New 7-story office building secures $86.25M construction loan

0
3920
Rendering of the new building at 330 E 62 (Maddd Equities)
Rendering of the new building at 330 E 62 (Maddd Equities)

Progress Capital announced that a new seven-story office building in Manhattan has secured an $86.25 million construction loan.

YYY 62nd Street LLC, a joint venture between Joy Construction and Maddd Equities, is planning to construct and fit out 90,000-sq. ft.  office building at 330 East 62 St. in Manhattan.

The loan is a 24-month interest-only construction loan with two one-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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

I accept the Privacy Policy

This site uses Akismet to reduce spam. Learn how your comment data is processed.