REBusinessOnline

Natixis Provides $86.2M Construction Loan for Office Project in Manhattan

330-E-62nd-St-NYC

Memorial Sloan Kettering Cancer Center will occupy the 110,727-square-foot build-to-suit office property under construction at 330 E. 62nd St. in Manhattan.

NEW YORK CITY — Natixis has provided an $86.2 million floating-rate construction loan to YYY 62nd Street LLC, a joint venture between Joy Construction and Madd Equities. The borrowers will use the loan to pay off existing debt and provide capital to complete a 110,727-square-foot, Class A office building at 330 E. 62nd St. in Manhattan’s Upper East Side. The seven-story, build-to-suit office property is 100 percent pre-leased to Memorial Sloan Kettering Cancer Center for an initial term of 30 years. Memorial Sloan Kettering plans to use the building for administrative offices. Kathy Anderson and Brad Domenico of Progress Capital arranged the financing.

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