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.