SL Green arranges financing for Manhattan residential tower

SL Green (SLG) announces a $50M mezzanine loan to The Moinian Group for the construction of a 1.16M square foot tower at 605 West 42nd Street. SLG also facilitated the closing of a $539M loan with the New York State Housing Finance Agency by arranging credit enhancements from Bank of China and Ullilco.

As part of the deal, SL Green has the option to buy up to a 20% stake in the property upon completion of the project.

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