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New York & Tri-State  + Finance  |  April 23, 2020
Paul Bubny
By: Paul Bubny

SL Green in Talks to Sell Mezz Debt

SL Green Realty Corp. is in advanced discussions to sell at least three loans attached to New York properties to bolster its cash balance, Crain’s New York Business reported. The REIT has tapped NKF and Eastdil Secured to market at least eight loans as it seeks to shore up its balance sheet.

The company is in talks to sell a $71.5-million mezzanine position backing Brooklyn’s Industry City to CIM Group and a $25-million loan tied to 95 Morton St., an office building in the West Village. It is also in advanced discussions with Kushner Cos. about a $30-million mezz loan on 365 Bond St., a residential property in Brooklyn.

Although the pricing on the loans wasn’t clear, the levels being discussed are below par, according to sources familiar with the discussions. SL Green announced last month that its $815-million sale of the News Building in Midtown had fallen through.

Pictured: Industry City.

For comments, questions or concerns, please contact Paul Bubny

Read More News Stories About: SL Green Realty Corp
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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 16-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 7-10 daily news stories per day and 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 GlobeSt.com 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. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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  • ◦Sale/Acquisition