NEW YORK CITY—YYY 62nd Street LLC, a joint venture of Joy Construction and Maddd Equities, received a $86,250,000 construction loan from Natixis. The owners plan to develop a seven-story office building at 330 East 62nd St., between First and Second avenues.
Located at 330 E. 62nd St., the 90,000 square-foot office building currently under construction, is fully pre-leased to Memorial Sloan Kettering Cancer Center. The site is close to the center's main hospital on York Avenue between 67th and 68th streets.
The loan terms provide for 24-month interest only payments with two one-year extensions floating over LIBOR. It includes limited recourse with new conditions once the building is occupied. One of the major considerations in choosing Natixis was that the loan is a 90% loan to project cost ratio with a flexible prepayment option.
Brad Domenico and Kathy Anderson of Progress Capital negotiated the terms of the loan with Jared Zimmel of Natixis. Doug Heitner, Isaac Stern and Abe Seaman-Baldaro of Kasowitz Benson and Torres, LLP represented YYY 62nd Street. Daniel Lisk and Jeremy Chubak of Haynes Boone LLP represented Natixis in this transaction.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
