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SL Green sells B-note on One Court Square

One Court Square (Credit: Savanna)

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.
  • FlashbackSavanna 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]

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