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NCB Arranges Over $68 Million in Financing for New York Area Housing


New York, New York (February 21, 2007) — NCB, the leading provider of financing to New York housing cooperatives, originated more than $68 million in financing in January for 22 New York area properties. The financings included $54.5 million in first mortgages and $13.6 million in lines of credit.

“The New Year is off to a great start, with January’s financing activity topping $68 million, our strongest January volume in five years,” stated Edward Howe III, Managing Director of the NCB New York office. “Our team’s ability to provide the creative financing packages and top-quality service our customers deserve is evidenced in these robust numbers.  As New York boards continue to refinance and launch capital improvement projects, our lending activity shows no sign of slowing down.”

NCB’s Senior Vice President Sheldon Gartenstein arranged a total of $18.6 million in loans during January, including a $6 million first mortgage and a $1 million line of credit for a 158-unit co-op located at 3 Sheridan Court in Manhattan; a $4.3 million first mortgage and a $1 million line of credit for a 63-unit co-op located at 340 Riverside Drive in Manhattan; a $2.2 million first mortgage and a $500,000 line of credit for an 83-unit co-op located at 225 East 74th Street in Manhattan; a $2.1 million first mortgage and a $300,000 line of credit for a 61-unit co-op located at 140-17 84th Drive in Briarwood, NY; and an $840,000 first mortgage and a $400,000 line of credit for Peekskill Towers, a 123-unit co-op located at 1 Lakeview Drive in Peekskill, NY.

Mr. Howe arranged a total of $34 million in loans during January, including the largest deal of the month, a $12.5 million first mortgage and a $5 million line of credit for a 1,106-unit co-op located at 97-07 63rd Road in Rego Park, NY.  In addition, Mr. Howe originated a $3.8 million first mortgage and a $1 million line of credit for a 133-unit co-op located at 480 Riverdale Avenue in Yonkers, NY; a $3.4 million first mortgage and a $500,000 line of credit for a 108-unit co-op located at 134-54 Maple Avenue in Flushing, NY; a $2.2 million first mortgage for Pelhamdale Manor, an 87-unit co-op located at 1-79 Robins Crescent and 86-142 Robins Road in New Rochelle, NY; a $1.6 million first mortgage and a $500,000 line of credit for a 57-unit co-op located at 266 Pelham Road in New Rochelle, NY; and a $1.3 million first mortgage and a $200,000 line of credit for a 65-unit co-op located at 88-30 182nd Street in Jamaica Estates, NY; a $1 million first mortgage and a $200,000 line of credit for a 51-unit co-op located at 45 Overlook Terrace in Manhattan; and an $800,000 first mortgage for a 20-unit co-op located at 120 East 83rd Street in Manhattan.

NCB’s Senior Vice President Mindy Goldstein arranged a total of $15.6 million in loans during January, including a $4.5 million first mortgage and a $500,000 line of credit for Contello Towers, a 160-unit co-op located at 2652 Cropsy Avenue in Brooklyn, NY; a $2.2 million first mortgage and a $750,000 line of credit for a 15-unit co-op located at 620 Park Avenue in Manhattan; a $1.5 million first mortgage and a $250,000 line of credit for a 12-unit co-op located at 34-36 North Moore Street in Manhattan; a $1.5 million first mortgage for a 60-unit co-op located at 156-168 East 3rd Street in Manhattan; a $1.1 million first mortgage and a $500,000 line of credit for Athenium House, a 10-unit co-op located at 54 East 11th Street; a $900,000 first mortgage and a $200,000 line of credit for a 13-unit co-op located at 45-47 Crosby Street in Manhattan; a $600,000 line of credit for a 99-unit co-op located at 3260 Cruger Avenue in Bronx, NY; a $400,000 first mortgage and a $150,000 line of credit for a 10-unit co-op located at 316 West 82nd Street in Manhattan; and a $400,000 first mortgage and a $100,000 line of credit for a 7-unit co-op located at 15 Meadow Avenue in Bronxville, 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, Connecticut and New York. In addition, NCB has a growing community banking network in southwestern Ohio. To learn more about NCB, visit www.ncb.coop.