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NCB Arranges Over $61 Million in Financing for New York Area Housing During a Strong December


New York, New York (January 9, 2007) — NCB, the leading provider of financing to New York housing cooperatives, originated more than $61 million in financing during December for 19 New York area properties. The financings included $52.7 million in first mortgages and $8.8 million in lines of credit.

“The New York office ended the year on a high-note, with over $61 million worth of financing during December—record-setting numbers for this time of year,” stated Edward Howe III, Managing Director of the NCB New York office. “We are looking forward to another great first quarter in 2007, with no sign of lending activity slowing down.”

Mr. Howe arranged a total of $17.4 million in loans during December, including a $7.6 million first mortgage and a $300,000 line of credit for a 300-unit co-op located at 181 Long Hill Road in Little Falls, NJ; a $3.8 million first mortgage and a $500,000 line of credit for a 45-unit co-op located at 236 West 26th Street in Manhattan; a $1.135 first mortgage and a $600,000 line of credit for Cameo House, a 96-unit co-op located at 300 Marine Avenue in White Plains, NY; a $ 1 million first mortgage and a $500,000 line of credit for Blind Brook Lodge, a 125-unit co-op located at 60-66 Milton Avenue in Rye, NY; a $1 million first mortgage and a $500,000 line of credit for Southgate Apartments, a 19-unit co-op located at Lake Avenue in Bronxville, NY; and a $500,000 line of credit for a 31-unit co-op located at 71 Grace Avenue in Great Neck, NY.

NCB’s Senior Vice President Mindy Goldstein arranged a total of $22.7 million in loans during December, including the largest deal of the month, a $13 million first mortgage and a $1 million line of credit for a 622-unit co-op located at 11 Riverside Drive in Manhattan. In addition, Ms. Goldstein originated a $3.5 million first mortgage for a 48-unit co-op located at 355 Route 111 in Smithtown, NY; a $2.5 million first mortgage and a $300,000 line of credit for the Westbrook, an 86-unit co-op located at 10 Franklin Avenue in White Plains, NY; a $1.6 million first mortgage and a $600,000 line of credit for a 26-unit co-op located at 601 West End Avenue in Manhattan; and a $200,000 line of credit for a 12-unit co-op located at 136 West 13th Street in Manhattan.

NCB’s Senior Vice President Sheldon Gartenstein arranged a total of $21.4 million in loans during December, including an $8.5 million first mortgage and a $1 million line of credit for Laurelton Gardens, a 384-unit co-op located at 131-42 234th Street in Laurelton, NY; a $2.5 million first mortgage and a $750,000 line of credit for a 108-unit co-op located at 144-55 Melbourne Avenue in Flushing, NY; a $2.4 million first mortgage and a $250,000 line of credit for a 36-unit co-op located at 320 West 87th Street in Manhattan; a $2.2 million first mortgage and a $500,000 line of credit for a 59-unit co-op located at 200 Pinehurst Avenue in Manhattan; a $1 million first mortgage and a $500,000 line of credit for a 60-unit co-op located at 40 Prospect Park West in Brooklyn, NY; a $500,000 first mortgage and a $100,000 line of credit for a 7-unit co-op located at 14 East 68th Street in Manhattan; a $450,000 first mortgage and a $100,000 line of credit for a 10-unit co-op located at 41 West 16th Street in Manhattan; and a $600,000 line of credit for Hearth House, a 16-unit condo-op located at 50 Avenue A 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, 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.