SL Green in talks to sell loans to CIM, Rockwood

Mezz pieces back Industry City, 95 Morton

New York /
Apr.April 21, 2020 05:45 PM
SL Green's Mark Holliday with Industry City in Brooklyn and 95 Morton Street (Credit: Industry City; SL Green; Google Maps)

SL Green’s Mark Holliday with Industry City in Brooklyn and 95 Morton Street (Credit: Industry City; SL Green; Google Maps)

SL Green Realty is in talks to sell a package of loans in order to fill its cash coffers.

The real estate investment trust is in advanced discussion to sell at least two loans, Bloomberg reported. SL Green is negotiating to sell a mezzanine loan on the sprawling Industry City redevelopment in Brooklyn to CIM Group. The other is a loan on a Manhattan office property that Rockwood Capital is considering buying.

Pricing on the deals wasn’t immediately clear, but sources told Bloomberg discussions price the loans below par.

The Industry City debt is a $71.5 million mezzanine loan that pays at least 7.5 percent and has been funded up to $54.1 million.

Rockwood is in talks to buy SL Green’s $25 million junior mezzanine loan on 95 Morton Street in the West Village. It pays an interest rate of 7.6 percent.

SL Green is looking to sell at least eight loans to help shore up its balance sheet. It’s not the only company that’s looked to sell loans to keep its books in balance. Last week, Ladder Capital sold a group of loans backed by multifamily properties to Madison Realty Capital. [Bloomberg] — Rich Bockmann

Contact Rich Bockmann at [email protected] or 908-415-5229


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