A joint venture between Joy Construction and Maddd Equities has landed a $86.25 million construction loan to construct and fit out a new 7-story office building at 330 East 62nd Street in Manhattan. The 24-month, interest-only construction loan includes 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 percent loan to project cost ratio with a flexible prepayment option. The 90,000 square foot building, which will feature a community facility, is currently under construction. Acquired from the Archdiocese of New York between First and Second Avenue, the building sits on a through block site.
