Progress Capital has arranged a $130 million permanent mortgage loan for YYY 62nd Street LLC, a joint venture between Joy Construction and Maddd Equities. The loan is secured by a newly constructed seven-story build-to-suit community facility building at 330 East 62nd Street in Manhattan leased to Memorial Sloan Kettering. Progress Capital’s Brad Domenico negotiated terms of the loan with Jared Zimmel of Natixis.

“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,” said Eli Weiss, managing member of YYY 62nd Street LLC. “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 most important aspect of the permanent mortgage was the customization that Natixis provided to accommodate aspects of the single tenant long-term lease, the firms said. Other noteworthy terms are 80% loan-to-value with full term I/O, non-recourse.