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NCB New York Arranges $56 Million in New Financings During August

New York, NY – September 13, 2011 – NCB, FSB (NCB), a federally insured savings bank and a leading lender to cooperative housing throughout the Tri-State area, originated $56 million in new loans during August for 26 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.

“In August, we saw an increase in the number of cooperatives that took advantage of available financing options,” said Mr. Howe. “We are proud of our ongoing ability to secure funds for cooperatives throughout the region, as they continue to undertake capital improvements and lower existing debt obligations, to ensure the property’s vitality in the future.”

NCB Senior Vice President Sheldon Gartenstein arranged over $10 million in new financings during August, including a $3.4 million first mortgage and a $600,000 line of credit for 230 Apartments Corp., a 113-unit co-op located at 230 West End Avenue in Manhattan; a $1.9 million first mortgage for a 35-unit co-op located at 625 Park Avenue in Manhattan; a $1.4 million first mortgage and a $300,000 line of credit for Princeton Owners Corp., a 44-unit co-op located at 44-20 Douglaston Parkway in Douglaston, NY; a $1.3 million line of credit for an 81-unit co-op located at 8 East 83rd Street in Manhattan; an $800,000 first mortgage and a $200,000 line of credit for a 36-unit co-op located at 366 Stewart Avenue in Garden City, NY; and a $400,000 line of credit for an 84-unit co-op located at 120 Bennett Avenue in Manhattan.

NCB Senior Vice President Mindy Goldstein arranged new loans totaling $22 million, including a $4.3 million first mortgage and a $500,000 line of credit for Edgebrook Cooperative Inc., a 159-unit co-op located at 43 Lawrence Drive in North White Plains, NY; a  $3 million first mortgage and a $300,000 line of credit for Salisbury Point Cooperative, Inc., a 120-unit co-op located at 1-4 Salisbury Point in South Nyack, NY; a $2.3 million first mortgage and a $250,000 line of credit for a 60-unit co-op located at 445 Broadway in Hastings on Hudson, NY; a $2 million first mortgage and a $200,000 line of credit for Castle Court Apts., Inc., an 81-unit co-op located at 7609 4th Avenue in Brooklyn, NY; a $1.8 million first mortgage and a $250,000 line of credit for Lake Pointe Owners, Inc., a 54-unit co-op located at 501-525/601-626 Lake Court in Middle Island, NY; a $1.5 million first mortgage and a $500,000 line of credit for a 25-unit co-op located at 424 East 57th Street in Manhattan; a $925,000 first mortgage and a $250,000 line of credit for Yorkville 87 Housing Corp., an 18-unit co-op located at 227 East 87th Street in Manhattan; an $850,000 line of credit for a 72-unit co-op located at 315 West 232nd Street in Bronx, NY; a $650,000 line of credit for Charles St. Tenants Corp., a 12-unit co-op located at 151-157 Charles Street in Manhattan; a $555,000 first mortgage for Franklin Street Owners, Inc. a nine-unit co-op located at 184 Franklin Street in Manhattan; a $450,000 first mortgage and a $200,000 line of credit for West 82nd Tenants Realty Corp., a nine-unit co-op located at 172 West 82nd Street in Manhattan; a $350,000 first mortgage and a $150,000 line of credit for a ten-unit co-op located at 21 & 23 Bethune Street in Manhattan; a $260,000 first mortgage for an eight-unit co-op located at 454 Third Street in Brooklyn, NY; and a $200,000 first mortgage for a four-unit co-op located at 233 Court Street in Brooklyn, NY.

In August, Mr. Howe arranged over $24 million in new loans, including the largest loan of the month, a $6 million first mortgage and a $600,000 line of credit for The Woodlands Apartment Corp., a 223-unit co-op located at 120 Cardinal Lane in Islip, NY. He also arranged a $5 million first mortgage and a $2.5 million line of credit for an eight-unit co-op located at 950 Fifth Avenue in Manhattan; a $2.7 million first mortgage and a $350,000 line of credit for Sterling Arms Owners Corp., a 74-unit co-op located at 101 Clinton Avenue in Mineola, NY; a $2.3 million first mortgage and a $500,000 line of credit for a 109-unit co-op located at 4320 Van Cortlandt Park East in Bronx, NY; a $2 million first mortgage and a $500,000 line of credit for Capri Gardens Owners Corp.,  a 72-unit co-op located at 68-37 108th Street in Forest Hills, NY; and a $1.5 million first mortgage and a $300,000 line of credit for a 42-unit co-op located at 21 Chapel Place in Great Neck, NY.

As a full-service financial institution, NCB provides term loans, lines of credit, commercial and residential mortgages and personal and business banking products to cooperatives nationwide. NCB 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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