SL Green Realty Corp. SLG along with its joint venture partners — the National Pension Service of Korea and Hines — have closed on a $1.25-BILLION construction loan for the redevelopment of its office property in Midtown South submarket of Manhattan, One Madison Avenue.With this, the company closed New York City’s largest office construction facility in 2020. The term loan is for six years and carries a floating interest rate of 3.35% above LIBOR. Moreover, the spread on the loan can be reduced to as low as 2.50% on achieving specific leasing and completion milestones.Notably, the company and Hines are the co-developers of the project and have commenced construction at the $2.3-BILLION project.The property is located adjacent to Madison Square Park between Park and Madison Avenues, and East 23rd and East 24th Streets. Moreover, through the project, SL Green will construct a tower spanning 530,000 square feet of space above the existing and redeveloped nine-floored podium.The company is also using 218,000 square feet of available development rights. Including this, the premium office tower will span 1.4 million rentable square feet upon completion and anchor the Midtown South office market.Overall, the existing property will be revamped into a 27-floor, best-in-class office tower. It will be fully-amenitized with retail space, multi-purpose event space to accommodate 800 people, a food market spanning 15,000 square feet of space, and a 9,000-square-foot lounge accessible to tenants and a full-service fitness center.Moreover, given the focus on health and wellness in office spaces amid the pandemic, the company has been mindful of providing tenants with Manhattan’s healthiest work environment with modern infrastructure. Hence, the property is well-positioned to attract tenants despite the short-term challenges posed by the pandemic in New York City.Moreover, such efforts demonstrate the company’s stance on the long-term viability of the region.While such redevelopment efforts will enhance its portfolio quality, it may weigh on near-term earnings. Specifically, in January, Credit Suisse vacated space at One Madison Avenue, terminating its lease early so the property could be redeveloped. This has been affecting SL Green’s rental revenues.Shares of this Zacks Rank #3 (Hold) have plunged 34% over the past year compared with the industry’s decline of 2.4%. Stocks to ConsiderAlpine Income Property Trust, Inc.’s PINE funds from operations (FFO) per share estimates for 2020 have been revised upward by 1.7% to $1.21 over the past month. The company carries a Zacks Rank of 2 (Buy), currently. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Extra Space Storage Inc’s EXR Zacks Consensus Estimate for 2020 FFO per share has moved upmarginally to $5.02 over the past week. The company currently carries a Zacks Rank of 2.City Office REIT, Inc.’s CIO Zacks Consensus Estimate for 2020 FFO per share has improved 2.6% to $1.17 in a month’s time. The company has a Zacks Rank of 2 at present.Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.Legal Marijuana: An Investor’s DreamImagine getting in early on a young industry primed to skyrocket from $17.7 billion in 2019 to an expected $73.6 billion by 2027.Although marijuana stocks did better as the pandemic took hold than the market as a whole, they’ve been pushed down. This is exactly the right time to get in on selected strong companies at a fraction of their value before COVID struck. Zacks’ Special Report, Marijuana Moneymakers, reveals 10 exciting tickers for urgent consideration.Download Marijuana Moneymakers FREE >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report SL Green Realty Corporation (SLG): Free Stock Analysis Report Extra Space Storage Inc (EXR): Free Stock Analysis Report City Office REIT, Inc. (CIO): Free Stock Analysis Report Alpine Income Property Trust, Inc. (PINE): Free Stock Analysis Report To read this article on Zacks.com click here.