How to Buy Debt of an Owner You Are Negotiating With - SL Green NYC

Hey guys,

Tried to find the article, but a few months back I remember in TRD a big NYC owner (99% sure it was SL Green) was looking at a very large ground lease reset coming up on a property they were the lessee for. They went and bought the debt of the ground lessor (owner). This is from memory, I will try and dig up the article so the overall situation is 100% certain I may be off on the above, but my general questions on this situation are when does it get to the point where the lender for the ground lessor says I want to sell this debt (I am assuming the lessor is having trouble paying the loan they took out against the ground lease income) and how does it get in front of SL Green? 

Do D/E brokers shop this and say we know SL Green is making ground lease payments on this, maybe they are interested in having some leverage over the owner since owner is having trouble paying and may end up in default/bankruptcy which could give them the ability to get the land by buying the debt or at least have more power when talks of a reset come up?

Also is this debt position valued from SL Greens perspective from a LTV (LTV of GL cash flows), DSCR, DY looking at those metrics to see Lender's wants say $300mm we think based on what we feel comfortable $280mm (or whatever number) is what we feel more comfortable with (basically how would you value the debt on a ground lease)? Also, would SL Green be willing to pay a premium on this debt due to the overall situation and having leverage over the owner?