New York, NY – August 9, 2012 – NCB, FSB (NCB), a federally insured savings bank and a leading lender to cooperative housing throughout the Tri-State area, arranged nearly $69 million in new financing activity during July for 19 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.
“There were no signs of a summer slowdown in July, as we continue to arrange a substantial amount of new financing, including our largest loan to date this year,” said Mr. Howe. “We anticipate this pace of lending activity to continue into the Fall, and are proud to remain a valuable financial resource to communities throughout the region.”
NCB Senior Vice President Mindy Goldstein arranged nearly $12 million in new loans during the month, including a $2.5 million first mortgage for 211 Terry Owners Inc., a 36-unit co-op located at 211-215 Terry Road in Smithtown, NY; a $1.9 million first mortgage and a $500,000 line of credit for The Paul Revere Owners Corp., a 54-unit co-op located at 35-55 29th Street in Long Island City, NY; a $1.7 million first mortgage and a $250,000 line of credit for Country Neck Corp., a 57-unit co-op located at 47-27 Little Neck Parkway in Little Neck, NY; a $1.2 million first mortgage and a $250,000 line of credit for a 36-unit co-op located at 345 West 70th Street in Manhattan; a $1.1 million first mortgage and a $250,000 line of credit for a 12-unit co-op located at 47-49 King Street in Manhattan; an $820,000 first mortgage and a $250,000 line of credit for a 19-unit co-op located at 56 West 82nd Street in Manhattan; a $300,000 first mortgage for 184 Clint Owners Corp., a ten-unit co-op located at 184 Clinton Avenue in Brooklyn, NY; a $300,000 first mortgage for 259 West Tenant Corp., a six-unit co-op located at 259 West 21st Street in Manhattan; a $280,000 first mortgage and a $100,000 line of credit for a four-unit co-op located at 86 Second Place in Brooklyn, NY; and a $220,000 first mortgage for Begonia Realty Corporation, a six-unit co-op located at 14 West 87th Street in Manhattan.
NCB, FSB Senior Vice President Sheldon Gartenstein originated over $5 million in new loans during July, including a $2.8 million first mortgage and a $500,000 line of credit for 255 Fieldston Buyers Corp., a 73-unit co-op located at 255 Fieldston Terrace in Riverdale, NY; and a $1.8 million line of credit for Vernon Manor Cooperative Apartments, Section II, Inc., a 243-unit co-op located at 505 East Lincoln Avenue in Mt. Vernon, NY.
In July, Mr. Howe arranged nearly $52 million in new loans, including the largest loan of the month and year to date, a $36 million first mortgage and a $5 million line of credit for Castle Village Owners Corp., a 585-unit co-op located at 120 Cabrini Boulevard in Manhattan; a $2.5 million line of credit for Blind Brook Lodge Owners, Inc., a 125-unit co-op located at 60-66 Milton Street in Rye, NY; a $2 million first mortgage for 555 Owners Corp., a 96-unit co-op located at 555 Bronx River Road in Yonkers, NY; a $1.9 million first mortgage and a $250,000 line of credit for Plaza East Owners Corp., a 51-unit co-op located at 5 Schenck Avenue in Great Neck, NY; a $1.6 million first mortgage for Nine-G Cooperative, Inc., a 33-unit co-op located at 33 West 93rd Street in Manhattan; a $1.2 million first mortgage and a $250,000 line of credit for a 42-unit co-op located at 5730 Mosholu Avenue in Bronx, NY; and a $1.2 million first mortgage for 326-328 East 73rd Street Residents, Inc., a 40-unit co-op located at 326-328 East 73rd 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.
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.