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NCB Arranges Over $58 Million in Financing for New York Area Housing in May


New York, New York (June 21, 2007)
— NCB, the leading provider of financing to New York housing cooperatives, originated more than $58 million in financing in May for 29 New York area properties. The financings included $44.8 million in first mortgages and $13.7 million in lines of credit.

“As we approach the mid-year mark, our borrowing activity continues strong, due in part to NCB’s ability to provide cooperatives of all sizes with tailored financing to meet their specific needs, ” said Edward Howe III, Managing Director of the NCB New York office.  “We anticipate this robust financing volume will continue as long as property valuations maintain their steady growth.”

NCB’s Senior Vice President Mindy Goldstein arranged a total of $28 million in loans during May, including a $5 million first mortgage and a $750,000 line of credit for a 68-unit co-op located at 310 and 320 West 86th Street in Manhattan; a $3.7 million first mortgage and a $500,000 line of credit for a 41-unit co-op located at 970 Park Avenue in Manhattan; a $2.9 million first mortgage and a $500,000 line of credit for The La Costa, a 95-unit co-op located at 397-399 North Broadway in Yonkers, NY; a $2.5 million first mortgage and a $250,000 line of credit for an 86-unit condo-op located at 83-06 Vietor Avenue in Elmhurst, NY; a $2 million first mortgage and a $1 million line of credit for a 51-unit co-op located at 910 Fifth Avenue in Manhattan; a $1.8 million first mortgage and a $500,000 line of credit for a 101-unit co-op located at 310 East 49th Street in Manhattan; a $1.3 million line of credit for a 29-unit co-op located at 11 Schermerhorn Street in Brooklyn, NY; a $1 million line of credit for a 55-unit co-op located at 470 Park Avenue in Manhattan; a $900,000 first mortgage for a 26-unit co-op located at 40 West 24th Street in Manhattan; a $650,000 first mortgage and a $200,000 line of credit for a 44-unit co-op located at 782 West End Avenue in Manhattan; a $650,000 first mortgage and a $100,000 line of credit for Eastchester Estates, a 25-unit co-op located at 2 Lockwood Avenue in Bronxville, NY; a $610,000 line of credit for a 78-unit co-op located at 49 West 72nd Street in Manhattan; a $500,000 line of credit for a 76-unit co-op located at 3235 Cambridge Avenue in Riverdale, NY; a $450,000 line of credit for a 66-unit co-op located at 280 Guy Lombardo Avenue in Freeport, NY; a $100,000 line of credit for a 9-unit co-op located at 32 West 96th Street in Manhattan; and a $100,000 line of credit for a 4-unit co-op located at 135 Clinton Avenue in Brooklyn, NY.

NCB’s Senior Vice President Sheldon Gartenstein arranged a total of $19.3 million in loans during May including the largest deal of the month, an $8.5 million first mortgage and a $750,000 line of credit for a 312-unit co-op located at 250-55 46th Avenue in Bayside, NY.  In addition, Mr. Gartenstein originated a $1.4 million first mortgage and a $300,000 line of credit for a 16-unit co-op located at 575 Sixth Avenue in Manhattan; a $1.3 million first mortgage and a $500,000 line of credit for a 54-unit co-op located at 100 Bank Street in Manhattan; and a $500,000 line of credit for a 26-unit co-op located at 36 West 84th Street in Manhattan.

Mr. Howe arranged a total of $17.2 million in loans during May, including a $6.2 million first mortgage and a $1 million line of credit for The Westminster House, a 152-unit co-op located at 35 East 85th Street in Manhattan; a $2.9 million first mortgage for a 110-unit co-op located at 42 Pine Street in Yonkers, NY; a $2.5 million first mortgage and a $500,000 line of credit for a 91-unit co-op located at 377 Westchester Avenue in Port Chester, NY; a $1 million first mortgage and a $500,000 line of credit for a 59-unit co-op located at 3512 Oxford Avenue in Riverdale, NY; an $850,000 first mortgage and a $500,000 line of credit for a 12-unit co-op located at 84-86 Thomas Street in Manhattan; a $505,000 line of credit for Pelhamdale Manor, an 87-unit co-op located at 1-79 Robins Crescent and 86-142 Robins Road in New Rochelle, NY; a $250,000 line of credit for a 72-unit co-op located at 61-40 Saunders Street in Rego Park, NY; a $250,000 line of credit for The Jupiter Court, a 68-unit co-op located at 62-64 Saunders Street in Rego Park, NY; and a $250,000 line of credit for a 35-unit co-op located at 408 St. John’s Place 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.