SL Green Seeking Loan Extension for Site of Proposed Caesars Casino

2024-12-02

SL Green (NYSE: SLG), the real estate partner in a proposed effort to bring a casino hotel to Times Square, is looking for an extension on a $743 million loan tied to the New York City property.

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Times Square in New York City. SL Green is seeking a loan extension for 1515 Broadway, the proposed home of a Caesars casino. (Image: Shutterstock)

A recent report from Morningstar indicated the loan on 1515 Broadway entered special servicing in late October, implying that default is imminent. However, the real estate investment trust (REIT) is seeking an extension on the loan, which comes due in March.

The Morningstar report noted the property is fully leased, generating ample cash flow, and that its overall performance is “stellar.” Loan data confirm SL Green is current on its mortgage payments on the property and that the landlord isn’t strained by its debt obligations there.

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