SL Green’s $743 million loan on its Times Square office building at 1515 Broadway, earmarked for a potential casino project, recently entered special servicing for an imminent maturity default. The loan, maturing next March, may require refinancing at a higher interest rate. SL Green reported that the loan is performing well and an extension is in progress. Paramount, the building’s main tenant, recently announced significant layoffs, which could complicate refinancing due to the high tenancy concentration. SL Green, in partnership with Caesars Entertainment and Jay-Z’s Roc Nation, aims to convert the property into a casino if granted a state license in 2025.
1515 Broadway
