New York, NY (July 15, 2010) — NCB, FSB, a federally insured savings bank and a leading lender to cooperative housing throughout the Tri-State area, arranged over $48 million in new loan originations during the month of June for 19 local properties. Edward Howe III, Managing Director of the NCB, FSB New York office, made the announcement.
"The summer is off to a great start with loan originations happening at a brisk pace. In the past two months alone, the New York office has arranged nearly $110 million in new financing for properties throughout the Tri-State area," said Mr. Howe. "As the city's housing market continues to show signs of improvement, more Boards are arranging funds to meet a variety of needs to ultimately enhance the value of their properties for years to come."
Mr. Howe arranged $11 million in new loan activity including a $3.3 million first mortgage and a $500,000 line of credit for Wesley House, Ltd., a 72-unit co-op located at 10 Old Mamaroneck Road in White Plains, NY; a $2.7 million first mortgage and a $500,000 line of credit for a 108-unit co-op located at 360 Cabrini Boulevard in Manhattan.
NCB, FSB Senior Vice President Mindy Goldstein arranged over $20 million in new loans during June, including the largest deal of the month a $9.1 million first mortgage and a $500,000 line of credit for a 165-unit co-op located at 80 Central Park West in Manhattan. She also originated a $5.6 million first mortgage and a $500,000 line of credit for Two Charlton Owners Corp., a 175-unit co-op located at 2 Charlton Street in Manhattan.
NCB, FSB Senior Vice President Sheldon Gartenstein arranged $16.9 million in new financing during the month including a $4 million first mortgage and a $250,000 line of credit for a 94-unit co-op at 241 East 76th Street in Manhattan and a $3 million first mortgage and a $500,000 line of credit for a 134-unit co-op located at 310 East 70th Street in Manhattan.
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.