The Real Deal New York

Wanted: $500M in funding for 1 West End Avenue

Syndicate led by Wells Fargo, Bank of America to provide $100M for Silverstein, Elad

October 08, 2014 02:05PM

From left: Larry Silverstein and Udi Erez

From left: Larry Silverstein and Udi Erez of Elad Group

Silverstein Properties and the Elad Group, developers of the 366-unit residential project at 1 West End Avenue, are seeking $500 million in consortium funds that would likely replace the project’s acquisition and predevelopment financing.

The majority of the funding will come from a syndicate led by Wells Fargo and Bank of America — both of whom participated in the original purchase of the land from the Carlyle Group — with Wells Fargo taking on about $100 million of the loan, the New York Observer reported. The meeting regarding the new financing for the project was held Tuesday morning.

The project, which will likely have 250 market-rate condos and 116 affordable units, is particularly attractive to the banks due to the low cost per square foot paid by Silverstein and Elad, according to the Observer. Santander Bank, People’s United Bank and CIT Real Estate Finance are also said to be interested in the deal.

The 42-story Lincoln Square tower has come under some criticism for plans to include a so-called “poor door” — a separate entrance for residents of the affordable units. However, the city and Silverstein reached an agreement in August that will give affordable unit tenants access to the tower’s courtyard and roof deck. [NYO]Heather Grossmann

  • Char4Dew

    DIDN’T he get several billion to drop three towers?
    GREED.

    • Marc

      Get yourself a job

      • Char4Dew

        I have one Marc, but it has nothing to do with dropping towers.
        Looks like you are working for the man. good luck.

        • Marc

          I’m happy you know how to use a mop & bucket. Now if you would stop using hallucinogens…………………

          • Char4Dew

            Marc you are definitly workking for him. Got it! Do you thing….
            No Mop no hallucinogens, not even a bottle here.
            The World is not made up of people who stick their heads in the sand. Still some out here who are awake.

      • Char4Dew

        hmmm. that will do what? regarding silverstein?

  • ChewBaka Flocka

    Larry Silverstein is going to hell

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