NEW YORK, Feb. 21, 2018 /PRNewswire/ -- Brad Domenico and Kathy Anderson of Progress Capital negotiated an $86,250,000 construction loan for YYY 62nd Street 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 Street in Manhattan. The 90,000 SF office building is slated for a community facility. The building is currently under construction and is a through block site acquired from the Archdiocese of New York between First and Second Avenue.
"We are very pleased to have worked with Natixis and Progress Capital on this financing. With our diverse development platform of multifamily, hospitality, workforce housing and community facility projects, it is crucial we have lenders and advisors who are able to provide creative and value add capitalizations to help us execute on our business plans," mentioned Eli S. Weiss, Managing Member of YYY 62nd Street LLC.
The loan is a 24-month interest-only 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.
Domenico and Anderson negotiated terms of the loan with Jared Zimmel, of Natixis. Doug Heitner, Isaac Stern and Abe Seaman-Baldaro of 'Kasowitz Benson and Torres LLP' represented the Borrower while Ralph Arpajian, Daniel Lisk and Jeremy Chubak of 'Haynes Boone LLP' represented Natixis throughout the closing process.
About Progress Capital Advisors
Progress Capital Advisors is a leading Commercial Mortgage Banking firm specializing in arranging debt for commercial real estate owners and residential developers. Since 1990, Progress has successfully closed in excess of $40 Billion in commercial loans and deployed over $100 Million through their direct lending platform.
About Maddd Equities
Maddd Equities LLC is a real estate development and investment firm based in New York. Jorge Madruga has over twenty years experience in acquisitions, construction, asset repositioning and development across a broad spectrum of property types. Maddd Equities manages a portfolio of 2,000 multifamily units as well as roughly 500,000 SF of commercial space.
About Joy Construction
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 8,000 residential units and nearly 1 million SF of commercial space.
SOURCE Progress Capital