New York, NY (March 17, 2011) – NCB, FSB, a federally insured savings bank and a leading lender to cooperative housing throughout the Tri-State area, arranged $32 million in new financing during the month of February for 14 New York area properties. Edward Howe III, Managing Director of the NCB, FSB New York office, made the announcement.
“As the lending market slowly shows signs of improvement, we are pleased to be a consistent source of financing for over a dozen local cooperatives this month,” said Mr. Howe. “We expect the level of activity to remain strong in the coming months.”
NCB, FSB Senior Vice President Sheldon Gartenstein arranged $445,000 in new financings during the month, including a $345,000 first mortgage and a $100,000 line of credit for Perrytwin Flats Inc., a 10-unit co-op located at 67-69 Perry Street in Manhattan.
NCB, FSB Senior Vice President Mindy Goldstein arranged over $16 million in new financings in February, including the largest loan of the month, a $5 million first mortgage and a $500,000 line of credit for 875 Tenants Corp., a 122-unit co-op located at 875 Fifth Avenue in Manhattan. She also arranged a $4.5 million line of credit for a 271-unit co-op located at 18-15 215th Street in Bayside, NY; a $1.8 million first mortgage and a $200,000 line of credit for Shore Lane Arms Owners Corp., a 98-unit co-op located at 9801 Shore Road in Brooklyn, NY; a $1.7 million first mortgage and a $250,000 line of credit for Hartsdale Tower Owners Corp., a 50-unit co-op located at 11 Columbia Avenue in Hartsdale, NY; a $1.3 million line of credit for a 287-unit co-op located at 210-220-230 Pelham Road in New Rochelle, NY; a $500,000 first mortgage and a $100,000 line of credit for a nine-unit co-op located at 68 Laight Street in Manhattan; and a $300,000 line of credit for Emily Towers Owners Corp., a 119-unit co-op located at 35-10 150th Street in Flushing, NY.
In February, Mr. Howe arranged more than $15 million in new financings including a $3.6 million first mortgage and a $500,000 line of credit for Carriage Owners Corp., a 96-unit co-op at 77 South Park Avenue in Rockville Centre, NY; a $3 million first mortgage and a $500,000 line of credit for a 73-unit co-op at 1125 Park Avenue in Manhattan; $2.4 million first mortgage and a $500,000 line of credit for Claridge House Owners Corp., a 62-unit co-op located at 85 South Centre Avenue in Rockville Centre, NY; a $1.6 million first mortgage and a $500,000 line of credit for Lynbrook 44 Apartment Owners Inc., a 44-unit co-op located at 157 Hempstead Avenue in Lynbrook, NY; a $1.4 million first mortgage and a $500,000 line of credit for a 45-unit co-op located at 22 North Forest Avenue in Rockville Centre, NY; and an $850,000 first mortgage and a $250,000 line of credit for Greystone Views Inc., a 55-unit co-op located at 3475 Greystone Avenue in Riverdale, 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, National Cooperative Bank on Facebook, or on Twitter @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.