NCB, FSB, a leading provider of financing to New York housing cooperatives and the federally-insured depository subsidiary of NCB Financial Group, originated over $25 million in new loans during November for 11 new properties. The financing arranged during the month included $23 million in mortgages and $2.5 million in lines of credit. Edward Howe III, Managing Director of the NCB,FSB New York office, made the announcement.
"As we head towards the end of the year, another 11 cooperatives arranged financing to undertake capital improvements and/or refinance existing debt," said Mr. Howe. "As cooperative boards plan for 2010, more are turning to available financing options as a way of preserving the property's value, without burdening the shareholders with substantial special assessments in this already difficult economic environment."
NCB Senior Vice President Mindy Goldstein arranged over $9 million in new financing during November including a $4.3 million first mortgage and a $500,000 line of credit for Lane Towers Owners, Inc., a 161-unit condop located at 107-40 Queens Boulevard in Forest Hills, NY; a $2.9 million first mortgage and a $250,000 line of credit for Fairfield Green Owners, Inc., a 60-unit co-op located at 742,744,746,748 Deer Park Avenue, 33,55,41-49 Mildred Place in North Babylon, NY; and a $950,000 first mortgage and $200,000 line of credit for a 37-unit co-op located at 124 East 84th Street in Manhattan.
NCB Senior Vice President Sheldon Gartenstein arranged $5 million in financing during November including a $3 million first mortgage and a $300,000 line of credit for an 84-unit co-op located at 811 Cortelyou Road in Brooklyn, NY; a $925,000 first mortgage and a $250,000 line of credit for a 34-unit co-op located at 2 Grove Street in Manhattan; and a $500,000 line of credit for Beach House Owners Corp., a 97-unit co-op located at 740 East Broadway in Long Beach, NY.
Mr. Howe arranged the largest loan in November with a $6 million first mortgage for Highpoint-on-Hudson Owners Corp., a 125-unit co-op located at 2727 Palisade Avenue in Riverdale, NY; a $2.1 million first mortgage for Palmer Terrace Cooperative, Inc., a 192-unit co-op located at 309-315; 320-324; 325-329 Palmer Terrace and 701-709 Palmer Court in Mamaroneck, NY; a $1.7 million first mortgage and a $200,000 line of credit for Riverdale Commons, Ltd., a 41-unit co-op located at 6291-95-99 Broadway in Riverdale, NY; a $640,000 first mortgage for an 11-unit co-op located at 124 West 109th Street in Manhattan; and a $600,000 first mortgage and a $250,000 line of credit for a 36-unit co-op located at 237 North Broadway in Yonkers, NY.
As a full-service financial institution, NCB, FSB provides term loans, lines of credit, commercial and residential mortgages and personal and business banking products to cooperatives nationwide. NCB, FSB offers an array of business banking products for cooperatives including cash management, competitive deposit rates and full service payment processing and lockbox.
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.