NCB, FSB, a federally insured savings bank and a leading lender to cooperative housing throughout the Tri-State area, arranged approximately $24 million in new financing during January for nine local properties. The loans included $21 million in mortgages and $2.7 million in lines of credit. Edward Howe III, Managing Director of the NCB,FSB New York office, made the announcement.
"The year began with another nine cooperatives taking advantage of great financing packages available at NCB," said Mr. Howe. "We are pleased to be a consistent source of financing for these properties as the shareholders look to improve the value of their cooperatives by making capital improvements and refinancing existing debt."
Financing highlights for the month of December included:
• NCB Senior Vice President Sheldon Gartenstein arranged the largest loan in January for Lex Tenants Corp., with a $7 million first mortgage and a $1 million line of credit for the 184-unit co-op located at 50 Lexington Avenue in Manhattan.
• Mr. Howe arranged $3.7 million in financing during the month including a $2.3 million first mortgage for Watersview Owners Corp., a 60-unit co-op located at 9951 Shore Road in Brooklyn.
• NCB Senior Vice President Mindy Goldstein arranged $600,000 in new financing during January including a $500,000 first mortgage and a $100,000 line of credit for a seven-unit co-op located at 2 East 12th Street in Manhattan.
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.
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.