December 11, 2019
Brad Domenico of Progress Capital arranged a $130-million permanent mortgage loan for YYY 62nd Street LLC, a joint venture between Joy Construction and Maddd Equities. The loan is secured by a newly-constructed seven-story build to suit community facility building, located at 330 E. 62nd St. on Manhattan’s Upper East Side and leased to Memorial Sloan Kettering Cancer Center on a long-term lease.
Domenico negotiated terms of the loan with Jared Zimmel at Natixis. Key to the transaction was the customization that Natixis provided to accommodate aspects of the single-tenant long-term lease.
The loan represented an 80% LTV on full term interest-only, non-recourse terms. “Natixis provided a flawless execution and underwrote the entire capital stack, which was important to the borrower,” said Domenico.
The 90,000-square-foot facility was built on a site Joy and Maddd acquired from the Archdiocese of New York in 2014. MSKCC committed to the long-term lease in 2017.
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