SL Green is set to begin raising funds for a New York City opportunity debt vehicle this month, targeting $1 billion, Bloomberg reported. The company had previously indicated its intention to raise a debt fund, stating in December that it aimed to accomplish this in the first half of the year.
Other players in the market, such as RXR and Ares Management, are forming funds to acquire distressed office assets in New York City. Reven Office REIT, led by Ethan Penner and Chad Carpenter, is also seeking to raise $1 billion to provide financing for office owners and investors, including investments in distressed office debt and properties.
“We’ve been out speaking with folks domestically, Middle East and Asia,” Marc Holliday, SL Green’s CEO said in December at a conference. “We’re sizing it at about $1 billion, which is not to mean that’s the dimension of opportunity. That’s just where we want to peg the first fund.”
Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money.
With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.