NCB, a leading provider of financing to New York housing cooperatives, marked another strong month of financing activity in August, arranging $34.3 million in new loans for nine local properties, including $29.3 million in mortgages and $5 million in lines of credit . Edward Howe III, Managing Director of the NCB New York office, made the announcement.
"For the traditionally slower month of August, our office arranged a substantial dollar volume of loan funding," said Mr. Howe. "These cooperatives saw the benefit of securing funds to refinance underlying debt and undertake capital improvements, while avoiding large special assessments to shareholders in this still challenging economic environment."
NCB Senior Vice President Mindy Goldstein arranged $21.6 million during August, including the largest two deals of the month, a $10.8 million first mortgage and a $500,000 line of credit for a 200-unit co-op located at 300 East 85th Street in Manhattan, and a $6.8 million first mortgage and a $1 million line of credit for Riverview Equities Corp., a 138-unit co-op located at 33 Riverside Drive in Manhattan. She also arranged a $2 million first mortgage and a $500,000 line of credit for a 60-unit co-op located at 65-38 Booth Street in Rego Park, NY.
NCB Senior Vice President Sheldon Gartenstein arranged a total of $5.3 million in financing during August including a $1.6 million first mortgage and a $500,000 line of credit for Prospect Seeley Housing Corp., 147-149 Prospect Park West & 250 Seeley Street in Brooklyn, NY; a $1.6 million first mortgage and a $300,000 line of credit for a 69-unit co-op located at 2234 Ocean Avenue in Brooklyn, NY; a $600,000 line of credit for a 61-unit co-op located at 1215 Avenue M in Brooklyn, NY; a $575,000 first mortgage and a $100,000 line of credit for a 14-unit co-op located at 155-157 Hicks Street in Brooklyn, NY.
Mr. Howe arranged a total of $7.5 million in financing during August including a $4.2 million first mortgage and a $500,000 line of credit for Cromwell Owners, Inc., 69-60 108th Street in Forest Hills, NY and a $1.8 first mortgage and a $1 million line of credit for a 114-unit co-op located at 201 West 89th Street in Manhattan.
NCB means National Consumer Cooperative Bank, its subsidiaries and NCB Capital Impact, an affiliated non-profit corporation. Loans and technical assistance may be provided by NCB, NCB Capital Impact or NCB, FSB, all of which are Equal Housing Lenders. NCB, FSB is a wholly-owned subsidiary of NCB. Deposit products and services are provided by NCB, FSB, which is FDIC insured.