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NCB’s New York Team Reports $19 Million in New Financing Activity during May


New York, NY (June 15, 2009)
— A leading provider of financing to New York housing cooperatives, NCB arranged $19 million in new loan originations during the month of May. The financings included $11.8 million in mortgages and $7.1 million in lines of credit for 14 local properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.

“We are pleased that financing activity remained consistent with the previous month, especially in light of the slowly rising interest rates,” said Mr. Howe. “As these rates begin to climb, now more than ever, is a great time for properties throughout the Tri-State area to borrow funds to refinance existing debt and manage the cost of capital improvements.”

NCB Senior Vice President Mindy Goldstein arranged $4.4 million in financing during the month including a $1.3 million line of credit for a 29-unit co-op located at 161 Henry Street in Brooklyn, NY; a $1 million line of credit for Edgebrook Cooperative, Inc., a 159-unit co-op located at 651-685 Hillside Avenue a/k/a 39-84 Lawrence Drive in North White Plains, NY; an $800,000 first mortgage and a $250,000 line of credit for a 14-unit co-op located at 32-34 West 74th Street in Manhattan; a $360,000 first mortgage for a 10-unit co-op located at 45 West 89th Street in Manhattan; a $300,000 first mortgage and a $150,000 line of credit for a 30-unit co-op located at 210 East 21st Street in Manhattan; and a $275,000 first mortgage for a 22-unit condop located at 205 Hicks Street in Brooklyn, NY.

NCB Senior Vice President Sheldon Gartenstein arranged a total of $7.8 million in financing during May including the largest loan of the month, a $3.2 million first mortgage and a $500,000 line of credit for a 131-unit co-op located at 83-10 35th Avenue in Jackson Heights, NY; a $1.5 million first mortgage and a $500,000 line of credit for a 72-unit co-op located at 750 Park Avenue in Manhattan; a $1.3 million first mortgage and a $400,000 line of credit for a 47-unit co-op located at 2711 Henry Hudson Parkway in Riverdale, NY;  and a $400,000 line of credit for a 32-unit co-op located at 4-14 Mulford Place in Hempstead, NY.

Mr. Howe arranged over $6.6 million in financing during May, including a $3 million first mortgage for Ridge Harbor Owners Corp., a 167-unit co-op located at 138-164 71st Street and 145-162 72nd Street in Brooklyn, NY; a $1.5 million line of credit for Evergreen Owners, Inc., a 101-unit co-op located at 37-21 80th Street in Jackson Heights, NY; a $1.1 million first mortgage and a $500,000 line of credit for Tudor Owners Corp., an 88-unit co-op located at 3601 Johnson Avenue in Riverdale, NY; and a $600,000 line of credit for a 66-unit co-op located at 72-10 112th Street in Forest Hills, NY.

 

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.