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NCB New York Arranges Over $41 Million in New Loans during December

New York, NY (January 14, 2010) — NCB, FSB, a leading lender to cooperative housing throughout the Tri-State area, and the federally-insured depository subsidiary of NCB Financial Group, originated over $41 million in new loans during December for 21 new properties.  The financing arranged during the month included $36 million in mortgages and $5.6 million in lines of credit. Edward Howe III, Managing Director of the NCB,FSB New York office, made the announcement.

“Last year ended on a strong note, with over twenty local properties arranging financing in December,” said Mr. Howe. “We believe this trend will continue in the new year, with more cooperative boards using financing to address a variety of building needs. From refinancing existing debt and undertaking capital improvement projects, we are proud to be a consistent source of financing for these communities in today’s challenging lending environment.”

Mr. Howe arranged $9.2 million in financing during December including a $3 million first mortgage for a 72-unit co-op located at 2187 Holland Avenue in the Bronx; a $1.8 million first mortgage and a $250,000 line of credit for a 44-unit co-op located at 819 Broadway in Woodsburgh, NY; a $1.8 million first mortgage and a $250,000 line of credit for a 54-unit co-op located at 55 Ehrbar Avenue in Mt. Vernon, NY; a $1.5 million first mortgage and a $100,000 line of credit for Hillpark Plaza Inc., a 42-unit co-op located at 15 Hillpark Avenue in Great Neck, NY; and a $500,000 line of credit for Kensington Gate Owners Corp., a 94-unit co-op located at One Kensington Gate in Great Neck, NY.

NCB Senior Vice President Mindy Goldstein arranged over $18.6 million in new financing during December including a $5.5 million first mortgage and a $500,000 line of credit for Edgemont Apartments Corp., a 140-unit co-op located at 370-372 Central Park Avenue in Scarsdale, NY; a $3.9 million first mortgage and a $500,000 line of credit for a 143-unit co-op located at 80 Winthrop Street in Brooklyn, NY; a $2.8 million first mortgage and a $500,000 line of credit for a 47-unit co-op located at 130 West 86th Street in Manhattan; a $1.3 million first mortgage for Crestwood Apartments Inc., a 36-unit co-op located at One Meadow Drive in Woodsburgh, NY; a $1.1 million second mortgage for a 78-unit co-op located at 37-51 86th Street in Jackson Heights, NY; a $1 million first mortgage for a 38-unit co-op located at 180 Thompson Street in Manhattan; a $665,000 first mortgage and a $100,000 line of credit for a 20-unit co-op located at 106-108 West 87th Street in Manhattan; a $600,000 first mortgage for a 29-unit co-op located at 8 West 13th Street in Manhattan; and a $200,000 first mortgage and a $50,000 line of credit for a nine-unit co-op located at 320 East 14th Street in Manhattan.

NCB Senior Vice President Sheldon Gartenstein the largest loan in December for Clifton House Owners Corp., with a $5.6 million first mortgage and a $1 million line of credit for the 142-unit co-op located at 127 West 79th Street in Manhattan; a $2 million first mortgage and a $500,000 line of credit for a 59-unit co-op located at 854 West 181st Street in Manhattan; a $1.8 million first mortgage and a $500,000 line of credit for an 82-unit co-op located at 71-36 110th Street in Forest Hills, NY; a $750,000 first mortgage and a $250,000 line of credit for a 37-unit co-op located at 120 West 70th Street in Manhattan; a $500,000 line of credit for Hanover River House, a 29-unit co-op located at 335 Greenwich Street in Manhattan; a $425,000 first mortgage and a $100,000 line of credit for a 19-unit co-op located at 32 Downing Street in Manhattan; and a $300,000 first mortgage for a 12-unit co-op located at 130-132 Prospect Place in Brooklyn, NY.

As a full-service financial institution, NCB, FSB provides term loans, lines of credit, commercial and residential mortgages and personal and business banking products to cooperatives nationwide. NCB, FSB offers an array of business banking products for cooperatives including cash management, competitive deposit rates and full service payment processing and lockbox.

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, the Bank has offices in Alaska, California, New York, Ohio and Virginia. To learn more, visit www.ncb.coop. 

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.

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