trending Market Intelligence /marketintelligence/en/news-insights/trending/QdTaNTU4q4Ku2xZuCPxRfQ2 content esgSubNav
In This List

SL Green provides construction loan, refinances NYC property; European buyer splashes $135M on prestigious San Francisco building


Infographic: Key questions when assessing an Alternative Investment Funds (AIFs) creditworthiness


Perspectives from China: Chinese M&A in 2022


Headwinds slow global M&A in Q2’22


New Corporate Realities: The Next Generation of Managing Risk and Operations

SL Green provides construction loan, refinances NYC property; European buyer splashes $135M on prestigious San Francisco building

Commercial real estate

* SL GreenRealty Corp. provided a $195 million senior construction loan toMagnum Real Estate Group for the latter's condominium project in Manhattan,N.Y.'s Lower East Side, unnamed sources toldThe Real Deal.

The financing replaces an existing that SL Green providedin April 2015 for the 196 Orchard St. development. The project will hold 96units and around 50,000 square feet of retail space, and the estimatedresidential sellout is $206.9 million, the report said, citing state records.

* SL Green also refinanced its 600 Lexington Ave. propertyin Manhattan, N.Y., with a $125 million loan from Wells Fargo, The Real Deal reported,citing property records filed with the city.

The deal refinances an existing $125 million Bank of Chinaloan on the 36-story office building, the report said.

* An unnamed European investor snapped up the 360 Post St.building in San Francisco's Union Square for around $135 million, the San Francisco Business Times reported,citing a source familiar with the deal. Greenstone Realty Advisors LLC and 360Post LP were the sellers.

Tenants at the 96,882-square-foot 11-story building includeluxury retailer Tiffany & Co. and the U.S. headquarters of Asian airlineCathay Pacific, accordingto Cushman & Wakefield, which advised the sellers.

* A 54-story mixed-use tower is planned at 262 Fifth Ave. atWest 29th St. in Manhattan's NoMad neighborhood, The Real Deal reported,citing a permit application. The plans were submitted by a company affiliatedwith Israeli-Russian billionaire Boris Kuzinez, the report said.

The 150,018-square-foot project will include 41 apartments,including duplexes, along with retail space and other amenities, according tothe report.

New York YIMBY alsoreportedon the plans.

* Intercept Pharmaceuticals is close to leasing between90,000 square feet and 150,000 square feet at in Manhattan, The Real Deal reported,citing sources close to the negotiations.

The 51-story office tower is being developed by partnersMitsui Fudosan Co. Ltd.'s Mitsui Fudosan America, the Related Cos. and OxfordProperties Group.

* Plans for two towers spanning 24 and 27 stories,respectively, are in the works at Philadelphia's Callowhill Street, accordingto a reportfrom The Philadelphia Inquirer. Theproject, dubbed 4th + Callowhill, will include 454 residential units, alongwith retail, parking and public green space, the report said.

* Irving City Council is looking to convert the former80-acre site of the Texas Stadium and around 1,000 acres of surrounding area inthe Dallas suburb of Irving, The DallasMorning News reported,citing WFAA-TV (Channel 8).

The plans include the construction of more than 9,000residential units and around 12.7 million square feet of "employmentspace," along with high-end townhomes, restaurants and retail space, thereport said, citing the TV station. Work could begin in 2017, subject toinfrastructure improvements, according to the report.


* The South ChinaMorning Post featured a reporton Macau's gaming market following the recent openings of 's and the , a casino-hotel projectby Las Vegas SandsCorp. unit Sands China Ltd.

CLSA analysts expect that the new venues will not"materially grow" the market but attract customers of existing establishments,according to the report.

* Arkansas's TimesRecord reportedthat a Nov. 8 ballot will let voters decide on one casino each to operate inthe state's Washington, Boone and Miller counties, all of which border stateswhere gambling is allowed.

The day ahead

Early morning futures indicators pointed to a lower openingfor the U.S. market.

In Asia, the Hang Seng fell 1.56% to 23,317.92, while theNikkei 225 declined by 1.25% to 16,544.56. In Europe, around midday, the FTSE100 was down 1.23% to 6,824.25 and the Euronext 100 fell 0.68% to 874.99.

On the macro front   

The new home sales report and the Dallas Fed's manufacturingsurvey are due out today.

Now featured

The Week in USReal Estate: Green light, red light; on the move: The Sept. 23weekly news roundup in the North American real estate space features the end ofa long and complicated M&A saga and several upper-level managementshake-ups.

Best of SNL:Real Estate, most read: The 10 most read real estate articles forthe week ending Sept. 23.

Best of SNL:Real Estate, editors' picks: Our real estate editors' picks for thebest stories of the week ending Sept. 23.

The Daily Dose isupdated as of 7:30 a.m. ET. Some external links may require a subscription.Articles and links are correct as of publication time.