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NCB Arranges Over $21 Million in Financing for New York Area Housing in August

New York, New York (September 11, 2008) — NCB, the leading provider of financing to New York housing cooperatives, originated over $21 million in financing in August for 17 New York area properties. The financings included $16 million in mortgages and $5 million in lines of credit.  Edward Howe III, Managing Director of the NCB New York office, made the announcement.

“We closed a substantial number of loans in August, a strong performance for what is traditionally a slow period of the year,” commented Mr. Howe.  “We’re pleased to be able to create loan packages to meet the varying needs cooperative boards have, whether it is funding capital improvement projects or refinancing existing debt.”

NCB’s Senior Vice President Mindy Goldstein arranged a total of $8.5 million in loans during August, including the largest deal of the month, a $3.5 million first mortgage and a $200,000 line of credit for Avalon Terrace Owners, Inc., a 166-unit co-op located at 89-00 170th Street in Jamaica, NY.  In addition, Ms. Goldstein originated a $1 million line of credit for a 17-unit co-op located at 652 Broadway in Manhattan; a $900,000 third term mortgage for a 35-unit co-op located at 375 Lincoln Place in Brooklyn, NY; a $700,000 first mortgage and a $100,000 line of credit for a 35-unit co-op located at 256 West 21st Street in Manhattan; a $600,000 third term mortgage for Spring Street Studios, Inc., a 6-unit co-op located at 114 Spring Street in Manhattan; a $500,000 line of credit for a 250-unit co-op located at 800 Grand Concourse in Bronx, NY; a $500,000 first mortgage for a 22-unit co-op located at 340 East 83rd Street in Manhattan; a $275,000 first mortgage for a 6-unit co-op located at 134 West 88th Street in Manhattan; a $200,000 line of credit for URBS Nova Cooperative, Inc., a 6-unit co-op located at 18 West 90th Street in Manhattan.

Mr. Howe arranged a total of $12.1 million in loans during August, including a $2.7 million first mortgage and a $150,000 line of credit for a 79-unit co-op located at 145 Valentine Lane in Yonkers, NY; a $2.3 million first mortgage and a $500,000 line of credit for a 60-unit co-op located at 164 West 79th Street in Manhattan; a $1.6 million first mortgage and a $350,000 line of credit a 52-unit co-op located at 30 Clinton Place in New Rochelle, NY; a $1.5 million line of credit for Regency Gardens Apartment Corp., a 545-unit co-op located at 141-41 Union Turnpike in Flushing, NY; a $1.5 million first mortgage for a 56-unit co-op located at 78-06 46th Avenue in Elmhurst, NY; a $780,000 first mortgage and a $150,000 line of credit for a 30-unit co-op located at 236 East 28th Street in Manhattan; and a $650,000 second term mortgage for 39th Avenue Apartments, Inc., a 114-unit co-op located at 52-05 thru 52-35 39th Avenue in Woodside, 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.