SL Green has sold its $100 million B-Note on One Court Square to Davidson Kempner Capital Group, according to Commercial Observer. The loan is secured by the fee interest in Savanna’s 52-story, 1.5-million-square-foot office and retail asset in Long Island City. Price talk was around 95 cents on the dollar.
- Worth Noting: The collateral for the B-Note includes a pledge of the equity interests in the asset, which offers Davidson Kempner remedies typical of a mezz loan.
- Flashback: Savanna acquired the trophy property in 2014 and closed a $880 million recapitalization of it in January 2020, roughly a year after Amazon backed away from plans to make the building its HQ2 campus. [CO]