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NCB, FSB New York Arranges Over $42 Million in New Loans for Local Cooperatives during June

New York, NY – July 14, 2011 – NCB, FSB, a federally insured savings bank and a leading lender to cooperative housing throughout the Tri-State area, originated more than $42 million in new loans during the month of June for 20 New York area properties.  Edward Howe III, Managing Director of the NCB, FSB New York office, made the announcement.  

“In what is a traditionally slower time of the year for lending activity, we are proud to report another strong month for the New York office,” said Mr. Howe. “We expect more cooperatives to continue arranging financing throughout the summer in order to lower their existing debt obligations to ensure their vitality for years to come.”  

 In June, Mr. Howe arranged new loans totaling over $14 million, including the largest loan of the month, an $8.5 million first mortgage for Parkview Apartment Corp., a 202-unit co-op located at 117,119,121 South Highland Avenue in Ossining, NY; a $2.2 million first mortgage and a $500,000 line of credit for a 52-unit co-op located at 415 Gramatan Avenue in Mount Vernon, NY; a $1.1 million first mortgage and a $250,000 line of credit for 75-20 113th Street, a 74-unit co-op located at 72-20 113th Street in Forest Hills, NY;  a $660,000 first mortgage for a 39-unit co-op located at 98-100 Suffolk Street in Manhattan; a $500,000 line of credit for a 36-unit co-op located at 35 West 9th Street in Manhattan; and a $500,000 line of credit for Kenilworth Apartments Inc., a 36-unit co-op located at 151 Central Park West in Manhattan.  

NCB, FSB Senior Vice President Sheldon Gartenstein arranged more than $17 million new financings in June, including a $6.5 million first mortgage for Mitchell Gardens No. 2 Cooperative, a 419-unit co-op located at 28-02 141st Street in Flushing, NY; a $2.6 million first mortgage and a $300,000 line of credit for 665-675 Apartments Corporation, a 93-unit co-op located at 665-675 Pelham Road in New Rochelle, NY; a $2.2 million first mortgage and a $500,000 line of credit for Wellesley Gardens Owners Corp., a 91-unit co-op located at 42-30 Douglaston Parkway in Douglaston, NY; a $2 million first mortgage for Inwood Tenants Corp., a 49-unit co-op located at 50 Park Terrace West in Manhattan; a $1.3 million line of credit for Greenwood Arms Owners Cooperative Corporation, a 160-unit co-op located at 86-10 151st Avenue in Howard Beach, NY; and a $1.2 million first mortgage and a $500,000 line of credit for a 42-unit co-op located at 645 West 239th Street in Riverdale, NY. 

NCB, FSB Senior Vice President Mindy Goldstein arranged new loans totaling nearly $11 million during the month, including a $2.1 million first mortgage and a $500,000 line of credit for One Plaza Owners Corp., a 58-unit co-op located at One Plaza Street in Brooklyn, NY; a $2 million first mortgage and a $300,000 line of credit for a 33-unit co-op located at 35 Clark Street in Brooklyn, NY; a $1.8 million first mortgage for a 29-unit co-op located at 317 East 18th Street in Manhattan; a $1.6 million first mortgage and a $100,000 line of credit for Castleton Gardens Owners Corp., a 52-unit co-op located at 515-521, 525-545, 551-559, 565, 581-585 Castleton Avenue in Staten Island, NY; a $1 million first mortgage and a $250,000 line of credit for a 29-unit co-op located at 509 West 122nd Street in Manhattan; a $525,000 first mortgage and a $100,000 for a 17-unit co-op located at 253-259 Garfield Place in Brooklyn, NY; a $500,000 line of credit for a 54-unit co-op located at 190 East Mosholu Parkway South in Bronx, NY; and a $235,000 first mortgage for a five-unit co-op located at 159 West 74th 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. 

   

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 @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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