Commercial Mortgage Broker Progress Capital Secures $130 Million for UES Memorial Sloan Kettering Cancer Center
Commercial Mortgage Broker Progress Capital Secures $130 Million for UES Memorial Sloan Kettering Cancer Center
Brad Domenico of Progress Capital, a leading NJ mortgage broker arranged a $130,000,000 permanent mortgage for YYY 62nd Street LLC, a joint venture between Joy Construction and Maddd Equities. The CRE loan is secured by a newly constructed 7-story build to suit community facility building at 330 East 62nd Street in Manhattan leased to Memorial Sloan Kettering on a long-term lease.
“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. 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 are a testament to our joint venture’s ability to execute across diverse asset classes with institutional tenants and financing partners.” mentioned Eli S. Weiss, Managing Member of YYY 62nd Street LLC.
Domenico negotiated terms of the loan with Jared Zimmel, of Natixis. The most important aspect of the permanent mortgage was the customization that Natixis provided to accommodate aspects of the single tenant long term lease. Other noteworthy terms are 80% LTV with full term I/O, non-recourse. “Natixis provided a flawless execution and underwrote the entire capital stack which was important to the Borrower”, said Domenico.
Progress Capital is a commercial real estate advisory firm with over $40 Billion in closed loans and $150 Million of directly funded bridge loans. With over 30 years of experience, we continually prove our value to our clients by securing the best financing options available in the market.
Maddd Equities LLC is a real estate development and investment firm based in New York. Jorge Madruga has over twenty years of experience in acquisitions, construction, asset repositioning and development across a broad spectrum of property types. Maddd Equities manages a portfolio of 3,000 multifamily units as well as roughly 500,000 SF of commercial space.
Joy Construction Corp. is a diversified organization with affiliated entities in general construction and real estate development. Since its formation in 1995, Joy has built and or developed over 80 multifamily projects, containing over 8,500 residential units and nearly 2 million SF of commercial space.
