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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

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.

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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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Moinian GroupSL Green
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