NEW YORK, NY - NCB, FSB (NCB), a federally insured savings bank and a leading lender to cooperative housing throughout the Tri-State area, arranged $63 million in new financing activity during November for 25 New York area properties. Edward Howe III, Managing Director of the NCB New York office, made the announcement.
"We are pleased to see the number of cooperatives taking advantage of available financing has increased during November,” said Mr. Howe. “We anticipate more regional cooperative communities will seek out NCB to address their financial needs before the end of the year.”
NCB Senior Vice President Sheldon Gartenstein arranged over $24 million in new loans, including the largest loan of the month, an $11.2 million first mortgage and a $1 million line of credit for a 132-unit co-op located at 444 Central Park West in Manhattan; a $5.2 million first mortgage and a $500,000 line of credit for The Opera Owners, Inc., a 112-unit co-op located at 2166 Broadway in Manhattan; a $3 million first mortgage and a $500,000 line of credit for Main Duane Owners Corp., a 14-unit co-op located at 134-138 Duane Street in Manhattan; a $2.5 million line of credit for Square Arch Realty Corp., a 335-unit co-op located at Two Fifth Avenue in Manhattan; and a $500,000 first mortgage for a 16-unit co-op located at 415 East 82nd Street in Manhattan.
NCB Senior Vice President Mindy Goldstein arranged new loans totaling nearly $11 million, including a $2.8 million first mortgage and a $500,000 line of credit for a 75-unit co-op located at 284-285 Central Avenue in Lawrence, NY; a $1.5 million first mortgage and a $500,000 line of credit for Sunnylane of Bethpage Redevelopment Company Owners Corp., a 300-unit co-op located on Central Avenue in Bethpage, NY; a $1 million first mortgage and a $250,000 line of credit for a 29-unit co-op located at 210 East 21st Street in Manhattan; a $900,000 first mortgage and a $150,000 line of credit for a 24-unit co-op located at 242 West 104th Street in Manhattan; a $900,000 line of credit for 310/312 East 23rd Apartment Corp., a 134-unit co-op located at 310-312 East 23rd Street in Manhattan; a $750,000 first mortgage and a $250,000 line of credit for 180 Hartsdale Owners, Inc., a 47-unit co-op located at 180 East Hartsdale Avenue in Hartsdale, NY; a $500,000 first mortgage for 365 St Johns Owners Corp., a 16-unit co-op located at 365 St Johns Place in Brooklyn, NY; a $250,000 first mortgage and a $100,000 line of credit for M&A Residences, Inc., an eight-unit co-op located at 41-43 Murray Street in Manhattan; a $250,000 first mortgage for 115-36 Owners Corp., a seven-unit co-op located at 115 East 36th Street in Manhattan; and a $200,000 first mortgage for 153 Lafayette Co-op Corp., a five-unit co-op located at 153 Lafayette Avenue in Brooklyn, NY.
In November, Mr. Howe arranged nearly $28 million in new loans, including a $5.8 million first mortgage and a $500,000 line of credit for Seminole Owners Corp., a 352-unit co-op located at 76-61 113th Street in Forest Hills, NY; a $4.2 million first mortgage for Evergreen Owners, Inc., a 101-unit co-op located at 37-21 80th Street in Jackson Heights, NY; a $4 million second mortgage and a $1 million line of credit for a 71-unit co-op located at 55 Liberty Street in Manhattan; a $3.5 million first mortgage for Lincoln Gardens Owners, Inc., a 168-unit co-op located at 144-40/50 38th Avenue in Flushing, NY; a $2.3 million first mortgage and a $300,000 line of credit for Maple Court Apartments, Inc., a 63-unit co-op located at 35-21, 35-27 81st Street in Jackson Heights, NY; a $2.3 million first mortgage for Broad Parkway Owners, Inc., a 104-unit co-op located at One Broad Parkway in White Plains, NY; a $1.4 million first mortgage and a $500,000 line of credit for a 14-unit co-op located at 12-14 East 64th Street in Manhattan; a $1 million line of credit for The Pavilion Owners Corp., a 72-unit co-op located at 144-63 35th Avenue in Flushing, NY; a $650,000 first mortgage for Capri Owners, Inc., a 36-unit co-op located at 2331 Ocean Avenue in Brooklyn, NY; and a $400,000 line of credit for Caton Towers Owners Corp., a 274-unit co-op located at 135 Ocean Parkway in Brooklyn, NY.
As a full-service financial institution, NCB provides term loans, lines of credit, commercial and residential mortgages and personal and business banking products to cooperatives nationwide. NCB offers an array of business banking products for cooperatives including cash management, competitive deposit rates and full service payment processing and lockbox.
About NCB
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, National Cooperative Bank on Facebook, or on Twitter @coopbanking.
The NCB Financial Group consists of the Congressionally-chartered National Consumer Cooperative Bank (NCCB) and NCB, FSB, a federally insured savings bank wholly owned by NCCB. The NCB Financial Group provides financial products and services for the nation’s cooperatives, their members, and socially responsible organizations.
The NCB Financial Group also works in a strategic alliance with NCB Capital Impact, a non-profit Community Development Financial Institution created under the same act of Congress as NCCB with particular focus on impacting low and moderate income communities.