UES MF Complex Lands Refi Funding

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.