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NCB, FSB New York Arranges Over $51 Million in New Financings for Local Cooperatives during January

 New York, NY (February 14, 2011) – NCB, FSB, a federally insured savings bank and a leading lender to cooperative housing throughout the Tri-State area started 2011 on a positive note, arranging over $51 million in new loans during January for 19 New York area properties.  Edward Howe III, Managing Director of the NCB, FSB New York office, made the announcement. 

“As the residential real estate market shows signs of improvement, cooperatives throughout the region continue to take steps to protect property values, by arranging financing to refinance existing debt and undertake capital improvements,” said Mr. Howe. “January started on a strong note and we anticipate this healthy lending volume to be the trend in the coming months.”   

NCB, FSB Senior Vice President Mindy Goldstein arranged over $12 million in new loans during January including a $3.2 million first mortgage for a 38-unit co-op located at 255 West 90th Street in Manhattan; a $2.8 million first mortgage and a $250,000 line of credit for Carlyle Towers Cooperative “B” Inc., a 185-unit co-op located at 138-10 Franklin Avenue in Flushing, NY; a $2.1 million first mortgage and a $500,000 line of credit for 61 East 72nd Street Corporation, a 13-unit co-op located at 760 Park Avenue in Manhattan; a $1 million first mortgage and a $250,000 line of credit for a 42-unit co-op located at 680 West 204th Street in Manhattan; a $785,000 first mortgage for a 34-unit co-op located at 407-413 East 91st Street in Manhattan; a $500,000 first mortgage for a seven-unit co-op located at 3 Great Jones Street in Manhattan; a $450,000 first mortgage for an 11-unit co-op located at 345 West 22nd Street in Manhattan; and a $350,000 first mortgage for a seven-unit co-op located at 365 West 19th Street in Manhattan. 

In January, Mr. Howe arranged more than $29 million in new financings including the largest loan of the month, a $6 million first mortgage and a $1 million line of credit for Garth Woods Owners Corp., a 198-unit co-op located at 235 Garth Road in Scarsdale, NY. He also originated a $5.5 million first mortgage and a $1 million line of credit for Blossom Gardens Apartments Inc., a 185-unit co-op located 134-30/34 Franklin Avenue and 134-33/39 Blossom Avenue in Flushing, NY; a $3.7 million first mortgage and a $500,000 line of credit for Tudor Woods Inc., a 149-unit co-op located at 76-98 DeHaven Drive in Yonkers, NY; a $3 million first mortgage for a 125-unit co-op located at 2940-2950 Ocean Avenue in Brooklyn, NY; a $2.3 million first mortgage and a $200,000 line of credit for Boulevard Apartments, an 84-unit co-op located at 103-26 & 103-30 68th Avenue in Forest Hills, NY; a $1.9 million first mortgage for a 114-unit co-op located at 720-740 East 32nd Street in Brooklyn, NY; a $1.9 million first mortgage for a 50-unit co-op located at 208 Centre Avenue in New Rochelle, NY; and a $1.8 million first mortgage and a $500,000 line of credit for a 34-unit co-op located at 350 East 57th Street in Manhattan.  

NCB, FSB Senior Vice President Sheldon Gartenstein arranged $10 million in new financings during the month including a $5 million first mortgage and a $1 million line of credit for a 155-unit co-op located at 444 East 75th Street in Manhattan; a $2 million first mortgage and a $500,000 line of credit for a 48-unit co-op located at 30 Bogardus Place in Manhattan; and a $1.5 million third mortgage for a 60-unit co-op located at 61 West 9th Street in Manhattan.  

      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. 

   

About NCB: 

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, National Cooperative Bank on Facebook, or on Twitter at coopbanking.  

   

The NCB Financial Group consists of the Congressionally-chartered National Consumer Cooperative Bank (NCCB) and NCB, FSB, a federally insured savings bank wholly owned by NCCB.  The NCB Financial Group provides financial products and services for the nation's cooperatives, their members, and socially responsible organizations. 

The NCB Financial Group also works in a strategic alliance with NCB Capital Impact, a non-profit Community Development Financial Institution created under the same act of Congress as NCCB with particular focus on impacting low and moderate income communities. 

   

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