Elad Group, Silverstein, borrow $53M from Related Companies for unsold condos in Lincoln Square

Elad Group and Silverstein Properties through the entity Riverside Center Site 5 Owner LLC as borrower signed a loan agreement with lender Related Companies through the entity Real Estate Credit Solutions Agent R, LLC valued at $52.8 million for 24 unsold condominium units at 1 West End Avenue in Lincoln Square. The deal closed on December 20, 2019 and was recorded on December 23, 2019.
The average loan per unit is $2,201,280.
Deutsche Bank assigned a portion of Elad and Silverstein’s debt covering the 24 condominium units to the Related Companies. In 2018, Elad and Silverstein disclosed it would sell a portion of the complex to Touro College to use as dormitories.

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