NEW YORK CITY—National Cooperative Bank has been tapped by Century Management Services, a property management firm, to provide a nearly $27 million first mortgage and $3 million line of credit for Cherokee Owners Corp., a historic, landmarked cooperative apartment building on the Upper East Side. NCB's office here worked closely with Century's Adam Zerka, senior account executive, and David Lipson, senior managing director of the firm's mortgage division, to secure financing at historically low interest rates.
Located at 509/517 E. 77th St. and 508/516 E. 78th St., the six-story complex consists of 377 units in four buildings, which are connected by a common courtyard. Proceeds will be used mainly to refinance the existing debt of a $16 million first mortgage and a nearly $8 million line of credit the co-op previously completed with NCB. Remaining funds will be used for capital improvements.
“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,” notes 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,” adds 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. It is close to several educational institutions and health clubs, John Jay Park and its public swimming pool, Carl Schurz Park, and the Webster Library branch of the New York Public Library.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
