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Acquisitions

SL Green sells mezz debt

Andrew Mathias and Marc Holliday (Credit: SL Green)

SL Green is in advanced talks to sell at least three loans attached to New York properties. The REIT is currently marketing at least eight different loans as it seeks to bolster its cash balance, Bloomberg first reported.

The pricing of the following loan sales being discussed are below par:

  • Rockwood is in discussions to buy the REIT’s $25 million junior mezz loan linked to 95 Morton Street in the West Village that pays an interest rate of about 7.6%. 
  • CIM is in talks to buy the company’s $71.5 million mezz loan tied to Industry City, which pays at least 7.5% and has only been funded up to $54.1 million. 
  • Kushner Cos. is negotiating the purchase of a $30 million mezz loan paying 8% interest backed by a multifamily building at 365 Bond Street in Brooklyn.

Be Smart: SL Green had mezzanine debt investments carrying a book value of $967 million as of Dec. 31st. The firm is slated to report earnings today.

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