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NCB Arranges Over $30 Million in Commercial Real Estate Lending During First Quarter 2008



Washington, DC (April 30, 2008) — NCB, a leading provider of financial services nationwide, originated over $30 million in financing during the first quarter of 2008 for 11 commercial real estate properties across the country. Casey Fannon, Senior Vice President of NCB’s CMBS/Capital Markets, made the announcement.

“Even in light of the current credit market, NCB continues to arrange financing for commercial real estate properties across the country,” said Mr. Fannon. “Fortunately for these property owners, there are banks like NCB with a portfolio lending program, offering readily available funds to assist in the acquisition of properties, refinancing existing debt and covering the cost of building upgrades.”

In the first quarter, NCB closed the following loans:

  • Empire Park Plaza & East Main Merchant Plaza, Rochester, New York ($3,600,000)
    • Seven-year term, 30-year amortization
    • Refinance and building upgrades
    • 30,460 square-foot CVS anchored shopping center with an additional 17,031 square-foot retail strip
  • Greenwich-Desbrosses Realty New York City, New York ($1,100,000)
    • 18-month term, interest-only loan
    • Refinance and building upgrades
    • 5,660 square-foot fractured condominium ownership
  • County Estates, Larchmont, New York ($3,200,000)
    • Ten-year term, 25-year amortization
    • Refinance of a 77-unit, multi-family property
  • McCain Center, Frederick, Maryland ($2,600,000)
    • Seven-year term, 30-year amortization
    • Acquisition financing
    • 19,200 square-foot retail center
  • Varina Station, Fuquay-Varina, North Carolina ($2,175,000)
    • Seven-year term, 30-year amortization
    • Loan closed within 45 days
    • 100 percent leased
    • 18,670 square-foot mixed-used property
  • Centerplex Business Park, Clinton, Maryland ($1,622,000)
    • Seven-year term, interest-only
    • Acquisition financing
    • 23,000 square-foot, two-story office/retail building
  • Stor-All-Palmetto, Miami, Florida ($2,400,000)
    • Five-year term, 30-year amortization
    • Refinance and building upgrades
    • 60,445 square-foot, two-story, 634-unit self storage facility
  • deRochemont House, Newington, New Hampshire ($2,475,000)
    • Five-year term, 30-year amortization
    • Refinance of a $2,200,000 construction loan
    • 13,685 square-foot, three-story medical office building

  • Hampton Inn, Dalton, Georgia ($5,750,000)
    • Seven-year term, 25-year amortization
    • Acquisition financing and building upgrades
    • 45,000 square-foot, 124-room Hampton Inn
  • Mulberry Plaza, Braselton, Georgia ($5,000,000)
    • Three-year term, 30-year amortization
    • Refinance of existing mortgage and return of investor equity
    • 28,716 square-foot, Class A multi-tenant neighborhood retail center

The success of NCB’s commercial real estate lending efforts is partly due to its increasingly popular portfolio lending product, a great option for many commercial borrowers in today’s tougher financial marketplace. In the second half of 2007, NCB shifted its focus from loans destined for the CMBS market to an “on-book” portfolio lending program. This flexibility has allowed the Bank to stay highly-competitive in the commercial real estate market. NCB offers fixed-rate and variable loans from three, five- and seven-year terms with amortization periods up to 30 years, for all commercial property types.

Portfolio lending at NCB has great latitude in many respects including loan documentation, servicing, insurance requirements, and loan terms. There are no rigid requirements that are securitization driven, and one of the most attractive features is the flexible prepayment options and partial recourse. In addition, NCB is rated primary, master and special servicer, and service all of its loans, providing a stable relationship over time.

 

NCB Financial Group (NCB) consists of National Consumer Cooperative Bank, a wholesale funding company; NCB, FSB, a federally-charted savings bank; and, NCB Capital Impact, a 501(c)3 nonprofit.  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 a member FDIC.   Each is a separate corporation within the NCB Financial Group.

 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, 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.