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NCB, FSB Arranges $84 Million in New Financing Activity in May for New York Area Cooperatives

 New York, NY – June 11, 2012 – NCB, FSB (NCB), a federally insured savings bank and a leading lender to cooperative housing throughout the Tri-State area, arranged $84 million in new financing activity during May for 23 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.
  
“In May, we saw a substantial increase in the amount of financing arranged by local cooperatives from the previous month,” said Mr. Howe. “We attribute this upsurge to more communities taking advantage of the summer months to undertake capital improvement projects, or to refinance existing debt in this still low interest rate environment.”
    
In May, Mr. Howe arranged over $31 million in new loans, including an $11 million first mortgage and a $2.5 million line of credit for 5 West 14th Owners Corp., a 429-unit co-op located at 5 West 14th Street in Manhattan; a $5.3 million first mortgage for Queen Anne Apartment Corp., a 120-unit co-op located at 155 East 76th Street in Manhattan; a $4.3 million first mortgage and a $500,000 line of credit for Park Hill Owners, Inc., a 144-unit co-op located at 42-45 Kissena Boulevard in Flushing, NY; a $2.4 million first mortgage and a $300,000 line of credit for 4315 Webster Owners, Inc., a 78-unit co-op located at 4315 Webster Avenue in Bronx, NY; a $2.2 million first mortgage and a $500,000 line of credit for Alden Properties Tenant Corp., a 78-unit co-op located at 300 North Broadway in Yonkers, NY; a $765,000 first mortgage for 606 West 113th Owners Corp., a 19-unit co-op located at 606 West 113th Street in Manhattan;  a $750,000 line of credit for a 60-unit co-op located at 345 East 77th Street in Manhattan; and a $750,000 line of credit for 325 House, Inc., a 59-unit co-op located at 325 East 77th Street in Manhattan.
   
NCB Senior Vice President Mindy Goldstein arranged over $21 million in new loans during the month, including an $8 million first mortgage and a $1 million line of credit for 110-118 Riverside Tenants Corp., a 168-unit co-op located at 110-118 Riverside Drive in Manhattan; a $4 million first mortgage and a $700,000 line of credit for 49 West 72 Owners Corp., a 78-unit co-op located at 49 West 72nd Street in Manhattan; a $3.7 million first mortgage and a $500,000 line of credit for Park 84 Owners Corp., a 34-unit co-op located at 114 East 84th Street in Manhattan; a $1.2 million first mortgage and a $200,000 line of credit for a 29-unit co-op located at 215 West 105th Street in Manhattan; a $400,000 first mortgage and a $400,000 line of credit for a nine-unit co-op located at 55 Prince Street in Manhattan; a $300,000 first mortgage for 258 West 93rd Owners Corporation, an eight-unit co-op located at 258 West 93rd Street in Manhattan; a $300,000 line of credit for 20 Bond Owners Corp., a seven-unit co-op located at 20 Bond Street in Manhattan; a $275,000 first mortgage for 36 West 96 Owners Corp., a six-unit co-op located at 36 West 96th Street in Manhattan; and a $175,000 first mortgage for 358 Eastern Housing Corp., an eight-unit co-op located at 358 Eastern Parkway in Brooklyn, NY.
   
NCB, FSB Senior Vice President Sheldon Gartenstein originated over $31 million in new loans during May, including the largest loan of the month, a $17 million first mortgage and a $2 million line of credit for Cannon Point North, Inc., a 310-unit co-op  located at 25 Sutton Place South in Manhattan; a $3.6 million first mortgage and a $500,000 line of credit for a 46-unit co-op located at 130 East End Avenue in Manhattan; a $2.4 million first mortgage for Picasso Way Owners, Inc., a 126-unit co-op located at Middle Country Road & Picasso Way in Middle Island, NY; a $2 million first mortgage and a $500,000 line of credit for 15 Tenant Stockholders, Inc., a 45-unit co-op located at 15 West 11th Street in Manhattan; a $1.5 million first mortgage for a 64-unit co-op located at 150 South Ocean Avenue in Freeport, NY; and a $1.3 million second mortgage and a $500,000 line of credit for Thornton Tenants Corp., an 88-unit co-op located at 68-20 Selfridge Street in Forest Hills, 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.

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.