Memorial Sloan Kettering cancer center on the Upper East Side.
NEW YORK CITY – Natixis, an asset management and investment firm, has issued a $130 million senior mortgage loan for 330 East 62nd St., a 7-story build-to-suit community facility for cancer center Memorial Sloan Kettering, a long-term tenant of the property. Progress Capital arranged the financing.
The property is owned by a joint venture between Joy Construction and Maddd Equities under the YYY 62nd Street, LLC. Natixis customized the loan to accommodate aspects of the single-tenant long-term lease with Memorial Sloan Kettering. Terms of the lease include 80% loan-to-value with full input/output and non-recourse.
"Progress and Natixis provided add value at every step and we are excited to have completed the building for a first in class institution such as Memorial Sloan Kettering," said Eli Weiss, managing member of YYY 62nd Street, in a prepared statement. "The project and the financing is a testament to our joint venture's ability to execute across diverse asset classes with institutional tenants and financing partners."
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
