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Silverstein loan for 575 Lex. heads to servicer
While he’s been facing his share of woes at the World Trade Center site, the drama has now moved uptown for developer Larry Silverstein. His building at 575 Lexington Avenue on the corner of 51st Street is facing imminent default, according to Crain’s, as the $325 million loan that he and the California State Teachers Retirement System jointly hold was transferred to a special servicer today. A Silverstein Properties statement said that the company requested the transfer as a part of ongoing negotiations between the lender and the loan holders.