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NCB, FSB New York Arranges $61 Million in New Financing during May

New York, NY (June 9, 2010) — NCB, FSB, a federally insured savings bank and a leading lender to cooperative housing throughout the Tri-State area, arranged $61 million in new loan originations during the month of May for 15 local properties.  Edward Howe III, Managing Director of the NCB, FSB New York office, made the announcement.

“We saw a substantial increase in the dollar amount of loan originations during the month of May, as well as the number of buildings securing financing,” said Mr. Howe. “As the housing market continues to steadily improve, we anticipate more cooperatives will arrange funds to refinance existing debt or cover capital improvement needs.”

Financing for the following properties accounted for nearly $35 million of the loans NCB arranged this month, including $29 million in mortgages and $6 million in lines of credit.

NCB, FSB Senior Vice President Mindy Goldstein arranged nearly $14 million in new loans during May including a $5 million first mortgage and a $500,000 line of credit for a 324-unit co-op located at 20 East 9th Street in Manhattan; a $3.2 million first mortgage and a $500,000 line of credit for a 140-unit co-op located at 220 East 54th Street in Manhattan; a $1.5 million first mortgage and a $300,000 line of credit for a 36-unit co-op located at 115 Willow Street in Brooklyn, NY; a $1.5 million line of credit for a 35-unit co-op located at 100 Hudson Street in Manhattan; a $650,000 first mortgage for a 36-unit co-op located at 101 Thompson Street in Manhattan; and a $500,000 first mortgage and a $150,000 line of credit for a 13-unit co-op located at 118 Suffolk Street in Manhattan.

NCB, FSB Senior Vice President Sheldon Gartenstein arranged $11.7 million in new originations during the month including a $5.7 million first mortgage for Lincoln Spencer Apartments Inc., a 237-unit co-op located at 140 West 69th Street in Manhattan; a $2 million first mortgage and a $200,000 line of credit for an eight-unit co-op located at 59 Wooster Street in Manhattan; a $1.8 million first mortgage and a $200,000 line of credit for West 29th St Owners Corp., a 19-unit co-op located at 114-120 West 29th Street in Manhattan; a $1.5 million line of credit for an 88-unit co-op located at 229 East 79th Street in Manhattan; and a $500,000 line of credit for 83rd Street Tenants Inc., an 81-unit co-op located at 8 East 83rd Street in Manhattan.

Mr. Howe arranged a $7.4 million first mortgage for a 187-unit co-op located at 132 East 35th Street in Manhattan and a $900,000 first mortgage and a $500,000 line of credit for College Gardens Inc., a 120-unit co-op located 3535-3555 Kings College Place in Bronx, NY. 

As a full-service financial institution, NCB, FSB provides term loans, lines of credit, commercial and residential mortgages and personal and business banking products to cooperatives nationwide. NCB, FSB offers an array of business banking products for cooperatives including cash management, competitive deposit rates and full service payment processing and lockbox.

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, the Bank has offices in Alaska, California, New York, Ohio and Virginia. To learn more, visit www.ncb.coop. 

NCB Financial Group (NCB) consists of National Consumer Cooperative Bank, a federally chartered cooperative corporation; its wholly-owned subsidiary NCB, FSB, a federally chartered savings bank; and, NCB Capital Impact, a 501(c)3 nonprofit affiliate.  Loans and other financial services are provided by NCB, FSB and NCB Capital Impact.   Deposit products and services are provided by NCB, FSB, which is a member FDIC.   Each is a separate corporation within the NCB Financial Group. 

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