330 East 62nd St. in Manhattan — Courtesy: Progress Capital
By Joshua Burd
The developers of a new Memorial Sloan Kettering facility in Manhattan have landed $130 million in financing, under a newly announced transaction by Progress Capital.
Brad Domenico, a principal with the Tinton Falls-based commercial advisory firm, represented YYY 62nd Street LLC in sourcing the permanent mortgage loan for the seven-story building at 330 East 62nd St. The borrowing entity is a joint venture of Joy Construction and Maddd Equities, which are leasing the facility to Memorial Sloan Kettering on a long-term basis.
Domenico negotiated loan terms with Jared Zimmel of Natixis.
“We are pleased to have continued to work with Progress Capital and Natixis on this financing which is the culmination of our business plan for this Property,” said Eli S. Weiss, managing member of YYY 62nd Street LLC. “Progress and Natixis provided value add at every step and we are excited to have completed the building for a first in class institution such as Memorial Sloan Kettering. 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.”
Progress added that Natixis was able to customize the permanent mortgage, which has an 80 percent loan-to-value ratio, to accommodate aspects of the single-tenant long-term lease.
“Natixis provided a flawless execution and underwrote the entire capital stack, which was important to the borrower,” Domenico said.