Brevard cooperative in Midtown East borrows $26M from Investors Bank

The Brevard cooperative through the entity Brevard Owners, Inc. as borrower signed a loan agreement with lender Investors Bank valued at $26 million for 5 parcels, including the tax class cooperative (C6) and containing 504 residential units at 231 East 54th Street, 233 East 54th Street, 235 East 54th Street, 237 East 54th Street, and 245 East 54th Street in Midtown East. The deal closed on December 23, 2020 and was recorded on January 14, 2021.

The average loan per unit is $51,587.
The financing included a $6 million gap loan.
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