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 Article

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

Larry Silverstein and the Tel Aviv Stock Exchange (Credit: Getty Images)

Institutional investors swarm Silverstein’s new TASE bonds

Real estate firms get (green) thumbs down as they jump into climate bonds

With Fed rate cut on the mind, markets enter the week riding high

(Illustration by Carl Wiens)

NYC’s foreign investment landscape in the era of trade wars and heightened nationalism

New York Community Bank CEO and president Joseph Ficalora (Credit: Facebook, iStock)

Freed by Dodd-Frank, NYCB is on the hunt for M&A deals

Lightstone Group Chairman and CEO David Lichtenstein and the Tel Aviv Stock Exchange (Credit: Lightstone and iStock)

Lightstone becomes third NYC developer in a week to plan new Tel Aviv bond issuance, targeting $73M

arrow_forward_ios