SL Green Seeking Loan Extension for Site of Proposed Caesars Casino
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.
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.