World Trade Center Builder Silverstein Expands Into Real Estate Lending
- Developer’s partners are sovereign wealth fund, pension fund
- Will make loans of $25 million and up, from offices to retail
Photographer: Craig Warga/Bloomberg
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Silverstein Properties Inc., the developer of prominent New York City buildings such as 3 World Trade Center, launched a real estate lending venture to profit from what it sees as a financing gap left by banks.
Silverstein Capital Partners will provide loans for the full gamut of projects, from office and industrial to residential and retail, the company said. Silverstein has partnered with a sovereign wealth fund and a pension fund that together will provide most of the capital for the venture, Chief Executive Officer Marty Burger said in an interview, declining to name them.