NCB, FSB, a federally insured savings bank and a leading lender to cooperative housing throughout the Tri-State area experienced robust activity during October, arranging nearly $47 million in new financing for 14 New York area properties. Edward Howe III, Managing Director of the NCB, FSB New York office, made the announcement.
"We've been experiencing exceptional month to month activity and October was no different as we were able to originate nearly $47 million in new mortgages for cooperatives throughout the New York region," said Mr. Howe. "We expect to see the same type of strong activity through the end of the year as we assist cooperatives in lowering their existing debt obligations, ensuring their continued vitality for years to come."
Mr. Howe arranged the largest loan during the month, a $10 million first mortgage accompanied by a $750,000 line of credit for Sunnyside Owners Corp, a 322-unit co-op located at 41-15/35 45th Street in Sunnyside, NY. He also originated an $8.0 million first mortgage and $1.0 million line of credit for the 227-unit Senate Apartments located at 367-393 Avenue S in Brooklyn, NY; and a $1.5 million first mortgage and $250,000 line of credit for Wincrest Tenants Corp, a 65-unit co-op located at 25 Sunnyside Drive in Yonkers, NY.
NCB, FSB Senior Vice President Mindy Goldstein arranged the six new loans totaling approximately $12.4 million during October including a $4.0 million first mortgage and a $500,000 line of credit for a 95-unit co-op located at 145 east 84th Street in Manhattan. She also originated a $3.4 million first mortgage and a $500,000 line of credit for a 61-unit co-op located at 677 West End Avenue in Manhattan; a $1.3 million first mortgage accompanied by a $300,000 line of credit for Via Magna Corp, a nine-unit co-op located at 182-184 Grand Street in Manhattan; a $1.15 million second mortgage for Lenru Apartment Corp, a 103-unit co-op located at 3400 Wayne Avenue in The Bronx, NY; a $1.0 million loan for a 110-unit co-op located at 200 West 108th Street in Manhattan; and a $225,000 first mortgage for a 12-unit co-op located at 321 Clinton Avenue in Brooklyn, NY.
NCB, FSB Senior Vice President Sheldon Gartenstein arranged more than $12.7 million in five new loans during the month. He originated a $4.0 million first mortgage and a $500,000 line of credit for an 82-unit co-op located at 245 West 104th Street in Manhattan; a $3.5 million first mortgage accompanied by a $500,000 line of credit for a 141-unit co-op at 345 East 73rd Street in Manhattan; a $2.1 million first mortgage with a $500,000 line of credit for a 75-unit co-op located at 199 Bronx River Road in Yonkers, NY; a $650,000 first mortgage accompanied by a $200,000 line of credit for Park Slope Homes, a 39-unit co-op located at 521-531 41st Street in Brooklyn, NY; and a $600,000 first mortgage and a $150,000 line of credit for Penguin House Tenants Corp, a 12-unit co-op located at 55 East 11th 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.