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NCB, FSB New York Originates Over $60 Million in New Financing Activity

New York, NY (September 13, 2010) — NCB, FSB, a federally insured savings bank and a leading lender to cooperative housing throughout the Tri-State area, arranged more than $60 million in new financing during the month of August for 17 New York area properties.  Edward Howe III, Managing Director of the NCB, FSB New York office, made the announcement. 

“We are extremely pleased with the amount of financing we were able to provide New York area cooperatives last month,” said Mr. Howe. “Cooperatives throughout the Tri-State area continue to undertake capital improvements and lower existing debt obligations to secure their property’s vitality for years to come, and we are proud to play a role in this process.”  

NCB, FSB Senior Vice President Mindy Goldstein arranged over $17.4 million in new loan originations during August including a $3.5 million first mortgage and a $100,000 line of credit for P.M.A. Corporation, a 75-unit co-op located at 4784 Boston Post Road in Pelham Manor, NY; a $2.8 million first mortgage and a $500,000 line of credit for a 39-unit co-op located at 1045 Park Avenue in Manhattan; a $2.5 million first mortgage and a $500,000 line of credit for a 51-unit co-op located at 180 South Middle Neck Road in Great Neck, NY; a $1.8 million first mortgage and $200,000 line of credit for Roger Morris Apartment Corp, a 46- unit co-op located at 474-478 West 158th Street in Manhattan; a $1.5 million first mortgage and a $150,000 line of credit for Act One Tenants Corporation, an 18-unit co-op located at 35 Hudson Street in Yonkers, NY; a $1 million first mortgage and a $100,000 line of credit for a 13-unit co-op located at 335 West 38th Street in Manhattan; an $865,000 first mortgage and a $200,000 line of credit for an 11-unit co-op located at 451 West Broadway in Manhattan; an $850,000 first mortgage and a $100,000 line of credit for Old PS 9 Owners Corporation, a 22-unit co-op located at 279 Sterling Place in Brooklyn, NY; and a $750,000 line of credit for a 60-unit co-op located at 77 Bronx River Road in Yonkers, NY.  

 NCB, FSB Senior Vice President Sheldon Gartenstein arranged $7.5 million in new loans during the month including a $3 million first mortgage and a $500,000 line of credit for a 56-unit co-op located at 101 West 80th Street in Manhattan; a $2 million first mortgage for Hastings House Tenants Corp., an 86-unit co-op located at 765 North Broadway in Hastings on Hudson, NY; a $1.3 million first mortgage and a $300,000 line of credit for a 42-unit co-op located at 38 Park Row in Manhattan; and a $400,000 line of credit for a 38-unit co-op locate at 179 Ocean Parkway in Brooklyn, NY.  

 Mr. Howe arranged the largest loan during the month with an $18 million second mortgage and a $3.7 million line of credit for Park City Estates Tenants Corp., a 1,045-unit co-op located at 61-15, 61-25, 61-35, 61-45, & 61-55 98th Street in Rego Park, NY. He also originated a $12 million first mortgage for a 289-unit co-op located at 17-85 215th Street in Bayside, NY; a $1.2 million first mortgage for a 45-unit co-op located at 600 West 115th Street in Manhattan; and a $750,000 first mortgage for Bridge Owners, Inc., a 16-unit co-op located at 101 4th Avenue in Brooklyn, 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. 

About NCB: 

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 on Facebook, or on Twitter at coopbanking.  

   

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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