New York, NY. Nixon Peabody LLP advised on a $242 million loan to build a proposed proton therapy facility in Manhattan—the first in New York. The project—named New York Proton Center—will provide targeted radiation used in a number of cancer treatments, including those for head, neck, eye and pediatric cancers.
The facility is to be built by MM Proton I, LLC, and operated by the New York Proton Center—a consortium of local hospitals and health care providers including Memorial Sloan Kettering Cancer Center, Mount Sinai Health System, Montefiore Health System and ProHEALTH Medical Management LLC.
MM Proton I secured a $145.5 million building loan and $97.1 million project loan for this proposed cancer treatment project. A Nixon Peabody team advised J.P. Morgan, arranger of the financing and collateral agent for the lender group. Real Estate partner Arthur Rosner and Global Finance partner David Graybeal were lead advisors to J.P. Morgan with advice from Public Finance partner Dominique de La Chapelle.
In addition to J.P. Morgan, the lender group includes Goldman Sachs and Varian Medical Systems, Inc.