SL Green Plans $1B NYC Opportunity Debt Fund

SL Green Realty plans to start raising funds for a $1 billion opportunity debt vehicle this month targeting New York City, according to its quarterly earnings statement.

It is joining numerous other investors eager to take advantage of the distress and/or troubled assets expected to come online in the US markets over the next year. Many of these properties and paper have sound fundamentals – not counting the office asset class – but are underwater on debt and the owners do not have the wherewithal or desire to kick in further equity for refinancing.