National Cooperative Bank (NCB) was tapped by Century Management Services to provide a $26.5 million first mortgage and $3 million line of credit for Cherokee Owners Corp., a historic, landmarked co-op apartment building on the Upper East Side.
The New York office of NCB worked with Century Management’s Adam Zerka, senior account executive, and David Lipson, a senior managing director of the firm’s Mortgage Division to secure financing at low interest rates.
Located at 508-516 East 78th and 509-517 East 77th Street, the six-story complex consists of 377 units in four buildings, which are connected by a common courtyard.
Proceeds will primarily be used to refinance the existing debt of a $16 million first mortgage and $7.95 million line of credit the co-op previously completed with NCB. Remaining funds will be used for capital improvements, including the re-coating of the stairwells, plumbing upgrades and a gas conversion project.
“We have worked with NCB for more than 20 years and have found the entire team at the New York City office to be the most knowledgeable in the industry,” noted Lipson. “We were able to work together to close the refinancing deal in record time and lock in an extremely beneficial interest rate, providing our client, Cherokee Owners Corp., with significant savings.”
“NCB worked with the cooperative to close the loan in a timely manner to take advantage of the low interest rate environment – which resulted in savings,” said Edward Howe III, a managing director in NCB’s New York office who worked on the transaction. “NCB understands the importance of these transactions to the cooperative membership. Working with the board and management, we were happy to provide the most competitive mortgage for the property.”
The pre-war property was built in 1910 and converted in 1987. Cherokee Owners Corp. has a live-in superintendent, basement storage and a bike room. It is close to several educational institutions parks and libraries.