Best of 2018: The Best Out of State Project or Deal
330 East 62nd St.-New York, NY
Type of Project: Construction Loan New Construction, Size: 90,000 SF Brad Domenico of Progress Capital negotiated an $86,250,000 construction loan for YYY 62nd St. LLC, a joint venture between Joy Construction and Maddd Equities, to construct and fit out a new 7-story office building at 330 East 62nd St. in Manhattan. The 90,000 s/f building is slated for a Memorial Sloan Kettering facility. The building is currently under construction and is a through block site acquired from the Archdiocese of New York between First and Second Ave. The loan is a 24-month IO construction loan with two 1-year extensions floating over LIBOR. Loan terms include limited recourse that burns off once the building is occupied. The loan represents a 90% loan to project cost ratio with a flexible prepayment option, which was a major consideration in choosing a lending partner.