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NCB Arranges Over $27 Million in Financing for New York Area Housing in November

New York, New York (December 13, 2007) — NCB, the leading provider of financing to New York housing cooperatives, originated over $27 million in financing in November for 16 New York area properties. The financings included $21.1 million in mortgages and $6.6 million in lines of credit.  Edward Howe III, Managing Director of the NCB New York office, made the announcement.

“The NCB New York team has had another successful origination year,” stated Mr. Howe.  “So far this year, over 240 cooperatives and condominiums in the New York metropolitan area have turned to NCB for various financing needs.”

NCB’s Senior Vice President Mindy Goldstein arranged a total of $11.3 million in loans during November, including a $2.6 million first mortgage and a $1 million line of credit for a 132-unit condo-op located at 545 West 111th Street in Manhattan; a $2.3 million first mortgage and a $500,000 line of credit for Belgravia Gardens Corp., a 71-unit co-op located at 61-88 Dry Harbor Road in Middle Village, NY; a $1.4 million first mortgage and a $200,000 line of credit for an 60-unit co-op located at 415 Ocean Parkway in Brooklyn, NY; a $1 million line of credit for Emily Towers Owners Corp., a 119-unit co-op located at 35-10 150th Street in Flushing, NY; a $600,000 line of credit for a 40-unit co-op located at 520-522 West 50th Street in Manhattan; a $500,000 third mortgage for Broadpark Lodge Corp., a 94-unit co-op located at 2 Westchester Avenue in White Plains, NY; a $500,000 line of credit for a 35-unit co-op located at 131 East 93rd Street in Manhattan; a $500,000 line of credit for an 8-unit co-op located at 59 Wooster Street in Manhattan; and a $200,000 first mortgage for a 5-unit co-op located at 436 West 23rd Street in Manhattan.

NCB’s Senior Vice President Sheldon Gartenstein arranged a total of $4.4 million in loans during November, including a $1.3 million first mortgage and a $400,000 line of credit for a 41-unit co-op located at 166 West 22nd Street in Manhattan; a $1 million first mortgage and a $250,000 line of credit for an 84-unit co-op located at 2155 82nd Street in Brooklyn, NY; an $825,000 third term mortgage for 889 Realty, Inc, an 18-unit co-op located at 889 Broadway in Manhattan; and a $580,000 first mortgage and a $100,000 line of credit for 93 Tenants Corp., a 10-unit co-op located at 70 East 93rd Street in Manhattan.

Mr. Howe arranged a total of $11.9 million in loans during November, including the largest deal of the month, a $7 million first mortgage and a $1 million line of credit for a 73-unit co-op located at 1 West 64th Street in Manhattan. In addition, Mr. Howe originated a $2.9 million first mortgage and a $500,000 line of credit for a 104-unit co-op located at 3901 Independence Avenue in Riverdale, NY; and a $500,000 second mortgage for The Pavillion Owners Corp., a 72-unit co-op located at 144-63 35th Avenue in Flushing, NY.

NCB means National Consumer Cooperative Bank, its subsidiaries and NCB Capital Impact, an affiliated non-profit corporation. Loans and technical assistance may be provided by NCB, NCB Capital Impact or NCB, FSB, all of which are Equal Housing Lenders. NCB, FSB is a wholly-owned subsidiary of NCB. Deposit products and services are provided by NCB, FSB, which is FDIC insured. Housing development services are offered through NCB and NCB Capital Impact's jointly owned subsidiary, NCB Community Works, LLC.

 

NCB is dedicated to strengthening communities ntionwide through the delivery of banking and financial services, complemented by a special focus on cooperative expansion and economic development. Headquartered in Washington, DC, NCB also has offices in Alaska, California, New York and Virginia. In addition, NCB has a growing community banking network in southwestern Ohio. To learn more about NCB, visit www.ncb.coop.