• Home > Press Releases
  • >
  • NCB Arranges Over $38 Million in Financing for New York Area Housing in March

NCB Arranges Over $38 Million in Financing for New York Area Housing in March


New York, New York (April 14, 2008) — NCB, the leading provider of financing to New York housing cooperatives, originated over $38 million in financing in March for 20 New York area properties. The financings included $33.5 million in mortgages and $4.9 million in lines of credit.  Edward Howe III, Managing Director of the NCB New York office, made the announcement.

“With over $80 million in financing completed so far this year, we are pleased to finish the first quarter on such a strong note,” said Edward Howe III, Managing Director of the NCB New York office.  “Activity has increased every month, and with many properties continuing to refinance existing debt or fund a wide-range of capital improvement projects, we look forward to the next quarter following suit.”

Mr. Howe arranged a total of $18 million in loans during March, including a $6 million first mortgage for an 84-unit co-op located at 711 Shore Road in Long Beach, NY; a $3.5 million second term mortgage and a $500,000 line of credit for Cameo House Owners, Inc., a 96-unit co-op located at 300 Martine Avenue in White Plains, NY; a $3.3 million first mortgage and a $200,000 line of credit for a 72-unit co-op located at 2186 Cruger Avenue in Bronx, NY; a $2 million first mortgage and a $500,000 line of credit for a 68-unit co-op located at 100 Park Terrace West in Manhattan; a $1.4 million first mortgage for a 78-unit co-op located at 919 Park Place in Brooklyn, NY; a $500,000 second term mortgage for a 127-unit co-op located at 6485 & 6495 Broadway in Riverdale, NY; and a $150,000 line of credit for Maplewood Residence, Inc., a 48-unit co-op located at 1877 East 12th Street in Brooklyn, NY.

NCB’s Senior Vice President Mindy Goldstein arranged a total of $12.2 million in loans during March, including a $6 million second term mortgage for a 151-unit co-op located at 87-10 51st Avenue in Elmhurst, NY; a $1.5 million first mortgage for a 36-unit co-op located at 320 West 84th Street in Manhattan; a $1.2 million first mortgage and a $150,000 line of credit for Burnham House, Inc., a 12-unit co-op located at 840 Broadway in Manhattan; a $900,000 third term mortgage for a 74-unit co-op located at 61 Bronx River Road in Yonkers, NY; a $600,000 first mortgage and a $150,000 line of credit for Soho’s Sullivan Owner’s Corp., a 37-unit co-op located at 150 Sullivan Street in Manhattan; a $500,000 first mortgage and a $100,000 line of credit for a 28-unit co-op located at 126 West 96th Street in Manhattan; a $500,000 line of credit for Herald Square Loft Corp., an 11-unit co-op located at 31 West 31st Street in Manhattan; a $400,000 line of credit for Baltictown, Inc., an 18-unit co-op located at 240-242 Baltic Street in Brooklyn, NY; and a $250,000 line of credit for a 37-unit co-op located at 124 East 84th Street in Manhattan.

NCB’s Senior Vice President Sheldon Gartenstein arranged a total of $8.3 million in loans during March, including a $2.5 million first mortgage and a $500,000 line of credit for Mayfair Apartments Corp., a 67-unit co-op located at 200 North Village Avenue in Rockville Centre, NY; a $1.6 million first mortgage and a $500,000 line of credit for a 65-unit co-op located at 110 Shore Boulevard in Brooklyn, NY; a $1.3 million first mortgage and a $500,000 line of credit for a 182-unit co-op located at 801-821 Bronx River Road in Yonkers, NY; and a $900,000 first mortgage and a $500,000 line of credit for a 28-unit co-op located at 103 East 75th Street in Manhattan.

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. 

# # #