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