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NCB, FSB Originates $68.9 Million in New Financings for New York Area Co-Ops During November

 New York, NY – December 6, 2010 – NCB, FSB, a federally insured savings bank and a leading lender to cooperative housing throughout the Tri-State area continued to record strong activity in November, arranging nearly $69 million in new financing for 19 New York area properties.  Edward Howe III, Managing Director of the NCB, FSB New York office, made the announcement. 

“November proved to be another exceptional month for us in terms of the financing activity we were able to generate,” said Mr. Howe. “We expect similarly strong results as we move to the end of 2010 as we continue to assist cooperatives in lowering their existing debt obligations, ensuring their vitality for years to come.”  

NCB, FSB Senior Vice President Sheldon Gartenstein arranged the largest loan during the month, a $22 million first mortgage accompanied with a $2.9 million second mortgage line of credit and a $1 million third mortgage line of credit for Turner Towers Tenant Corp., a 189-unit co-op located at 135 Eastern Parkway in Brooklyn, NY. He also originated a $3.9 million first mortgage and a $500,000 line of credit for a 103-unit co-op located at 152 East 94th Street in Manhattan; a $2 million first mortgage for a 21-unit co-op at 330 West End Avenue in Manhattan; and an $850,000 first mortgage accompanied by a $500,000 line of credit for Greenwich Green Cooperative, Inc., a 12-unit co-op at 719 Greenwich street in Manhattan.   

NCB, FSB Senior Vice President Mindy Goldstein arranged four new loans in November including a $5.3 million first mortgage for 200 Diplomat Drive Corporation, a 224-unit co-op located at 100-200 Diplomat Drive in Mount Kisco, NY. She also originated a $1.8 million first mortgage and a $200,000 line of credit for an 82-unit co-op located at 80 Avenue P in Brooklyn, NY; an $800,000 first mortgage for Stewart Hall, Inc., a 97-unit co-op at 10 Mitchell Place in Manhattan; and a $500,000 first mortgage accompanied by a $100,000 line of credit for a six-unit co-op located at 120 West 29th Street in Manhattan.   

 Mr. Howe arranged 11 new loans totaling $26.7 million during the month including a $4.75 million first mortgage accompanied by a $350,000 line of credit for Ellivkroy Realty Corp., a 90-unit co-op located at 446 East 86th Street in Manhattan;  a $4.7 million first mortgage and $500,000 line of credit for the 127-unit co-op at 6484 & 6495 Broadway in Riverdale, NY; a $3.2 million first mortgage and $250,000 line of credit for Hawthorne Gardens Realty Corp., an 84-unit co-op located at 910 Stuart Avenue in Mamaroneck, NY; a $2 million first mortgage accompanied by a $500,000 line of credit for a 44-unit co-op at 142 East 49th Street in Manhattan; a $1.9 million first mortgage for the 60-unit co-op located at 410-08 43rd Street in Sunnyside, NY; a $1.8 million first mortgage for the 86-unit co-op located at 7201 4th Avenue in Brooklyn, NY; a $1.5 million first mortgage accompanied by a $500,000 line of credit for a 55-unit co-op at 202-214 West 85th Street in Manhattan; a $1.4 million first mortgage for Cheltoncort Owners Corp., a 51-unit co-op located at 360 West 21st Street in Manhattan; a $1.3 million first mortgage for the 50-unit co-op at 197-83rd Street in Brooklyn, NY; a $1 million third line of credit for Gothic Tenants’ Corp., a 124-unit co-op located at 84-50 169th Street  in Jamaica, NY; and a $750,000 first mortgage accompanied by a $200,000 line of credit for Langene Terrace Owners Corp., a 78-unit co-op at 2265 Ocean parkway 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, National Cooperative Bank on Facebook, or on Twitter at coopbanking.  

   

The NCB Financial Group consists of the Congressionally-chartered National Consumer Cooperative Bank (NCCB) and NCB, FSB, a federally insured savings bank wholly owned by NCCB.  The NCB Financial Group provides financial products and services for the nation's cooperatives, their members, and socially responsible organizations. 

The NCB Financial Group also works in a strategic alliance with NCB Capital Impact, a non-profit Community Development Financial Institution created under the same act of Congress as NCCB with particular focus on impacting low and moderate income communities. 

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