NCB arranges over $95m in December deals.National Cooperative Bank The National Consumer Cooperative Bank (NCCB) was created and chartered by the National Consumer Cooperative Bank Act (92 Stat. 499, 12 U.S.C.A. 3001), enacted on August 20, 1978. The bank is directed by the act to encourage the development of new and existing cooperatives. (NCB (Network Control Block) A packet structure used by the NetBIOS communications protocol. ), the nation's leading provider of financing to housing cooperatives A housing cooperative is a legal entity - usually a corporation - that owns real estate; one or more residential buildings. Each shareholder in the legal entity is granted the right to occupy one housing unit, sometimes subject to an occupancy agreement, which is similar to a lease. , originated through its subsidiary, NCB, FSB (FrontSide Bus) See system bus.
FSB - front side bus , $95.2 million in financing during December for 36 New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of area cooperatives.
The financings included $78.3 million in first mortgages, plus $16.9 million in second mortgages and lines of credit.
Edward Howe III, Managing Director of the NCB New York office, made the announcement.
"December was a record-setting month for NCB," commented Mr. Howe.
"By originating over $95 million in financing, not only was it our most productive month in 2004, but the Bank's best month on record to date.
"We believe the substantial increase in total financing resulted primarily from two main factors.
"First and foremost, cooperative boards continuing to take advantage of low interest rate financing prior to the anticipated interest rate increases in 2005.
"Secondly, 28 percent of the co operative boards seeking financing this month represented cooperatives with 100 units or more, yielding a higher than average property valuation for December."
Mr. Howe originated the largest loan during the month of December with a $12.0 million first mortgage and a $2.0 million line of credit for Kew Gardens Kew Gardens (ky), Kew, Surrey, S England, on the Thames just W of London; Royal Botanic Gardens is the official name. Hills Apartments, a 423-unit co-op located at 135-12/48 77th Avenue in Flushing, NY.
NCB Senior Vice President, Ms. Mindy Goldstein arranged over $20 million in financing for area co-ops in December including a $4.7 million first mortgage and a $500,000 line of credit for the Highland Terrace, a 148-unit co-op located at 123-135 South Highland Avenue in Ossining, NY.
NCB Senior Vice President Sheldon Gartenstein arranged over $36 million of financings in December.
His largest loan was an $11.0 million first mortgage and a $1.0 million line of credit for a 191-unit co-op located at 200 East 16th Street in Manhattan.