Silverstein signs $235M refi loan with Greystone & Co. for 1 River Place in Clinton

Silverstein Properties through the entity River Place I Holdings LLC as borrower signed a refi loan with lender Greystone & Co. through the entity Greystone Servicing Company LLC valued at $235 million for the 921-unit rental (D8) at 1 River Place in Clinton, Manhattan.
The deal closed on July 30, 2021 and was recorded on August 11, 2021.
The property has 887,879 square feet of built space and 122,262 square feet of additional air rights for a total buildable of 1,010,430 square feet according to PincusCo analysis of city data. The loan price per built square foot is $264 and the price per buildable square foot is $232 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)

The signatory for Silverstein Properties was Michael L. Levy. The signatory for Greystone & Co. was Laura Kane.

Wells Fargo originated the last refinance in 2014, which added $53.5 million in new debt. The new debt added in this refi is just $5 million.
The owners according to the Department of Housing Preservation and Development includes Michael Levy, head officer and Flavio Colella, site manager. The business entities are Silverstein Properties, Inc and River Place I Holdings,Llc.
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