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NCB, FSB NY Reports Over $41 Million in New Loan Originations During October for Local Cooperatives

New York, NY – November 10, 2011 – NCB, FSB (NCB), a federally insured savings bank and a leading lender to cooperative housing throughout the Tri-State area, arranged over $41 million in new financing activity during October for 17 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.

We’re pleased to report the fourth quarter has started on a strong note, and our office arranged over $41 million in new financing during the month,” said Mr. Howe.  “We anticipate this level of lending activity to continue, as more cooperatives focus on undertaking capital improvements or securing the best debt service, to ensure the future financial health of their properties.”

NCB Senior Vice President Mindy Goldstein arranged new loans totaling nearly $4 million, including a $1.1 million first mortgage for Broadwood Acres Tenants Corp., a 30-unit co-op located at 302 Longacre Road and 874 West Broadway in Woodmere, NY; a $700,000 line of credit for an 81-unit co-op located at 400 East 17th Street in Brooklyn, NY; a $600,000 first mortgage and a $300,000 line of credit for Greenstreet Associates, Inc., a five-unit co-op located at 15-17 Greene Street in Manhattan; a $600,000 first mortgage for a six-unit co-op located at 49 West 9th Street in Manhattan; and a $300,000 first mortgage for 466 Tenants corp., a 16-unit co-op located at 466 Washington Street in Manhattan.

 In October, Mr. Howe arranged over $15 million in new loans, including a $5.3 million first mortgage and a $500,000 line of credit for 79th Street Tenants Corp., a 192-unit co-op located at 425 East 79th Street in Manhattan; a $4.3 million first mortgage and a $750,000 line of credit for Jeffrey Gardens Apartments Corp., a 277-unit co-op located at 46-43 216th Place in Manhattan; a $2.7 million first mortgage and a $500,000 line of credit for 245-55 Bronx River Owners, Inc., a 96-unit co-op located at 245 Bronx River Road in Yonkers, NY; a $750,000 first mortgage and a $250,000 line of credit for 51 East 90 Apartment Corp., a 37-unit co-op located at 51 East 90th Street in Manhattan; and a $350,000 line of credit for Greenwich Corp., a 23-unit co-op located at 822 Greenwich Street in Manhattan.

NCB Senior Vice President Sheldon Gartenstein arranged over $22 million in new financings during October, including the largest loan of the month, an $8.5 million first mortgage and a $2 million line of credit for Continental Owners Corp., a 251-unit co-op located at 70-20 108th Street in Forest Hills, NY; a $3.4 million first mortgage and a  $750,000 line of credit for a 131-unit co-op located at 13-21 East 22nd Street in Manhattan; a $2.8 million first mortgage and a $500,000 line of credit for 3515 Owners Corp., a 78-unit co-op located at 3515 Henry Hudson Parkway in Riverdale, NY; a $2 million first mortgage and a $300,000 line of credit for Lenox Arms Cooperative, Inc., a 120-unit co-op located at 10 & 40 East 43rd Street in Brooklyn, NY; a $1.3 million first mortgage and a $100,000 line of credit for Broad Hollow Owners, Inc., a 52-unit co-op located at 700 Broadway in Amityville, NY; a $300,000 line of credit for 69 & 77 28th Street Jackson Heights, Inc., a 16-unit co-op located at 37-40 85th Street in Jackson Heights, NY; and a $250,000 second mortgage for Riverdale House Owners Corp., a 54-unit co-op located at 474 West 238th Street in Riverdale, 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.