SL Green Seeks Loan Extension for Times Square Caesars Casino Site
SL Green, partnering with Caesars Entertainment for a proposed Times Square casino, is seeking an extension on a $743 million loan for 1515 Broadway. The loan enters special servicing as it approaches its March maturity date.
The property maintains strong performance metrics:
- Fully leased status
- Strong cash flow generation
- Current mortgage payments
- "Stellar" overall performance according to Morningstar
Times Square at night in NYC
The proposed $4 billion casino project, announced in October 2022, includes partnerships with:
- Caesars Entertainment
- Jay-Z's Roc Nation entertainment agency
- Plans for development at 1515 Broadway location
Key Financial Details:
- Current interest rate: Below 4%
- Total company debt: $10.5 billion
- Net debt: $10.1 billion (after $0.4 billion in cash and investments)
Property Challenges:
- Heavy reliance on single tenant (Paramount)
- Recent tenant layoffs
- Potential refinancing at higher rates
- Paramount's ongoing takeover situation
Casino Development Status:
- New York downstate casino license decisions expected end of 2025
- Proposed location would replace current Miskoff Theater
- "The Lion King" production currently occupies intended space
SL Green remains current on mortgage payments despite these challenges, with analysts noting the property's strong fundamentals despite the loan situation.
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