Brooklyn’s tallest tower may soon rise thanks to massive Silverstein loan

Silverstein Capital to lend $240M on JDS’ 9 DeKalb

TRD New York /
Nov.November 15, 2018 04:49 PM

Michael Stern and a rendering of 9 DeKalb Avenue (Credit: JDS Development)

Michael Stern’s JDS Development is in advanced talks to secure a $240 million mezzanine loan from Silverstein Capital Partners for its planned Brooklyn mixed-use tower 9 DeKalb Avenue, sources told The Real Deal.

The loan is part of a $650 million financing package that will likely also include a $400 million senior mortgage from another lender, sources said. It will also mark the first major loan issued by Silverstein Capital, developer Silverstein Companies’ new commercial debt business.

Stern plans to build a 1,066-foot-tall mixed-use tower that will include more than 400 rental apartments. Once completed, it will be Brooklyn’s tallest building.

Stern and Joseph Chetrit bought part of the assemblage for $43.5 million in 2014 and added the Dime Savings Bank building for $90 million in 2015. Last year, the developers landed a $135 million land loan package from Bank of the Ozarks and Melody Finance.

Earlier this year, Stern bought Chetrit out of the partnership for $60 million.

Silverstein launched its lending arm last month and hired Cantor Commercial Real Estate veteran Michael May to head it.


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
United Wholesale Mortgage Mat Ishbia and Gores Holdings IV CEO Alec Gores (Photos via United Wholesale Mortgage and Gores)

United Wholesale Mortgage goes public with $16B valuation

United Wholesale Mortgage goes public with $16B valuation
Nightingale’s Eli Schwartz and 111 Wall Street (Credit: Google Maps)

Nightingale, Wafra seek $860M to redevelop 111 Wall Street

Nightingale, Wafra seek $860M to redevelop 111 Wall Street
(iStock)

Banks see CRE loans delinquencies hit 5-year high

Banks see CRE loans delinquencies hit 5-year high
30-77 Vernon Boulevard in Queens and Cape Advisors CEO Craig Wood (left) and 720 West End Avenue in Manhattan with Brack Capital Real Estate CEO Ariel Podrojski (right) (Images via Cape Advisors; Google Maps; LinkedIn)

The biggest loans of the slowest month: August’s real estate lending

The biggest loans of the slowest month: August’s real estate lending
FHFA Director Mark Calabria and PIMCO CEO Emmanuel Roman (Getty, iStock)

PIMCO warns of danger in Fannie, Freddie privatization

PIMCO warns of danger in Fannie, Freddie privatization
Assembly member Harvey Epstein and State Sen. Julia Salazar (Getty)

New York preferred equity investors face tax hike

New York preferred equity investors face tax hike
arrow_forward_ios

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

Loading...