SL Green loins with Prudential to invest $250M.SL Green Realty Corp. has announced that it has entered into an investment program with Prudential Real Estate Investors A real estate investor is someone who actively or passively invests in real estate. An active investor may buy a property, make repairs and/or improvements to the property, and sell it later for a profit. that will invest up to $250 million in structured finance investments in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. commercial real estate. Under the terms of the program, SL Green and PREI PREI Prudential Real Estate Investors PREI Path Remote Error Indicator will co-invest by purchasing equal participation interests in structured finance investments on prime, well-located commercial real estate primarily in midtown mid·town n. A central portion of a city, between uptown and downtown. midtown Noun US & Canad the centre of a town Manhattan. The investments will be originated, managed and serviced by SL Green. The investment program will target mezzanine loans, first mortgage bridge loans, preferred equity, and junior mortgage participations. The investment program enables SL Green to access significant capital to provide additional funding of its highly successful structured finance program. Additionally, SL Green will enhance its total return on investment through fees from origination, asset management and servicing as well as incentive returns based upon the overall performance of the investments. The program allows SL Green to further develop its franchise in the Midtown office market while achieving greater diversity within its structured finance portfolio. In making the announcement, Marc Holliday, president of SL Green, said, "We are delighted to extend our relationship with PREI, one of the premier investment managers in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . This partnership will allow us to expand our highly successful structured finance platform, with the ability to continue to offer to borrowers and customers a compelling array of financial products." David Bradford David Bradford is the name of:
PRISA Prudential Property Investment Separate Account , one of the PREI managed accounts making the investments, added "We are pleased to have the opportunity to create a second joint venture with SL Green. Our first venture, which owns 100 Park Avenue, has been very successful. We believe and agree with SL Green that these structured financial arrangements are an excellent method for accessing attractive investments secured by prime well-located office buildings in New York City." |
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