New York, NY (March 11, 2009) — NCB, the leading provider of financing to New York housing cooperatives, originated nearly $16 million in financing during February for ten New York area properties. The financings included $10.7 million in mortgages and $ 5.2 million in lines of credit. Edward Howe III, Managing Director of the NCB New York office, made the announcement.
“In today’s challenging real estate market, more New York area cooperatives are protecting property values by undertaking important capital improvement projects or refinancing existing debt,” said Mr. Howe. “These cooperatives continue to turn to NCB to take advantage of our custom-tailored financing packages to subsidize the cost of these expensive initiatives.”
NCB Senior Vice President Mindy Goldstein arranged $4.1 million in financing during February including a $2.0 million line of credit for Toost Control Corp., a 165-unit co-op located at 301 East 63rd Street in Manhattan; a $1.1 million first mortgage and a $100,000 line of credit for a 35-unit co-op located at 220 Chestnut Street in Port Chester, NY; and an $850,000 first mortgage and a $100,000 line of credit for a 22-unit co-op located at 1264 Amsterdam Avenue in Manhattan.
NCB Senior Vice President Sheldon Gartenstein arranged a total of $2.25 million in financing during the month including a $1.5 million line of credit for YRH Owners Corp., a 228- unit cond-op located at 1175 York Avenue in Manhattan; a $625,000 line of credit for a 73-unit co-op located at 333 East Broadway in Long Beach, NY; and a $120,000 first mortgage for an 8-unit co-op located at 511 8th Street in Brooklyn, NY.
Mr. Howe arranged the largest loan during February with a $3.4 million first mortgage and a $100,000 line of credit for Ocean Beach Resort, Ltd,, an 80-unit co-op located at 108 South Emerson Avenue in Montauk, NY. He also arranged a $2.9 million first mortgage and a $500,000 line of credit for James Monroe Owners, Inc., a 104-unit co-op located at 104-20 68th Drive in Forest Hills, NY; a $1.7 million first mortgage and a $250,000 line of credit for an 84-unit co-op located at 140-15 Holly Avenue in Flushing, NY; and a $650,000 first mortgage for a 24-unit co-op located at 606 West 113th Street in Manhattan.
NCB means National Consumer Cooperative Bank, its subsidiaries and NCB Capital Impact, an affiliated non-profit corporation. Loans and technical assistance may be provided by NCB, NCB Capital Impact or NCB, FSB, all of which are Equal Housing Lenders. NCB, FSB is a wholly-owned subsidiary of NCB. Deposit products and services are provided by NCB, FSB, which is FDIC insured.
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. In addition, NCB has a growing community banking network in southwestern Ohio. To learn more about NCB, visit www.ncb.coop.