New York, NY – January 11, 2012 – NCB, FSB (NCB), a federally insured savings bank and a leading lender to cooperative housing throughout the Tri-State area, arranged $56 million in new financing activity during December for 21 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.
“We were pleased to end 2011 on a strong note, with another 21 properties securing financing before year end to address a variety of financial needs,” said Mr. Howe. “From refinancing existing debt in the still low interest rate environment, to undertaking capital improvement projects, New York area cooperative boards continue to take the necessary steps to protect property values.”
In December, Mr. Howe arranged over $45 million in new loans, including the largest loan of the month, a $5.5 million first mortgage at 301 East Tenants Corp., a 137-unit co-op located at 301 East 75th Street in Manhattan; a $4.5 million first mortgage for a 95-unit co-op located at 150 East 77th Street in Manhattan; a $4 million second mortgage for Soho Plaza Corp., a 37-unit co-op located at 66 Crosby Street in Manhattan; a $3.5 million line of credit for Terrace Gardens Plaza, Inc., a 375-unit co-op located at 1615 Avenue I in Brooklyn, NY; a $3.3 million first mortgage and a $500,000 line of credit for a 105-unit co-op located at 470 West End Avenue in Manhattan; a $3.3 million first mortgage and a $500,000 line of credit for 20 Plaza Housing Corp., a 103-unit co-op located at 20 Plaza Street in Brooklyn, NY; a $3.1 million first mortgage and a $500,000 line of credit for a 140-unit co-op located at 2550 Independence Avenue in Riverdale, NY; a $3 million first mortgage for a 60-unit co-op located at 270 North Broadway in Yonkers, NY; a $2 million second mortgage and a $3 million line of credit for Rex Ridge Apartment Corp., a 372-unit co-op located at 23 Fieldstone Drive in Hartsdale, NY; a $2 million first mortgage and a $1 million line of credit for a 27-unit co-op located at 55 East 66th Street in Manhattan; a $1.8 million first mortgage, a $1.8 million second mortgage and a $1 million line of credit for 1200 Tenants Corp., a 73-unit co-op located at 1200 Madison Avenue in Manhattan; and a $1.1 million first mortgage for Gramatan Owners, Inc., a 52-unit co-op located at 32 East Broad Street in Mt. Vernon, NY.
NCB Senior Vice President Mindy Goldstein arranged new loans totaling $10.5 million, including a $3.2 million first mortgage and a $200,000 line of credit for 1345 Hewlett Owners, Inc., a 78-unit co-op located at 1325-1347 Broadway and 1-9 Everit Avenue in Hewlett, NY; a $1.5 million first mortgage and a $500,000 line of credit for Bard House, Inc., a 60-unit co-op located at 142-162 Bard Avenue in Staten Island, NY; a $1.5 million first mortgage for 811 Fifth Avenue Corp., a 12-unit co-op located at 810-811 Fifth Avenue in Manhattan; an $800,000 second mortgage for Lafayette Lofts, Inc., a six-unit co-op located at 439 Lafayette Street in Manhattan; a $750,000 first mortgage for 55 Park Tenants Corporation, a 32-unit co-op located at 55 Park Avenue in Manhattan; a $750,000 first mortgage for a 15-unit co-op located at 521 East 83rd Street in Manhattan; a $465,000 first mortgage and a $100,000 line of credit for 99 State Associates, Inc., a ten-unit co-op located at 99 State Street in Brooklyn, NY; a $440,000 first mortgage and a $100,000 line of credit for The Leroy Owners Corp., a 20-unit co-op located at 25 Leroy Street in Manhattan; and a $150,000 first mortgage for 132 State Apartment Corporation, a five-unit co-op located at 132 State Street in Brooklyn, 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.