Silverstein Properties is getting into real estate lending

Company will provide minimum $25M loans for all types of developments

New York /
Oct.October 03, 2018 03:30 PM

Silverstein Properties CEO Marty Burger

Silverstein Properties is expanding into the world of real estate lending.

The new segment of the company will be known as Silverstein Capital Partners and provide loans for all types of projects, according to Bloomberg. The firm has partnered with a pension fund and sovereign wealth fund to provide capital for the new branch but has declined to name both.

The minimum loan size will be $25 million, and there is no maximum loan size. There is already a pipeline of deals in place for the venture, and Silverstein expects it to see annual returns of between 10 to 15 percent.

Silverstein’s major projects include 3 World Trade Center and the Four Seasons Hotel downtown. The company purchased ABC’s Upper West Side headquarters in July for $1.2 billion.

“There were a lot of banks that couldn’t handle the loans,” Silverstein CEO Marty Burger told Bloomberg. “We’re a developer at heart, and we usually do very large projects, and we found that there was just a gap in the financing markets where there were large loans needed for complicated projects.” [Bloomberg] – Eddie Small


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Triangle Equities' Lester Petracca with 533 Main Street (Triangle Equities, Getty)
Record East Orange project lands $317M financing
Record East Orange project lands $317M financing
198 Scholes Street, 65 Kent Avenue, 506 DeKalb Avenue and 11 Gunther Place (Illustration by the Real Deal with Getty, Google Maps)
Avi Philipson deal to acquire All Year portfolio is back on
Avi Philipson deal to acquire All Year portfolio is back on
From left: Trinity Place Holdings’ Matthew Messinger and Macquarie Group’s Shemara Wikramanayake along with 77 Greenwich Street (Getty, Trinity Place Holdings, Macquarie Group, Google Maps)
Trinity Place gets extension to finish pandemic-slowed 77 Greenwich
Trinity Place gets extension to finish pandemic-slowed 77 Greenwich
Estate Partners' David Aviram, FIA Capital Partners' David Goldwasser and Steve Croman (LinkedIn, Google Maps, Getty)
Steve Croman: I was duped by predatory lender
Steve Croman: I was duped by predatory lender
From left: McSam Hotel Group's Sam Chang and SL Green's Marc Holliday with 711 Seventh Avenue  (Getty, Google Mpas, SL Green)
Times Square hotel developer sues neighbors over delayed demolition
Times Square hotel developer sues neighbors over delayed demolition
Ivanhoé’s Nathalie Palladitcheff, Cohabs’ Youri Dauber and James Grasso with Cohabs NYC co-living spaces (Cohabs, LinkedIn, Twitter/@ydauber, Ivanhoe Cambridge)
Co-living firm Cohabs raises $450M to continue expansion
Co-living firm Cohabs raises $450M to continue expansion
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...