 145 West 80th Street 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.