NEW YORK, NY - NCB, FSB (NCB), a federally insured savings bank and a leading lender to cooperative housing throughout the Tri-State area, arranged $72 million in new financing activity during March for 25 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.
“We are pleased to close the first quarter on a strong note, with 25 new local cooperatives securing funds,” said Mr. Howe. “We anticipate this trend will continue into the spring as cooperatives work to lower their existing debt obligations or plan for Local Law 11 or other capital improvement projects.”
NCB, FSB Senior Vice President Sheldon Gartenstein originated over $17 million in new loans during March, including a $7.4 million first mortgage for Hudson View Gardens, Inc., a 353-unit co-op located at 116 Pinehurst Avenue in Manhattan; a $2.5 million first mortgage and a $500,000 line of credit for a 55-unit co-op located at 157 West 79th Street in Manhattan; a $2 million first mortgage and a $500,000 line of credit for a 70-unit co-op located at 98-120 Queens Boulevard in Rego Park, NY; a $1.7 million first mortgage and a $500,000 line of credit for a 32-unit co-op located at 235 West 108th Street in Manhattan; a $1.4 million first mortgage and a $300,000 line of credit for a 49-unit co-op located at 2020 Avenue V in Brooklyn, NY; and a $450,000 line of credit for West Park Housing Corp., a 20-unit co-op located at 170 West 76th Street in Manhattan.
In March, Mr. Howe arranged nearly $35 million in new loans, including the largest loan of the month, a $10 million first mortgage and a $500,000 line of credit for a 129-unit co-op located at 2400 Johnson Avenue in Riverdale, NY; a $9.5 million first mortgage and a $2 million line of credit for 130 E. 18 Owners Corp., a 286-unit co-op located at 130 East 18th Street in Manhattan; a $3.2 million first mortgage and a $250,000 line of credit for a 59-unit co-op located at 1390 Broadway in Hewlett, NY; a $2.5 million line of credit for Manor Towers Owners Corp., a 190-unit co-op located at 3671 Hudson Manor Terrace in Riverdale, NY; a $2 million first mortgage and a $200,000 line of credit for Fortham House Realty Corp., a 60-unit co-op located at 9524 Fort Hamilton Parkway in Brooklyn, NY; a $1.8 million first mortgage and a $250,000 line of credit for Ridgefield Towers Tenants Corp., a 56-unit co-op located at 8301 Ridge Boulevard in Brooklyn, NY; a $1 million third mortgage for an 18-unit co-op located at 6 East 72nd Street in Manhattan; a $1 million line of credit for Brigham Park Cooperative Section #3, Inc., a 305-unit co-op located at 3105 Avenue V in Brooklyn, NY; and a $605,000 first mortgage for Laight Street Apartments, Inc., a six-unit co-op located at 57 Laight Street in Manhattan.
NCB Senior Vice President Mindy Goldstein arranged nearly $20 million in new loans during the month, including a $7 million first mortgage and a $500,000 line of credit for Fontaine Owners Corp., a 130-unit co-op located at 353 East 72nd Street in Manhattan; a $2.3 million first mortgage and a $250,000 line of credit for Thwaites Terrace House Owners Corp., a 132-unit co-op located at 665 Thwaites Place in Bronx, NY; a $2.3 million first mortgage and a $500,000 line of credit for 139-94 Apartments Corp., a 39-unit co-op located at 139 East 94th Street in Manhattan; a $2 million first mortgage and a $500,000 line of credit for Ten West Eighty Six Corp., a 30-unit co-op located at 10 West 86th Street in Manhattan; a $1 million first mortgage and a $200,000 line of credit for a 24-unit co-op located at 855 West End Avenue in Manhattan; an $850,000 first mortgage and a $100,000 line of credit for 92 Yorkville Housing Corp., a 31-unit co-op located at 331-333 East 92nd Street in Manhattan; an $800,000 first mortgage and a $200,000 line of credit for 77 East Owners Corp., a 39-unit co-op located at 77 Eastern Parkway in Brooklyn, NY; a $500,000 line of credit for a 23-unit co-op located at 431 West 121st Street in Manhattan; a $475,000 first mortgage for Noho 302, Inc., a five-unit co-op located at 302 Elizabeth Street in Manhattan; and a $375,000 first mortgage and a $100,000 line of credit for a ten-unit co-op located at 335 East 90th 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.
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.