SL Green Realty announced today that it will provide $50 million in mezzanine loans for the construction of the Moinian Group’s residential tower at 605 West 42nd Street.
As part of the deal, SL Green will have the option to acquire a stake of up to 20 percent in the project. SL Green also facilitated the closing of a $539 million loan through the New York State Housing Finance Agency, according to a statement from the company. The 1,174-unit rental will have an 80-20 mix of market-rate and affordable units as part of its obligations with the HFA.
Iron Hound Management Company’s Robert Verrone brokered the deal. — Tom DiChristopher