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NCB New York Doubles Financing Activity in July Arranging Over $42 Million

 

New York, NY (August 13, 2009) NCB,FSB, a leading provider of financing to New York housing cooperatives, experienced a surge in lending activity during the month of July, nearly doubling originations from the previous month.  During the month, the New York team arranged $42.1 million in new loans, including $32.6 million in mortgages and $9.5 million in lines of credit for 22 local properties. Edward Howe III, Managing Director of the NCB,FSB New York office, made the announcement.

“NCB,FSB’s significant increase in lending activity, nearly double the number of originations in June, indicates the ongoing need for this type of financing throughout the Tri-State area,” said Mr. Howe. “In today’s uncertain market, housing communities are working hard to maintain their properties and protect their financial security. The ability to refinance or arrange funds for capital improvements is imperative, and we are proud to be ongoing provider of these resources.”

NCB,FSB Senior Vice President Sheldon Gartenstein arranged a total of $15.3 million in financing during July including the largest transaction of the month, a $4.5 million first mortgage and a $500,000 line of credit for Country Club Gardens Owners, Inc., a 220-unit co-op located at Farber Drive in West Babylon, NY.  He also arranged a $4 million first mortgage and a $1 million line of credit for Sherwood Village Cooperative D, Inc., a 225-unit co-op located at 99-05 59th Avenue in Corona, NY; a $2.6 million first mortgage and a $350,000 line of credit for a 34-unit co-op located at 38 Gramercy Park in Manhattan; a $650,000 first mortgage and a $100,000 line of credit for a seven-unit co-op located at 14 West 75th Street in Manhattan; a $540,000 first mortgage and a $100,000 line of credit for a 16-unit co-op located at 521 East 88th Street in Manhattan; a $500,000 line of credit for The Opera Owners, Inc., a 112-unit co-op located at 2166 Broadway in Manhattan; and a $500,000 line of credit  for Courtview Owners Corp., a 128-unit co-op located at 123-35 82nd Road in Kew Gardens, NY.

Mr. Howe arranged a total of $15.2 million in financing during July including a $4 million first mortgage and a $1 million line of credit for a 91-unit co-op located at 1056 Fifth Avenue in Manhattan; a $2.3 million first mortgage for Madison Park Owners, Inc., a 76-unit co-op located at 99 Madison Street in Port Washington, NY; a $2.2 million first mortgage and a $500,000 line of credit for Vincent Arms Owners Corp., a 97-unit co-op located at One Vincent Road in Bronxville, NY; a $2 million first mortgage for 35 W 9 Owners Corporation, a 36-unit co-op located at 35 West 9th Street in Manhattan; a $1.8 million line of credit for Park-Seventy Ninth Corp., a 44-unit co-op located at 895 Park Avenue in Manhattan; and a $1.2 million first mortgage and a $250,000 line of credit for a 53-unit co-op located at 595 Mclean Avenue in Yonkers, NY.

NCB,FSB Senior Vice President Mindy Goldstein arranged $11.6 million in financings during the month including a $2.5 million first mortgage and a $1 million line of credit for 51585 Owners Corporation, an 81-unit co-op located at 515 East 85th Street in Manhattan; a $2 million mortgage and a $300,000 line of credit for Parkway Apartments Owners Corporation, a 77-unit co-op located 2860 Bailey Avenue in the Bronx; a $1.4 million first mortgage and a $250,000 line of credit for Village Green Tenants Corp., a 52-unit co-op located at 95 North Broadway in White Plains, NY; a $1.2 million first mortgage and a $500,000 line of credit for a 42-unit co-op located at 130 West 16th Street in Manhattan; a $700,000 first mortgage and a $100,000 line of credit for a 37-unit co-op located at 200 Centre Avenue in New Rochelle, NY; a $600,000 line of credit for 340 Ridge Tenants Corp., an 86-unit co-op located at 34-356 Central Park Avenue in Scarsdale, NY; a $400,000 second mortgage for a 60-unit co-op located at 504 Merrick Road in Lynnbrook, NY; a $350,000 first mortgage and a $150,000 line of credit for a five-unit co-op located at 48 West 86th Street in Manhattan; and a $220,000 first mortgage for a five-unit co-op located at 59 Park Place in Brooklyn.

 

NCB Financial Group (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. To learn more about NCB Financial Group, 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.