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SL Green’s $740M loan on building proposed for Caesars’s Times Square casino lands in special servicing

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2024-11-14

SL Green’s $740M loan on building proposed for Caesars’s Times Square casino lands in special servicing

The $743 million loan tied to SL Green’s 1515 Broadway — the site of the office landlord’s casino bid — landed in special servicing late last month for imminent maturity default, according to a report from Morningstar.

The loan comes due next March and a refinance would likely saddle SL Green with a higher interest rate. The sponsor is currently paying less than 4 percent interest, according to Morningstar.

An SL Green spokesperson said the loan is performing and the firm is “finalizing an extension on the maturity date.”

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