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NCB Arranges Over $61 Million in Financing for New York Area Housing in July

New York, New York (August 10, 2007) — NCB, the leading provider of financing to New York housing cooperatives, originated more than $61 million in financing in July for 22 New York area properties. The financings included $53.1 million in first mortgages and $8.2 million in lines of credit.

“Robust financing for July nearly doubled from the previous month’s volume,” said Edward Howe III, Managing Director of the NCB New York office. “This success further demonstrates NCB’s ability to provide fast and efficient, premium financing options to New York area housing cooperatives.”

NCB’s Senior Vice President Sheldon Gartenstein arranged a total of $25.2 million in loans during July, including the largest deal of the month, a $12.7 million first mortgage and a $1 million line of credit for a 286-unit co-op located at 315 East 68th Street in Manhattan.  In addition, Mr. Gartenstein originated a $3 million first mortgage and a $1 million line of credit for an 80-unit co-op located at 210 East 73rd Street in Manhattan; a $3 million first mortgage and a $500,000 line of credit for The Rivermere, a 39-unit co-op located at 72 Pondfield Road West in Bronxville, NY; a $2 million first mortgage and a $500,000 line of credit for an 87-unit co-op located at 345 Bronx River Road in Yonkers, NY; a $1.1 million first mortgage and a $300,000 line of credit for a 53-unit co-op located at 70 Haven Avenue in Manhattan; and a $500,000 first mortgage and a $100,000 line of credit for a 22-unit co-op located at 236 East 78th Street in Manhattan.

Mr. Howe arranged a total of $22.3 million in loans during July, including a $4.75 million first mortgage for The Madison Court, a 96-unit co-op located at 1787 Madison Avenue in Manhattan; a $3.5 million first mortgage and a $500,000 line of credit for a 79-unit co-op located at 3299 Cambridge Avenue in Bronx, NY; a $3 million first mortgage and a $200,000 line of credit for a 77-unit co-op located at 133-159 Smith Street in Freeport, NY; a $2.3 million first mortgage and a $250,000 line of credit for a 119-unit co-op located at 3015-3017 Riverdale Avenue in Riverdale, NY; a $1.9 million first mortgage and a $200,000 line of credit for a 56-unit co-op located at 494 South Ocean Avenue in Freeport, NY; a $1.5 million first mortgage and a $500,000 line of credit for The Merrick Park Garden Cooperative Apartments, a 115-unit co-op located at 109-14A 172nd Street in Jamaica, NY; a $1 million line of credit for a 37-unit co-op located at 4 East 70th Street in Manhattan; an $800,000 first mortgage and a $150,000 line of credit for a 21-unit co-op located at 165 Perry Street in Manhattan; a $500,000 first mortgage and a $200,000 line of credit for a 21-unit co-op located at 30 East 10th Street in Manhattan; a $500,000 line of credit for a 52-unit co-op located at 415 Gramatan Avenue in Mt. Vernon, NY; and a $400,000 first mortgage and a $100,000 line of credit for a 33-unit co-op located at 500-512 Kappock Street in Riverdale, NY.

NCB’s Senior Vice President Mindy Goldstein arranged a total of $14.4 million in loans during July, including a $9 million first mortgage and a $2 million line of credit for a 190-unit co-op located at 251 East 51st Street in Manhattan; a $2.7 million first mortgage for Sea Cliff Towers, a 121-unit co-op located at 20 Cliff Street in Staten Island, NY; a $295,000 first mortgage for a 17-unit co-op located at 241 East 7th Street in Manhattan; a $200,000 line of credit for a 52-unit co-op located at 32 East Broad Street and 33 East Grand Street in Mt. Vernon, NY; and a $180,000 first mortgage for a 4-unit co-op located at 51 Seventh Avenue in Brooklyn, 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. Independent financial advisory services are offered through NCB Financial Advisors. 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 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.