Silverstein Properties is getting into real estate lending

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

TRD 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

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

An example of roll-off waste management (Credit: YouTube, iStock)

A win for big building owners in trash-collection fight

Joel Schreiber (Credit: Shir Stein and Wikipedia)

WeWork’s first investor used his stock as collateral. Now his lenders are suing him

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

163 North 6th Street and the Tel Aviv Stock Exchange Bull (Credit: Google Maps, Wikipedia)

Joel Gluck’s Israeli bond issuance falls through as Williamsburg rental project faces financing crunch

Council member Vanessa Gibson (Credit: New York City Council)

Commercial landlords face new fines as City Council passes anti-harassment bill

arrow_forward_ios