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NCB Arranges Over $11 Million in Financing for New York Area Housing in January


New York, New York (February 14, 2008)
— NCB, the leading provider of financing to New York housing cooperatives, originated over $11 million in financing in January for 12 New York area properties. The financings included $8.3 million in mortgages and $3.4 million in lines of credit.  Edward Howe III, Managing Director of the NCB New York office, made the announcement.

“Although closing activity in January was lower than previous months, properties are still borrowing to fund a wide range of capital improvement projects or refinance existing debt,” stated Mr. Howe.  “We are actively building our pipeline with new deals, and are pleased to be able to create tailored loan packages to meet the varying needs of cooperatives in the Tri-State area.”

NCB’s Senior Vice President Sheldon Gartenstein arranged a total of $2.6 million in loans during January, including a $930,000 first mortgage and a $200,000 line of credit for a 20-unit co-op located at 408 East 73rd Street in Manhattan; an $800,000 first mortgage and a $300,000 line of credit for a 20-unit co-op located at 226 East 27th Street; and a $400,000 third term mortgage for a 53-unit co-op located at 157 East 75th Street in Manhattan.

Mr. Howe arranged a total of $2.3 million in loans during January, including a $1 million third term mortgage for Park Court Owners, Inc., a 125-unit co-op located at 755 Bronx River Road in Yonkers, NY; a $900,000 first mortgage for Hadley Mews Owners Corp., a 12-unit co-op located at 10 Wooleys Lane in Great Neck, NY; and a $350,000 second term mortgage for North Broadway Estates, Ltd., a 54-unit co-op located at 309 North Broadway in Yonkers, NY.

NCB’s Senior Vice President Mindy Goldstein arranged a total of $6.8 million in loans during January, including the largest deal of the month, a $3.7 million first mortgage for a 40-unit co-op located at 150 West 87th Street in Manhattan.  In addition, Ms. Goldstein originated a $1 million line of credit for Wakefield Cooperative Corp., a 199-unit co-op located at 745-749 East 231st Street & 730-740 East 232nd Street in Bronx, NY; a $915,000 line of credit for Claremont Lasalle, Inc., a 24-unit co-op located at 170 Claremont Avenue in Manhattan; a $500,000 line of credit for a 75-unit co-op located at 260 West End Avenue in Manhattan; a $500,000 line of credit for an 89-unit co-op located at 2555 East 12th Street in Brooklyn, NY; a $175,000 first mortgage for a 5-unit co-op located at 36 West 88th Street in Manhattan.

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.