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NCB, FSB Arranges Nearly $56 Million in New Loan Originations for New York Area during February

New York, NY – March 12, 2012 – NCB, FSB (NCB), a federally insured savings bank and a leading lender to cooperative housing throughout the Tri-State area, arranged nearly $56 million in new financing activity during February for 23 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement. 

“During February we experienced an increase in the number of cooperatives securing financing, from the previous month, as 23 cooperatives in the New York area finalized loans to address a variety of financing needs,” said Mr. Howe.  “We are pleased to be a consistent source of funding for these communities as they work to ensure the vitality of their properties for years to come.” 

In February, Mr. Howe arranged $24 million in new loans, including the largest loan of the month, a $7.5 million second mortgage at North Isle Village, Inc., a 769-unit co-op located at 50 Gibbs Road in Coram, NY; a $5.4 million first mortgage and a $500,000 line of credit for a 127-unit co-op located at 1 Toms Point Lane in Port Washington, NY; a $4 million first mortgage for Colchester Owners, Inc., an 87-unit co-op located at 143 Garth Road in Scarsdale, NY; a $3.4 million first mortgage and a $1 million line of credit for Sheepshead Terrace Cooperative Apts., Inc., a 168-unit co-op located at 2413-83 East 29th Street in Brooklyn, NY; a $1.8 million first mortgage for a 56-unit co-op located at 35 Summit Avenue in Portchester, NY; and a $350,000 third mortgage for Carroll Gardens Owners Corp., a 33-unit co-op located at 500-512 Kappock Street in Riverdale, NY. 

NCB Senior Vice President Mindy Goldstein arranged $13 million in new loans this month, including a $2.6 million first mortgage and a $500,000 line of credit for 7210 Owners Corp., a 66-unit co-op located at 72-10 112th Street in Forest Hills, NY; a $2.5 million first mortgage and a $500,000 line of credit for Emily Towers Owners Corp., a 119-unit co-op located at 35-10 150th Street in Flushing, NY; a $1.3 million first mortgage and a $500,000 line of credit for Mimosa Equities Corp., a 35-unit co-op located at 310 West 85th Street in Manhattan; an $850,000 first mortgage and a $200,000 line of credit for East 37th Street Apartments Corp., a 28-unit co-op located at 104 East 37th Street in Manhattan; a $650,000 first mortgage and a $200,000 line of credit for a 24-unit co-op located at 916 Union Street in Brooklyn, NY; a $580,000 first mortgage and a $200,000 line of credit for Baltictown, Inc., a 20-unit co-op located at 240-242 Baltic Street in Brooklyn, NY; a $550,000 first mortgage and a $200,000 line of credit for 51-78 Owners Corp., a 21-unit co-op located at 51 East 78th Street in Manhattan; a $550,000 first mortgage and a $150,000 line of credit for Seventy-Eight Tenants Corporation, a 15-unit co-op located at 78 Charles Street in Manhattan; a $500,000 first mortgage and a $150,000 line of credit for 44 Owners Corp., a 24-unit co-op located at 44 West 96th Street in Manhattan; and a $310,000 first mortgage for a nine-unit co-op located at 271 West 70th Street in Manhattan. 

NCB, FSB Senior Vice President Sheldon Gartenstein originated $19 million in new loans during February, including a $4.7 million first mortgage and a $500,000 line of credit for a 149-unit co-op located at 203 East 72nd Street in Manhattan; a $4.4 million first mortgage and a $500,000 line of credit for a 20-unit co-op located at 22 West 26th Street in Manhattan; a $3 million first mortgage for a 73-unit co-op located at 40 Fifth Avenue in Manhattan; a $2 million second mortgage for Snug Harbor Owners Corp., a 63-unit co-op located at 303 Mercer Street; 258-262 Greene Street in Manhattan; a $1.9 million first mortgage and a $1 million line of credit for 620 Tenants Corp., a 72-unit co-op located at 620-640 West 239th Street in Bronx, NY; a $530,000 first mortgage for La Touraine Apartments, Inc., a 24-unit co-op located at 50 Morningside Drive in Manhattan; and a $300,000 first mortgage and a $100,000 line of credit for Blennerhasset Corp., a 23-unit co-op located at 507 West 111th Street in Manhattan. 

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.

NCB is a proud supporter of the 2012 International Year of Cooperatives – a United Nations declaration and global campaign to educate the public about the benefits of cooperatives. “Cooperative enterprises build a better world” is the official slogan of The International Year of Cooperatives, and NCB is doing its part to build awareness of cooperatives in all fields of business.