SL Green has successfully taken full control at 625 Madison Ave. after it won a foreclosure auction at the property this week.
The Manhattan-based REIT had ground leased the building from Ashkenazy Acquisition Corp., which had fallen behind on loan payments, triggering a UCC foreclosure proceeding. SL Green bought a stake in the mezzanine loan tied to the fee interest, allowing it to execute on the foreclosure and take full control of the 17-story building, The Real Deal reports.
SL Green and other lenders, including UK-based Children’s Investment Fund and Winthrop Realty Trust, held a $195M mezzanine loan provided to Ashkenazy Acquisition Corp.,…