SL Green arranges financing for Manhattan residential tower

• SL Green (NYSE: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.
• Source: Press Release