New York, NY – May 14, 2012 – NCB, FSB (NCB), a federally insured savings bank and a leading lender to cooperative housing throughout the Tri-State area, arranged $51 million in new financing activity during April for 21 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.
"The financing activity at the start of the second quarter remained strong, with more New York area cooperatives securing funding to address their community’s needs,” said Mr. Howe. “We are proud to continue to be a vital source of funding for these properties as they work to ensure their financial and physical health for years to come.”
NCB Senior Vice President Mindy Goldstein arranged nearly $15 million in new loans during the month, including a $4 million first mortgage and a $750,000 line of credit for a 110-unit co-op located at 215 West 75th Street in Manhattan; a $2.3 million first mortgage and a $500,000 line of credit for a 66-unit co-op located at 511 West 232nd Street in Bronx, NY; a $1.8 million second mortgage for The Gardens 75th Street Owners Corp., a 209-unit co-op located at 35-38, 40,44, 48 and 50 75th Street in Jackson Heights, NY; a $1.3 million first mortgage and a $300,000 line of credit for Hillpark Owners, Inc., a 54-unit co-op located at 75 South Middle Neck Road in Great Neck, NY; a $1.1 million first mortgage for a 22-unit co-op located at 311-313 West 82nd Street in Manhattan; a $1.1 million first mortgage for a 38-unit co-op located at 8-10 Bethune and 791 Greenwich Street in Manhattan; a $750,000 first mortgage and a $500,000 line of credit for 48 Tenants Corp., a 13-unit co-op located at 48 Great Jones Street in Manhattan; a $200,000 first mortgage for a five-unit co-op located at 143 West 85th Street in Manhattan; and a $183,000 first mortgage for a four-unit co-op located at 63 Cranberry Street in Brooklyn, NY.
NCB, FSB Senior Vice President Sheldon Gartenstein originated over $18 million in new loans during April, including the largest loan of the month, a $15 million first mortgage for Forest Hills South Owners, Inc., a 580-unit co-op located at 112-50 78th Avenue in Forest Hills, NY; and a $3.1 million first mortgage and a $100,000 line of credit for a 62-unit co-op located at 17 East 89th Street in Manhattan.
In April, Mr. Howe arranged over $18 million in new loans, including a $3.1 million first mortgage and a $250,000 line of credit for a 73-unit co-op located at 50 North Broadway in White Plains, NY; a $2.4 million first mortgage and a $500,000 line of credit for 110-150 Draper Owners Corp., an 83-unit co-op located at 110-150 Draper Lane in Dobbs Ferry, NY; a $2.4 million first mortgage for 2525 Nostrand Owners Corp., a 108-unit co-op located at 2525 Nostrand Avenue in Brooklyn, NY; a $2 million first mortgage and a $500,000 line of credit for Park and 76th St., Inc., a 53-unit co-op located at 830-840 Park Avenue in Manhattan; a $1.9 million first mortgage for 3101 Apartment, Inc., a 106-unit co-op located at 3101 Ocean Parkway in Brooklyn, NY; a $1.7 million first mortgage for 145-95 Apartments, Inc., a 72-unit co-op located at 145 95th Street in Brooklyn, NY; a $1.4 million second mortgage for Netherland Gardens Corp., a 462-unit co-op located at 5610-5650 Netherland Avenue in Riverdale, NY; a $1 million first mortgage for 203-205 West 87th Street Owners Corp., a 39-unit co-op located at 203 West 87th Street in Manhattan; an $800,000 first mortgage and a $250,000 line of credit for a 39-unti co-op located at 71 East 77th Street in Manhattan; and a $100,000 line of credit for Alden Properties Tenant Corp., a 78-unit co-op located at 300 North Broadway in Yonkers, 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.
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.