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SL Green Enters JV on 126 Nassau Project for Pace U.

SL Green Realty Corp. said Tuesday it had fully capitalized its development for Pace University at 126 Nassau St., entering a partnership with a real estate fund managed by Meritz Alternative Investment Management and closing on $125 million in construction financing. The development is part of Pace’s master plan to revitalize its Lower Manhattan campus.

The construction financing came from the Bank of China, which has provided debt for SL Green on numerous other projects. The Meritz fund holds an 80% interest in the new joint venture. SL Green will continue overseeing the project.

“Securing both a joint venture partner and construction facility for this project is a vote of confidence in SL Green’s ability to deliver best-in-class new development to New York City’s most prominent users,” said Harrison Sitomer, SVP of SL Green. “It also further solidifies Lower Manhattan’s long-term status as a commercial, academic, retail and residential hub.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types as well as delving into broader subject matter. He produces 15-20 daily news stories per day and also works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.

  • ◦Financing
  • ◦Development
  • ◦Sale/Acquisition
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