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NCB New York Arranges $25 Million in New Financing Activity During September

Washington, DC (October 8, 2009) — NCB, FSB, a leading provider of financing to New York housing cooperatives and the federally-insured depository subsidiary of NCB Financial Group, reports another solid month of lending activity during September, originating $25 million in new loans. During the month, nine additional cooperatives secured financing including $21.3 million in mortgages and $3.4 million in lines of credit. Edward Howe III, Managing Director of the NCB,FSB New York office, made the announcement.

“As indicated by the consistent pace of lending activity during the past few months, cooperatives continue to arrange funds for a variety of reasons,” said Mr. Howe. “All agree now is an ideal time to secure funds in this still low interest rate environment, and NCB, FSB is proud to be a constant source of financing for this community.”

Mr. Howe arranged the largest loan of September, with a $12 million first mortgage for Rex Ridge Apartment Corp., a 372-unit co-op located at 23 Fieldstone Drive in Hartsdale, NY.

NCB Senior Vice President Mindy Goldstein arranged nearly $4 million in financing during the month including a $2 million third mortgage for a 375-unit co-op located at 460 Old Town Road in Port Jefferson, NY; a $1.2 million line of credits for a 41-unit co-op located at 718 Broadway in Manhattan; a $210,000 first mortgage for a seven-unit co-op located at 53 Montgomery Place in Brooklyn, NY; and a $200,000 first mortgage for Van Park Housing Corp., an eight-unit co-op located at 679 Vanderbilt Avenue in Brooklyn, NY.

NCB Senior Vice President Sheldon Gartenstein arranged over $9 million in financing during September including a $5 million first mortgage and a $1 million line of credit for Columbus Park Owners, Inc., a 162-unit co-op located at 100 West 94th Street in Manhattan; a $1 million first mortgage and a $200,000 line of credit for a 19-unit co-op located at 155-159 Lafayette Avenue in Brooklyn, NY; a $900,000 first mortgage and $150,000 line of credit for 69 & 77 28th Street Jackson Heights, Inc., a 16-unit co-op located at 37-40 85th Street in Jackson Heights, NY; and an $800,000 line of credit for Vernon Manor Cooperative Apartments Section II, Inc.,  a 240-unit co-op  located at 505 East Lincoln Avenue in Mt. Vernon, NY.

As a full-service financial institution, NCB, FSB provides term loans, lines of credit, commercial and residential mortgages, lease financing, private placements and personal and business banking products. In addition, the Bank offers an array of other business banking products via its secure, online cash management platform, including Real Time Deposit, its remote deposit capture product allowing businesses to efficiently deposit checks via remote scanning services operated at the business’ location. The Bank is also a member of CDARS network, providing customers with a single source for FDIC insurance on CDs up to $50 million.

NCB,FSB is the federally insured depository subsidiary of NCB Financial Group which includes National Consumer Cooperative Bank and the non-profit affiliate NCB Capital Impact. 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 FDIC insured. Each is a separate corporation within the NCB Financial Group.

NCB Financial Group 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 also has offices in Alaska, California, New York and Virginia. In addition, NCB,FSB has a growing community banking network in southwestern Ohio. To learn more about NCB Financial Group, visit www.ncb.coop. 

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