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NCB Arranges Over $39 Million in Financing for New York Area Housing in August


New York, New York (September 19, 2007)
— NCB, the leading provider of financing to New York housing cooperatives, originated more than $39 million in financing in August for 24 New York area properties. The financings included $33 million in first and second mortgages and $6 million in lines of credit.

“Solid financing activity continued during August, as cooperative boards moved ahead with loan originations in the form of first mortgages and lines of credit,” said Edward Howe III, Managing Director of the NCB New York office.  “We continue to work closely with New York area co-ops to create and deliver loan packages boards want in a timely manner.”

NCB’s Senior Vice President Mindy Goldstein arranged a total of $19.7 million in loans during August, including the largest deal of the month, a $4.5 million first mortgage and a $100,000 line of credit for a 143-unit co-op located at 63-33 98th Place in Rego Park, NY.  In addition, Ms. Goldstein originated a $4.1 million first mortgage and a $250,000 line of credit for an 80-unit co-op located at 328-350 Lakeland Avenue in Sayville, NY; a $1.5 million first mortgage and a $500,000 line of credit for a 31-unit co-op located at 27 Prospect Park West in Brooklyn, NY; a $1.5 million first mortgage and a $250,000 line of credit for a 17-unit co-op located at 10-12 Leonard Street in Manhattan; a $1.4 million first mortgage and a $300,000 line of credit for a 4-unit co-op located at 91 East End Avenue in Manhattan; a $1.2 million first mortgage and a $100,000 line of credit for a 30-unit co-op located at 114 Morningside Drive in Manhattan; a $1 million line of credit and a $900,000 second mortgage for a 95-unit co-op located at 3755 Henry Hudson Parkway in Riverdale, NY; a $595,000 second mortgage for a 42-unit co-op located at 133 Beach 120th Street in Rockaway Park, NY; a $400,000 line of credit for an 11-unit co-op located at 169 Spring Street in Manhattan; a $350,000 second mortgage for a 73-unit co-op located at 255 Fieldston Terrace in Riverdale, NY; a $300,000 line of credit for a 76-unit co-op located at 250 Cabrini Boulevard in Manhattan; a $300,000 line of credit for a 28-unit co-op located at 177-179 Columbia Heights in Brooklyn, NY; and a $165,000 first mortgage for a 6-unit co-op located at 17 Warren Street in Manhattan.

NCB’s Senior Vice President Sheldon Gartenstein arranged a total of $8.8 million in loans during August, including a $3 million first mortgage and a $500,000 line of credit for a 124-unit co-op located at 69-40 Yellowstone Boulevard in Forest Hills, NY; a $2.9 million first mortgage and a $500,000 line of credit for a 36-unit co-op located at 165 Duane Street in Manhattan; a $1.3 million first mortgage for a 61-unit co-op located at 6535 Broadway in Bronx, NY; and a $500,000 first mortgage and a $200,000 line of credit for a 7-unit co-op located at 248 Lafayette Street in Manhattan.

Mr. Howe arranged a total of $10.5 million in loans during August, including a $4 million first mortgage for an 89-unit co-op located at 2199 Holland Avenue in Bronx, NY; a $2 million first mortgage for a 96-unit co-op located at 66-11 Yellowstone Boulevard in Forest Hills, NY; a $1.5 million first mortgage and a $250,000 line of credit for a 38-unit co-op located at 62 West 114th Street in Manhattan; a $1 million line of credit for a 120-unit co-op located at 3535-3555 Kings College Place in Bronx, NY; a $900,000 first mortgage for a 78-unit co-op located at 6601 Broadway in Bronx, NY; a $500,000 second mortgage for a 70-unit co-op located at 2035 Central Park Avenue in Yonkers, NY; and a $300,000 first mortgage for a 34-unit co-op located at 321 West 55th Street in Manhattan.

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.