New York, NY (August 9, 2010) — NCB, FSB, a federally insured savings bank and a leading lender to cooperative housing throughout the Tri-State area, arranged more than $34 million in new financing during the month of July for 18 New York area properties. Edward Howe III, Managing Director of the NCB, FSB New York office, made the announcement.
“In what is a traditionally a slower time of the year for lending activity, we are proud to report another strong month for the New York office,” said Mr. Howe. “We anticipate this trend to continue as more cooperatives take advantage of the still low interest rate environment to refinance existing debt or underwrite the cost of capital improvement projects.”
NCB, FSB Senior Vice President Sheldon Gartenstein arranged nearly $10 million in new loans during the month including a $3.4 million first mortgage and a $250,000 line of credit for a 33-unit co-op located at 10 East 85th Street in Manhattan; a $2.6 million first mortgage for a 44-unit co-op located at 360 Riverside Drive in Manhattan; a $1.7 million first mortgage and a $200,000 line of credit for a 24-unit co-op located at 9 East 97th Street in Manhattan; and a $1.3 million first mortgage and a $150,000 line of credit for 415 Ninth Street Tenants Corp., a 20-unit co-op located at 414 9th Street in Brooklyn, NY.
Mr. Howe arranged $17 million in new financing activity in July including a $3.3 million first mortgage and a $500,000 line of credit for The Jefferson Apartments Corp., a 76-unit co-op located at 137-40 45th Avenue in Flushing, NY; a $3 million first mortgage and a $500,000 line of credit for Danielle Apartment Corp., a 79-unit co-op located at 140 West 71st Street in Manhattan; a $2.5 million first mortgage for Sanford Kissena Owners Corp., a 94-unit co-op located at 140-20-30 Sanford Avenue in Flushing, NY; a $2.2 million first mortgage was arranged for a 58-unit co-op located at 107-111 West 82nd Street in Manhattan; a $1.5 million first mortgage and a $250,000 line of credit was arranged for Pomander Walk Housing Corp., a 63-unit co-op located at 3-10, 15-22 Pomander Walk in Manhattan; a $1.4 million first mortgage was arranged for a 91-unit co-op located at 1801 Ocean Avenue in Brooklyn, NY; a $500,000 first mortgage for 112-19 Street Jackson Heights, Inc., a ten-unit co-op located at 35-49 76th Street in Jackson Heights, NY; a $500,000 line of credit for a nine-unit co-op located at 950 Fifth Avenue in Manhattan; and a $500,000 line of credit for a 127-unit co-op located at 6485 & 6495 Broadway in Riverdale, NY.
NCB, FSB Senior Vice President Mindy Goldstein arranged over $8 million in new loan originations during the month including a $4.5 million first mortgage and a $250,000 line of credit for Finch Apartments Corp., a 77-unit co-op located at 61-65 East 77th & 52-54 East 78th in Manhattan; a $1.6 million first mortgage and a $500,000 line of credit for a 100-unit co-op located at 34-40 & 35-50 82nd Street in Jackson Heights, NY; a $700,000 first mortgage and a $200,000 line of credit for a 21-unit co-op located at 71 Sullivan Street in Manhattan; a $250,000 line of credit for Amackassin Gardens, a 40-unit co-op located at 293-295 North Broadway & 11 Pine Street in Yonkers, NY; and a $125,000 line of credit for Ivanhoe Apartment Owners Corp., a 45-unit co-op located at 38 Fourth Avenue in Nyack, 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 on Facebook, or on Twitter at coopbanking.
NCB Financial Group (NCB) consists of National Consumer Cooperative Bank, a federally chartered cooperative corporation; its wholly-owned subsidiary NCB, FSB, a federally chartered savings bank; and, NCB Capital Impact, a 501(c)3 nonprofit affiliate. 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.
# # #