New York, NY ( April 12, 2011)- NCB, FSB, a federally insured savings bank and a leading lender to cooperative housing throughout the Tri-State area, arranged over $70 million in new financing during the month of March for 17 New York area properties. Edward Howe III, Managing Director of the NCB, FSB New York office, made the announcement.
“The New York office finished the first quarter on a high note, with a number of substantial loan originations closed during March,” said Mr. Howe. “We expect to see similar levels of financing through the beginning of spring, as we continue to assist cooperatives in lowering their existing debt obligations.”
In March, Mr. Howe arranged new loans totaling $44 million including the largest loan of the month, a $13.5 million first mortgage and a $1 million line of credit for Regency Gardens Apartment Corp., a 543-unit co-op located at 141-14 Union Turnpike in Flushing, NY; a $5.8 million first mortgage and a $1 million line of credit for 2575 Owners Corp., a 142-unit co-op located at 2575 Palisade Avenue in Riverdale, NY; a $4.3 million first mortgage and a $300,000 line of credit for Talbot Apartments Inc., a 129-unit co-op located at 83-52/64/74 Talbot Road in Kew Gardens, NY; a $3.5 million first mortgage and a $500,000 line of credit for Estates of Crystal House Ltd., an 83-unit co-op located at 12 Old Mamaroneck Road in White Plains, NY; a $3.4 million first mortgage for an 81-unit co-op located at 230 Park Place in Brooklyn, NY; a $3.2 million first mortgage and a $1 million line of credit for 37-27 Properties Ltd., a 119-unit co-op located at 37-27 86th Street in Jackson Heights, NY; a $2.3 million first mortgage and a $500,000 line of credit for Dahill Gardens Apt, Inc., an 83-unit co-op located at 36-58 Dahill Road in Brooklyn, NY; a $2 million first mortgage and a $250,000 line of credit for 60-104 Owners Corp., a 96-unit co-op located at 60-104 Pinewood Lane in Hartsdale, NY; and a $1.4 million first mortgage for Elizabeth Gardens Corp., a 78-unit co-op located at 25 Elizabeth Street in Farmingdale, NY.
NCB, FSB Senior Vice President Sheldon Gartenstein arranged $16 million in new financing activity during the month including a $6.2 million first mortgage and a $500,000 line of credit for Lafayette Gardens Tenants Corp., a 192-unit co-op located at 330-340 Haven Avenue in Manhattan; a $4.4 million first mortgage and a $500,000 line of credit for a 72-unit co-op located at 333 East Broadway in Long Beach, NY; and a $3.6 million first mortgage and a $500,000 line of credit for a 123-unit co-op located at 515 East 7th Street in Brooklyn, NY.
NCB, FSB Senior Vice President Mindy Goldstein arranged $11 million in new financings in March, including a $4 million second mortgage and a $500,000 line of credit for a 375-unit co-op located at 165 West 66th Street in Manhattan; a $2.5 million second mortgage for Lane Towers Owners Inc., a 159-unit co-op located at 107-40 Queens Boulevard in Forest Hills, NY; a $2 million first mortgage and a $500,000 line of credit for Fleetridge East Owners, Inc., a 62-unit co-op located at 636 North Terrace Avenue in Mount Vernon, NY; a $660,000 first mortgage and a $100,000 line of credit for a 17-unit co-op located at 107-109-111 North 9th Street in Brooklyn, NY; and a $500,000 first mortgage and a $200,000 line of credit for a 21-unit co-op located at 133-135 East 30th Street in Manhattan.
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.