NCB tops $27m in November financing

Real Estate Weekly,  Jan 2, 2008  

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NCB originated over $27 million in financing in November for 16 New York area properties. The financings included $21.1 million in mortgages and $6.6 million in lines of credit. Edward Howe III, managing director of the NCB New York office, made the announcement.

"Financing activity in November remained solid, with properties still borrowing to fund a wide range of capital improvement projects or refinance existing debt," stated Mr. Howe. "To date, we've arranged financing for over 240 cooperatives and condominiums in the New- York metropolitan area, and look forward to providing even more properties with our creative financing solutions in the year to come."

NCB's Senior vice president Mindy Goldstein arranged a total of $11.3 million in loans during November, including a $2.6 million first mortgage and a $1 million line of credit for a 132-unit condo-op located at 545 West 111th Street in Manhattan.

NCB's senior vice president Sheldon Gartenstein arranged a total of $4.4 million in loans during November, including a $1.3 million first mortgage and a $400,000 line of credit for a 41-unit co-op located at 166 West 22nd Street in Manhattan.

Mr. Howe arranged a total of $11.9 million in loans during November, including the largest deal of the month, a $7 million first mortgage and a $1 million line of credit for a 73-unit co-op located at 1 West 64th Street in Manhattan.

NCB means National Consumer Cooperative Bank, its subsidiaries and NCB Capital Impact, an affiliated non-profit corporation. Loans and technical assistance may be provided by NCB, NCB Capital Impact or NCB, FSB, all of which are Equal Housing Lenders. NCB, FSB is a wholly-owned subsidiary of NCB. Deposit products and services are provided by NCB, FSB, which is FDIC insured. Housing development services are offered through NCB and NCB Capital Impact's jointly owned subsidiary, NCB Community Works, LLC.

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.

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