Washington, DC (April 30, 2008) — NCB, a leading provider of financial services nationwide, originated over $30 million in financing during the first quarter of 2008 for 11 commercial real estate properties across the country. Casey Fannon, Senior Vice President of NCB’s CMBS/Capital Markets, made the announcement.
“Even in light of the current credit market, NCB continues to arrange financing for commercial real estate properties across the country,” said Mr. Fannon. “Fortunately for these property owners, there are banks like NCB with a portfolio lending program, offering readily available funds to assist in the acquisition of properties, refinancing existing debt and covering the cost of building upgrades.”
In the first quarter, NCB closed the following loans:
Empire Park Plaza & East Main Merchant Plaza, Rochester, New York ($3,600,000)
Seven-year term, 30-year amortization
Refinance and building upgrades
30,460 square-foot CVS anchored shopping center with an additional 17,031 square-foot retail strip
Greenwich-Desbrosses Realty New York City, New York ($1,100,000)
18-month term, interest-only loan
Refinance and building upgrades
5,660 square-foot fractured condominium ownership
County Estates, Larchmont, New York ($3,200,000)
Ten-year term, 25-year amortization
Refinance of a 77-unit, multi-family property
McCain Center, Frederick, Maryland ($2,600,000)
Seven-year term, 30-year amortization
Acquisition financing
19,200 square-foot retail center
Varina Station, Fuquay-Varina, North Carolina ($2,175,000)
Seven-year term, 30-year amortization
Loan closed within 45 days
100 percent leased
18,670 square-foot mixed-used property
Centerplex Business Park, Clinton, Maryland ($1,622,000)
Seven-year term, interest-only
Acquisition financing
23,000 square-foot, two-story office/retail building
Stor-All-Palmetto, Miami, Florida ($2,400,000)
Five-year term, 30-year amortization
Refinance and building upgrades
60,445 square-foot, two-story, 634-unit self storage facility
deRochemont House, Newington, New Hampshire ($2,475,000)
Five-year term, 30-year amortization
Refinance of a $2,200,000 construction loan
13,685 square-foot, three-story medical office building
Hampton Inn, Dalton, Georgia ($5,750,000)
Seven-year term, 25-year amortization
Acquisition financing and building upgrades
45,000 square-foot, 124-room Hampton Inn
Mulberry Plaza, Braselton, Georgia ($5,000,000)
Three-year term, 30-year amortization
Refinance of existing mortgage and return of investor equity
28,716 square-foot, Class A multi-tenant neighborhood retail center
The success of NCB’s commercial real estate lending efforts is partly due to its increasingly popular portfolio lending product, a great option for many commercial borrowers in today’s tougher financial marketplace. In the second half of 2007, NCB shifted its focus from loans destined for the CMBS market to an “on-book” portfolio lending program. This flexibility has allowed the Bank to stay highly-competitive in the commercial real estate market. NCB offers fixed-rate and variable loans from three, five- and seven-year terms with amortization periods up to 30 years, for all commercial property types.
Portfolio lending at NCB has great latitude in many respects including loan documentation, servicing, insurance requirements, and loan terms. There are no rigid requirements that are securitization driven, and one of the most attractive features is the flexible prepayment options and partial recourse. In addition, NCB is rated primary, master and special servicer, and service all of its loans, providing a stable relationship over time.
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.
