New York, NY (February 10, 2009) — NCB, the leading provider of financing to New York housing cooperatives, originated over $17 million in financing in January for 14 New York area properties. The financings included $9.5 million in mortgages and $7.8 million in lines of credit. Edward Howe III, Managing Director of the NCB New York office, made the announcement.
“During January, nearly twenty more cooperatives turned to the Bank for financing. Some used the funds to refinance existing debt, while others to offset the cost of necessary capital improvement projects,” said Mr. Howe. “Fortunately for these cooperatives, NCB is still actively lending to these communities—big or small—even in today’s marketplace where the availability of this type of financing is greatly diminished.”
NCB’s Senior Vice President Sheldon Gartenstein arranged a total of $6.1 million in financing during January including a $2.3 million first mortgage and a $500,000 line of credit for Jaxboro Corp., a 141-unit co-op located at 34-41 85th Street in Jackson Heights, NY; a $1 million line of credit for Linda Tenants Corp., a 119-unit co-op located at 209-10 41st Avenue in Bayside, NY; a $1 million line of credit for the 81-unit co-op located at 8 East 83rd Street in Manhattan; a $500,000 line of credit for a 37-unit co-op located at 58 Grace Avenue in Great Neck, NY; a $450,000 line of credit for Hudson Gate II Apartments Corp., a 55-unit co-op located at 6209-6215 Boulevard East in West New York, NJ; and a $300,000 line of credit for Main Duane Owners Corp., a 14-unit co-op located at 134-140 Duane Street in Manhattan.
Mr. Howe arranged $8.8 million in loan originations during the month including a $4.9 million first mortgage and a $500,000 line of credit for Hawthorne Owners Corp., a 144-unit condop located at 211 East 53rd Street in Manhattan; a $2.5 million line of credit for Chelsea Gardens Owners Corp., a 160-unit, co-op located at 255 West 23rd Street in Manhattan; a $500,000 line of credit for a 73-unit co-op located at 1200 Madison Avenue in Manhattan; and a $365,000 first mortgage for an eight-unit co-op located at 127 West 15th Street in Manhattan.
NCB’s Senior Vice President Mindy Goldstein arranged $2.4 million in financing during January including a $1.2 million first mortgage for a ten-unit condop located at 38-40 North Moore Street in Manhattan; a $500,000 line of credit for NW Mad-95 Owners Corp., a 24-unit co-op located at 27 East 95th Street/1356 Madison Avenue in Manhattan; a $435,000 first mortgage for a six-unit co-op located at 333 West 84th Street in Manhattan; and a $310,000 first mortgage for 190 Heights Housing Corp., a five-unit co-op located at 190 Columbia Heights in Brooklyn, NY.
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.
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.
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