Silverback Development lands $90M construction loan for Gramercy condo

Och-Ziff and Michael Dell’s MSD Partners provided financing

New York /
Jun.June 25, 2019 03:15 PM
Silverback Development's Josh Schuster and 359 Second Avenue

Silverback Development’s Josh Schuster and 359 Second Avenue

Josh Schuster’s Silverback Development lined up a $90 million construction loan for its Gramercy Park condominium development.

Och-Ziff Capital Management Group and Michael Dell’s MSD Partners teamed up to provide the financing for the 13-story project at 359 Second Avenue, the developer told The Real Deal.

Schuster said that the development will aim to keep apartments priced below $3 million and noted it sits across the street from a city playground, meaning its access to light and air should be protected for the foreseeable future.

“The importance for us is speed-to-market and to take advantage of the forever light and air,” he said.

Adi Chugh and Matthew Shatz at Maverick Commercial Properties arranged the debt.

Schuster said demolition is already under way on the site, and he’ll be looking for approval from the state Attorney General’s office to start marketing condos sometime in the first half of next year.

The condo building, designed by architect Issac Stern, is planned to have either 55 or 53 units with a total sellout of roughly $150 million, Schuster said.

Schuster, the former DHA Capital principal who launched Silverback three years ago, teamed up with the property owner at 359 Second Avenue in 2017 to develop the project.

Earlier this year, Silverback teamed up with AEW Capital Management to buy an under-construction multifamily development project in Long Island City for $40 million.


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
75 Park Lane South (Plaza Construction)
This year’s top-selling Hudson County homes
This year’s top-selling Hudson County homes
(Illustration by The Real Deal with Getty)
Housing affordability hits 33-year low
Housing affordability hits 33-year low
D&F Development Group’s Peter Florey and the development site at the northwest corner of Pulaski and Elwood Roads in East Northport (D&F Development Group, Google Maps)
Four decades in making, East Northport project clears key hurdle
Four decades in making, East Northport project clears key hurdle
Mayor of New York City Eric Adams (Photo Illustration by The Real Deal with Getty Images)
NYC turns back to hotels to grow homeless shelters
NYC turns back to hotels to grow homeless shelters
Leonard Stern with Wyndham Garden Hotel Newark Airport (Getty, Hotels Combined)
Hartz buys Newark Airport hotel for $34M, plans demolition
Hartz buys Newark Airport hotel for $34M, plans demolition
arrow_forward_ios

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

Loading...