Jorge Madruga And Eli Weiss Secure $86.25M Construction Loan For Medical Office Building In Manhattan

A development site located at 330 East 62nd Street in Manhattan, NY has been part of a recent closed transaction. The property, spanning over a market value of $86,250,000 and standing at 90,000 square feet, was the subject of a construction loan. The loan was provided by natixis''>Natixis, with Laurent Mignon as the representative, and had a term of 24 months with two 1-year extensions. The loan, which represents a 90% loan-to-cost (LTC) ratio, offers flexible prepayment options and is secured by the site.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $86,250,000
• Loan Type: Construction Loan
• Loan Term: 24 months with two 1-year extensions
• Loan Representative: Laurent Mignon - Natixis
• Developers: Jorge Madruga and Eli Weiss
• Borrower Representatives: Brad Domenico & Kathy Anderson - Progress Capital
• Address: 330 East 62nd Street, Manhattan, NY
• Asset Size: 90,000 square feet

The developers of the property project are Jorge Madruga and Eli Weiss. Brad Domenico and Kathy Anderson, representing Progress Capital, acted as the brokers in the transaction. The loan, which had a limited recourse feature, will burn off once the building is occupied. The development plans for the property include a 7-story medical office building. The loan is floating over LIBOR and the interest payments are interest-only during the initial 24-month term. Jorge Madruga and Eli Weiss are set to transform this development site into a modern medical facility.