NEW YORK CITY-A Manhattan office building suffering from financial difficulties was taken over by Savanna, a real-estate investment company in New York, in a loan-to-own deal.
The company purchased the building at 104 W. 40th St. for less than half of what the previous owners, Iowa-based Principal Financial Group Inc. and Mermel & McLain LLC, paid for the property in 2007. An extra $15 million was also spent on the building before it succumbed to the economic downturn. For the full story, go to Wall Street Journal.
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