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NCB Arranges $70 Million in Financing for New York Area Housing in September


New York, New York (October 17, 2007) — NCB, the leading provider of financing to New York housing cooperatives, originated $70 million in financing in September for 29 New York area properties. The financings included $52.9 million in mortgages and $16.8 million in lines of credit.

“The surge in lending activity during September was significant, with financings nearly doubling from the previous month,” stated Edward Howe III, Managing Director of the NCB New York office.  “This upward trend demonstrates that many New York area cooperatives are still eager to take advantage of our creative financing packages.”

Mr. Howe arranged a total of $26.5 million in loans during September, including the largest deal of the month, a $15.5 million first mortgage and a $1 million line of credit for The Birchwood Glen, a 363-unit co-op located at 14 Glen Hollow Drive in Holtsville, NY; In addition, Mr. Howe originated a $2.7 million first mortgage and a $500,000 line of credit for a 106-unit co-op located at 222-250 North Broadway in Yonkers, NY; a $1.6 million first mortgage and a $300,000 line of credit for a 53-unit co-op located at 55 Halley Street in Yonkers, NY; a $1 million second mortgage and a $1 million third mortgage for a 138-unit co-op located at 1523 Central Park Avenue in Yonkers, NY; a $1 million line of credit for a 32-unit co-op located at 3 East 69th Street in Manhattan; a $925,000 first mortgage and a $25,000 line of credit for a 9-unit co-op located at 722 Broadway in Manhattan; and an $875,000 first mortgage for a 49-unit co-op located at 91 Van Cortland Avenue West in Bronx, NY.

NCB’s Senior Vice President Mindy Goldstein arranged a total of $18.2 million in loans during September, including a $3.5 million line of credit for a 325-unit co-op located at 20 East 9th Street in Manhattan; a $2.6 million first mortgage for Curzon House, a 103-unit co-op located at 83-80 118th Street in Kew Gardens, NY; a $2 million first mortgage and a $200,000 line of credit for a 55-unit co-op located at 930 St. Nicholas Avenue in Manhattan; a $1.7 million first mortgage and a $250,000 line of credit for a 7-unit co-op located at 307-309 West Broadway in Manhattan; a $1.6 million first mortgage and a $200,000 line of credit for a 47-unit co-op located at 720 West 173rd Street in Manhattan; a $1.5 million first mortgage and a $500,000 line of credit for a 47-unit co-op located at 235 Lincoln Place in Brooklyn, NY; a $1.5 million line of credit for an 81-unit co-op located at 230 Park Place in Brooklyn, NY; a $600,000 first mortgage and a $100,000 line of credit for a 16-unit condo-op located at 715 Ninth Avenue in Manhattan; a $500,000  first mortgage and a $200,000 line of credit for a 12-unit co-op located at 788 Ninth Avenue in Manhattan; a $500,000 second mortgage for a 10-unit co-op located at 40 East 19th Street in Manhattan; a $400,000 first mortgage and a $100,000 line of credit for an 11-unit co-op located at 229 East 81st Street in Manhattan; and a $175,000 first mortgage and a $100,000 line of credit for a 5-unit co-op located at 438 West 23rd Street in Manhattan.

NCB’s Senior Vice President Sheldon Gartenstein arranged a total of $26 million in loans during September, including a $5 million first mortgage and a $1 million line of credit for a 524-unit co-op located at 87 Mill Road in Eastchester, NY;  a $3 million first mortgage and a $1 million line of credit for a 21-unit co-op located at 1001 Park Avenue in Manhattan; a $2.7 million first mortgage and a $1 million line of credit for a 102-unit co-op located at 420 Riverside Drive in Manhattan; a $2.3 million first mortgage and a $1 million line of credit for a 73-unit co-op located at 25 East 9th Street in Manhattan; a $2 million first mortgage and a $500,000 line of credit for a 39-unit co-op located at 309 West 104th Street in Manhattan; a $2 million first mortgage and a $500,000 line of credit for a 35-unit co-op located at 36 Barstow Road in Great Neck, NY; a $1.2 million first mortgage and a $300,000 line of credit for an 11-unit co-op located at 33 Bleecker Street in Manhattan; a $1 million first mortgage and a $200,000 line of credit for a 30-unit co-op located at 80-82 Charles Street in Manhattan; an $800,000 first mortgage and a $300,000 line of credit for a 54-unit co-op located at 333 East 80th Street in Manhattan; and a $240,000 first mortgage for a 4-unit co-op located at 283 6th Avenue in Brooklyn, NY.

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. Independent financial advisory services are offered through NCB Financial Advisors. Housing development services are offered through NCB and NCB Capital Impact's jointly owned subsidiary, NCB Community Works, LLC.

 

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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