The Real Deal New York

SL Green arranges financing for Moinian’s West Side tower

REIT has the option to acquire a 20-percent stake in the project on 42nd Street

September 03, 2014 01:50PM

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From left: Joseph Moinian, 605 West 42nd Street rendering and David Schonbraun

From left: Joseph Moinian, 605 West 42nd Street rendering and David Schonbraun

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

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