Natixis Provides 86 Million Construction Loan for Memorial Sloan Kettering Build-to-Suit Office Project
Natixis was the sole lead arranger for an $86.25 million floating-rate construction loan to affiliates of New York City-based Joy Construction and Maddd Equities. Loan proceeds will be used to pay off existing debt and to provide capital to complete a 110,727 square foot, Class A office building located at 330 East 62nd Street in New York City’s Upper East Side neighborhood.
The build-to-suit seven-story office is 100% pre-leased to Memorial Sloan Kettering Cancer Center for an initial term of 30 years. Memorial Sloan Kettering intends to use the building for administrative offices. The property sits in the center of Memorial Sloan Kettering’s Upper East Side presence and is within walking distance of its main hospital campus located at 1275 York Avenue.
Memorial Sloan Kettering Cancer Center is the world’s oldest and largest private cancer center with a total staff of 15,697 and operating revenues of $3.094 billion in 2016.
Joy Construction and Maddd Equities are repeat clients of Natixis. The financing was arranged by Kathy Anderson and Brad Domenico from Progress Capital in Tinton Falls, NJ.