New York & Tri-State CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors

Topics

New York & Tri-State  + Outer  + Apartments  | 

Silvershore Trades 28 Properties to Delshah

Meridian Capital Group has arranged Silvershore Properties’ $101.7-million sale of 28 properties to Delshah Capital, and negotiated $88 million in senior and mezzanine debt to fund the acquisition. Meridian’s Rich Velotta (pictured) and Abie Kassin represented both seller and buyer, while Simon Rosenfeld, Rael Gervis and Craig Berger arranged the financing.

The five-year financing package features an interest-only senior loan provided by a balance sheet lender, and a fixed-rate, full-term interest-only mezz loan from a national finance company.

The 200,000-square-foot portfolio includes 210 residential units and 17 retail spaces, primarily in Brooklyn’s Bushwick and Bedford-Stuyvesant neighborhoods, along with two Lower Manhattan assets. Notable properties include 808 Prospect Pl. in Crown Heights, 219 13th St. in Park Slope and 41 Henry St. on Manhattan’s Lower East Side.

“This is a highly unique transaction that took an incredible amount of balance and teamwork from all sides to get done,” said Velotta.


Subscribe to Connect Daily New York

For comments, questions or concerns, please contact Paul Bubny

Connect

Inside The Story

Connect With Meridian's VelottaConnect With Meridian's Kassin

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
TheGuarantors-01-cube
Chase-19-cube