New York, NY (March 9, 2010) — NCB, FSB, a federally insured savings bank and a leading lender to cooperative housing throughout the Tri-State area, arranged over $22 million in new financing activity during February for 14 local properties. During the month, loans included $19.7 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.
"We continue to see more boards protect the financial health of their properties by securing financing for capital improvements or refinancing existing debt," said Mr. Howe. "NCB, FSB has, and will remain a consistent source of financing for these properties, even in today's challenging lending environment."
Financing highlights during the month of February included:
• NCB, FSB Senior Vice President Mindy Goldstein arranged $4.2 million in new financing including a $900,000 first mortgage and a $500,000 line of credit for a 41-unit co-op located at 49 West 96th Street in Manhattan.
• NCB, FSB Senior Vice President Sheldon Gartenstein arranged $13 million during February including a $3.9 million first mortgage for a 178-unit co-op located at 141-25 Northern Boulevard in Flushing, NY.
• Mr. Howe arranged $5.3 million in financing during the month including a $3.1 million first mortgage and a $300,000 line of credit for Harrison Gardens Owners Corp., an 88-unit co-op located at 15 Harrison Avenue in Amityville, 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 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 federally chartered cooperative corporation; its wholly-owned subsidiary NCB, FSB, a federally chartered savings bank; and, NCB Capital Impact, a 501(c)3 nonprofit affiliate. 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.
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