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SL Green Now Sole Owner at 100 Church

NEW YORK CITY-The REIT had foreclosed last fall on senior mezzanine financing for the 1.05-million-square-foot Downtown office property, which is 58% vacant.

By Paul Bubny | Updated on January 21, 2010

NEW YORK CITY-Five months after taking over leasing and management at 100 Church St., SL Green Realty Corp. said Thursday that it is now the sole owner of the 21-story Downtown office property. The REIT had foreclosed this past autumn on the senior mezzanine loan for 100 Church after the property’s then-owner, the Sapir Organization, failed to make payments on $85 million in mezz cash it had borrowed from S.L. Green and Gramercy Capital.

S.L. Green says in a release that at the closing of the foreclosure, it funded additional capital as part of an agreement with Wachovia Bank to extend and restructure the existing financing for a new four-year term. Gramercy transferred its interest in the investment to S.L. Green, the release states.

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