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NCB Arranges Over $45 Million in Commercial Real Estate Lending During Second Quarter 2008

Washington, DC (August 5, 2008) — NCB, a leading provider of financial services nationwide, originated over $45 million in financing during the second quarter of 2008 for commercial real estate properties throughout the country.  Casey Fannon, Senior Vice President of NCB’s Commercial Real Estate, made the announcement.

“NCB continues to offer competitive portfolio loan programs to property owners nationwide.  The Bank’s focus on its customers and commitment to lending to all types of commercial real estate assets has made NCB a premier financial resource for owners across the country,” said Mr. Fannon.

Below is a sampling of the NCB loans closed during the second quarter of 2008:

1.   Cornerstone Market Place,  Hot Springs, Arkansas ($13,500,000) 

  • Five-year term, 30-year amortization
  • Refinance financing
  • 149,312 square-foot, Class A retail power center

2.  360 West Shopping Center, Richmond, Virginia ($7,000,000) 

  • Three-year term, interest only
  • Refinance of two retail buildings and one office property
  • 131,540 square-foot retail structure and 22,142 square-foot office building

3.  Brawley Commons, Mooresville, North Carolina ($6,900,000 First Mortgage and $1,000,000 Second Mortgage Line of Credit) 

  • Five-year term, 30-year amortization
  • Refinance financing
  • 119,189 square-foot, retail center

4.  The Shops at Mallory Lane, Brentwood, Tennessee ($4,900,000) 

  • Five-year term, 30-year amortization
  • Acquisition financing
  • 26,114 square-foot retail center consisting of seven tenants

5.  Bridgestone/ Firestone, Austin and Flower Mound, Texas ($3,425,000) 

  • Seven-year term, 25-year amortization
  • Acquisition financing  
  • Two free–standing, single-tenant stores occupied and operating as Bridgestone/ Firestone

6.  Latona Office Campus, Rochester, New York ($2,300,000) 

  • Five-year term, 30- year amortization
  • Refinance of a six-building office campus totaling 45,913 square feet

7.  500 State Street, Schenectady, New York ($1,987,500) 

  • Five-year term, 30-year amortization
  • Refinance financing
  • 64,796 square-foot commercial building

8.  Loyola Apartments- Belvedere Court,  Baltimore, Maryland ($1,725,000) 

  • Five-year term, 30-year amortization 
  • Acquisition financing for 11 townhouse-style units in a 20-unit condominium

9.  148 West 24th Tenants Corp., New York, New York ($1,500,000 first mortgage and $100,000 second mortgage) 

  • Seven-year term, 30-year amortization
  • Refinance and building upgrades
  • 12-story commercial cooperative loft with 13 commercial units
  • 59,000 square feet of leasable space

10.  Lyndon Lawn Mobile Home Community,  Hastings, New York ($1,400,000) 

  • Five-year term, 30-year amortization
  • Refinance of an 85-pad site, manufactured-housing community

The success of NCB’s commercial real estate lending efforts is partly due to its increasingly popular portfolio lending product, a great option for many commercial borrowers in today’s tougher financial marketplace. This flexibility has allowed the Bank to stay highly-competitive in the commercial real estate market. NCB offers fixed-rate and variable loans from three-, five- and seven-year terms with amortization periods up to 30 years, for all commercial property types.

Portfolio lending at NCB has great latitude in many respects including loan documentation, servicing, insurance requirements, and loan terms. There are no rigid requirements that are securitization driven, and one of the most attractive features is the flexible prepayment options and partial recourse. In addition, NCB is rated primary, master and special servicer, and service all of its loans, providing a stable relationship over time.

NCB Financial Group (NCB) consists of National Consumer Cooperative Bank, a wholesale funding company; NCB, FSB, a federally-charted savings bank; and, NCB Capital Impact, a 501(c)3 nonprofit.  Loans and other financial services are provided by NCB, FSB and NCB Capital Impact.   Deposit products and services are provided by NCB, FSB, which is a member FDIC.   Each is a separate corporation within the NCB Financial Group.

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, NCB also has offices in Alaska, California, New York and Virginia. In addition, NCB has a growing community banking network in southwestern Ohio. To learn more about NCB, visit www.ncb.coop. 

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