Silverback borrows $90M from Sculptor Capital Management, MSD Partners for new construction in Gramercy

Silverback Development through the entity SD Second Avenue Property, LLC as borrower signed a loan agreement with lenders Sculptor Capital Management (formerly Och-Ziff) and Michael Dell’s MSD Partners through the entity 21st Street Lender, LLC valued at $90.0 million for 3 parcels, including the tax class primarily two family with store or office (S2) and containing 3 residential units at 351 2nd Avenue, 353 2nd Avenue, 359 2nd Avenue in Gramercy. The deal closed on December 31, 2019 and was recorded on January 6, 2020.

The debt package is composed of $44.4 million in a building loan, $19.8 million in a project loan, and a $25.8 million loan loan recorded several months ago. The developer plans a 13-story building with 53 residential units, retail and community facility space, totaling 97,193 square feet.

At the same time as this construction loan was recorded, Silverback purchased 9,180 square feet of development rights from the adjacent LearningSpring School for $3.8 million.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There has been one demolition project filed for the parcels over the past five years.
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