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Silverstein Capital Partners Closes on $2 Billion Fund

By Silverstein Properties

Silverstein Capital Partners (SCP) – Silverstein Properties’ real estate lending platform – closed on a $2 billion fund committed by its two existing and three new global institutional investors. SCP focuses on providing a variety of loan types and rescue capital to borrowers on all major product types in urban markets in North America. Since its inception in 2018, SCP has committed $2 billion concentrated in construction and condo inventory loans. With the announcement of its third fund, SCP has raised a total of $4 billion.

“It has been less than three years since we wrote our first loan, so we are excited to launch our third fund with such tremendous support,” said Michael May, President of SCP. “Our success is based on our ability to use creative financial structuring, move quickly, provide borrowers a one-stop financial solution, and lend at scale on loans we hold. Our access to Silverstein’s in-house design, development, construction, leasing, and asset management resources allows us to efficiently underwrite and bid complicated projects.”

SCP focuses on all asset types across the top-20 U.S. markets. Below are select representative SCP completed transactions to date:

  • December 2021: Legacy Hotel & Residences, Miami (condominium, hotel, office & retail) – $340M whole loan
  • April 2021: Avenue Bellevue, Bellevue (condominium, hotel & retail) – $700M whole loan
  • December 2020: The Loren, Austin (condominium, hotel & retail) – $98M whole loan
  • May 2020: One Clinton, Brooklyn (condominium & retail) – $200M A-Note
    • April 2019: 9 Dekalb, Brooklyn (condominium, multifamily, & retail) – $235.6M mezz loan
    • March 2019: TSX Broadway, NYC (hotel, retail, & signage) – $150M senior participation

“SCP’s lending mirrors Silverstein’s overall business strategy of investing in large-scale, mixed-use projects in growing national markets,” said Marty Burger, Chief Executive Officer of Silverstein Properties. “SCP has far exceeded our expectations for Silverstein’s lending platform.”

“SCP’s deep-pocketed investors provided us significant liquidity and ability to grow and close though turbulent market conditions,” said Shawn Katz, Senior Managing Director of Silverstein Capital Partners. “Our team of exceptional professionals including Tyler Hasemann in Originations and Christina Do in Asset Management, have worked tirelessly to make our platform a success.”

 

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About Silverstein Capital Partners

Silverstein Capital Partners (“SCP”) is a real estate lending joint venture providing financing for all major product types in growing urban markets throughout North America. Leveraging over 50 years of real estate experience, we understand the complexities of development, and navigate the capital stack to better position investments for long-term growth. Our history as borrowers and builders makes us a trustworthy source for developers, able to quickly structure deals that exceed the client's needs and provide efficient capital to sponsors. For further information on Silverstein Capital Partners, please visit www.silvcap.com.

 

About Silverstein Properties

Silverstein Properties is a privately held, full-service real estate development, investment and management firm based in New York. Founded in 1957 by Chairman Larry Silverstein, the company has developed, owned, and managed more than 40 million square feet of commercial, residential, retail, and hotel space. Recent projects include 7 World Trade Center, the first LEED-certified office tower in New York City (2006), 4 World Trade Center (2013), Four Seasons Walt Disney Resort (2014), the Four Seasons Downtown and 30 Park Place (2016), One West End (2017), and 3 World Trade Center (2018). For further information on Silverstein Properties, please visit www.silversteinproperties.com or www.wtc.com.

 

Media contact:

Dara McQuillan, dmcquillan@silvprop.com; 212-551-7352

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