NCB, FSB, a federally insured savings bank and a leading lender to cooperative housing throughout the Tri-State area, arranged over $21 million in new loans during the month of April for 16 New York area properties. Edward Howe III, Managing Director of the NCB, FSB New York office, made the announcement.
"The second quarter is off to a solid start with $21 million in new loans originated for cooperatives looking to refinance existing debt or undertake capital improvement projects," said Mr. Howe. "We continue to assist properties throughout the region by meeting their financing needs and to ensure their vitality for years to come."
NCB, FSB Senior Vice President Mindy Goldstein arranged over $9 million in new financings in April, including the largest loan of the month, a $3 million line of credit for 419 Apartment Corp., a 91-unit co-op located at 419 East 57th Street in Manhattan. She also arranged a $1.4 million first mortgage and a $300,000 line of credit for a 59-unit co-op located at 2390 Palisade Avenue in the Bronx; a $1.3 million first mortgage and a $150,000 line of credit for a 51-unit co-op located at 39-75 56th Street in Woodside, NY; a $900,000 first mortgage and a $100,000 line of credit for a 17-unit co-op located at 184 Columbia Heights in Brooklyn, NY; an $850,000 first mortgage and a $100,000 line of credit for 91 Tenants Corp., a ten-unit co-op located at 114 East 91st Street in Manhattan; a $500,000 first mortgage and a $100,000 line of credit for a 12-unit co-op located at 402 West 153rd Street in Manhattan; and a $353,000 first mortgage for Grampark Corporation Inc., an eight-unit co-op located at 1 Gramercy Park West in Manhattan.
In April, Mr. Howe arranged new loans totaling $4.5 million, including a $1.5 million line of credit for The Beverly House, a 129-unit co-op located at 84-51 Beverly Road in Kew Gardens, NY; a $1.2 million first mortgage and an $800,000 line of credit for Bleecker & 11th Owners Corp., a 36-unit co-op located at 396 Bleecker Street in Manhattan; and a $1 million first mortgage for Whitewood Gardens, Inc., a 36-unit co-op located at 643 Pelham Road in New Rochelle, NY.
NCB, FSB Senior Vice President Sheldon Gartenstein arranged $8 million in new financing activity during the month including a $2.5 million first mortgage and a $500,000 line of credit for Alexandria House Inc., a 76-unit co-op located at 250 West 103rd Street in Manhattan, NY; a $1.7 million second mortgage for a 120-unit co-op located at 84-49 168th Street in Jamaica, NY; a $1 million first mortgage and a $300,000 line of credit for 177 Columbia Owners Corp., a 29-unit co-op located at 177-179 Columbia Heights in Brooklyn, NY; a $550,000 first mortgage and a $100,000 line of credit for a nine-unit co-op located at 28 East 21st Street in Manhattan; a $500,000 first mortgage for 151 Lafayette Owners Corp., a five-unit co-op located at 151 Lafayette Avenue in Brooklyn, NY; and a $500,000 line of credit for Collect Pond House Inc., a 39-unit co-op located at 366 Broadway in Manhattan.