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NCB Arranges Over $36 Million in Financing for New York Area Housing in June

 

New York, New York (July 16, 2007) — NCB, the leading provider of financing to New York housing cooperatives, originated more than $36 million in financing in June for 22 New York area properties. The financings included $21.9 million in first mortgages and $14.8 million in lines of credit.

“Healthy lending activity continued in June, with a still substantial number of borrowers arranging financing for a variety of needs,” commented Edward Howe III, Managing Director of the NCB New York office.  “Whether Boards are moving ahead with significant capital improvement projects or refinancing existing debt, NCB is increasingly the lender of choice in the Tri-State area.”

Mr. Howe arranged a total of $13.6 million in loans during June, including the largest deal of the month, a $4.5 million line of credit for a 74-unit co-op located at 1120 Park Avenue in Manhattan.  In addition Mr. Howe originated a $2 million first mortgage and a $250,000 line of credit for a 75-unit co-op located at 145-43 41st Avenue in Flushing, NY; a $1.8 million first mortgage and a $500,000 line of credit for a 38-unit co-op located at 41 West 82nd Street in Manhattan; a $1.4 million first mortgage for The McCorkle, a 129-unit co-op located at 245-247 Parkview Avenue in Yonkers, NY; a $1.1 million first mortgage and a $300,000 line of credit for a 46-unit co-op located at 47 Alta Avenue in Yonkers, NY; a $900,000 first mortgage and a $200,000 line of credit for a 52-unit co-op located at 124 Smith Street in Freeport, NY; a $600,000 line of credit for a 40-unit condo-op located at 649 Second Avenue in Manhattan; and a $200,000 line of credit for a 25-unit co-op located at 40 East Birch Street in Mt. Vernon, NY.

NCB’s Senior Vice President Mindy Goldstein arranged a total of $5.4 million in loans during June, including a $2 million line of credit for The Forest Park Crescent, a 240-unit co-op located at 90-50 & 90-60 Union Turnpike in Glendale, NY; an $850,000 first mortgage and a $500,000 line of credit for a 37-unit co-op located at 215 West 78th Street in Manhattan; an $800,000 third term mortgage and a $600,000 line of credit for a 25-unit co-op located at 17-19 East 95th Street in Manhattan; a $325,000 first mortgage and a $50,000 line of credit for an 18-unit co-op located at 254 East 7th Street in Manhattan; and a $250,000 line of credit for Greenridge Gardens, a 50-unit co-op located at 2 Greenridge Avenue in White Plains, NY.

NCB’s Senior Vice President Sheldon Gartenstein arranged a total of $17.7 million in loans during June, including a $3.5 million first mortgage and a $500,000 line of credit for a 49-unit co-op located at 50 Plaza Street in Brooklyn, NY; a $2.2 million first mortgage and a $500,000 line of credit for The Amsterdam, a 90-unit condo-op located at 175 West 92nd Street in Manhattan; a $2 million first mortgage and a $500,000 line of credit for Presidential Towers, a 183-unit co-op located at 315 West 70th Street in Manhattan; a $1.6 million first mortgage and a $300,000 line of credit for an 18-unit co-op located at 26 Beaver Street in Manhattan; a $1.5 million first mortgage and a $300,000 line of credit for a 35-unit co-op located at 133 Eight Street in Brooklyn, NY; a $1.3 million first mortgage and a $500,000 line of credit for The Brigham Shellbank, a 108-unit co-op located at 2241-51 Plumb 1st Street in Brooklyn, NY; a $1.1 million first mortgage and a $250,000 line of credit for a 16-unit co-op located at 151 West 28th Street in Manhattan; a $1 million line of credit for a 94-unit co-op located at 525 East 82nd Street in Manhattan; and a $500,000 first mortgage and a $200,000 line of credit for an 8-unit co-op located at 17 West 17th 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.