September 16, 2020
SL Green Realty Corp. said Tuesday it had fully capitalized its development for Pace University at 126 Nassau St., entering a partnership with a real estate fund managed by Meritz Alternative Investment Management and closing on $125 million in construction financing. The development is part of Pace’s master plan to revitalize its Lower Manhattan campus.
The construction financing came from the Bank of China, which has provided debt for SL Green on numerous other projects. The Meritz fund holds an 80% interest in the new joint venture. SL Green will continue overseeing the project.
“Securing both a joint venture partner and construction facility for this project is a vote of confidence in SL Green’s ability to deliver best-in-class new development to New York City’s most prominent users,” said Harrison Sitomer, SVP of SL Green. “It also further solidifies Lower Manhattan’s long-term status as a commercial, academic, retail and residential hub.”
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