Silverstone Partners<\/a> has partnered with Related Fund Management to provide preferred equity financing for the recapitalization of One Sunset, a newly constructed 187-unit multifamily property in Brooklyn\u2019s Greenwood Heights neighborhood.<\/p>\nThe 14-story property was developed under the final iteration of New York\u2019s Affordable New York, or 421-a, program, with 25% of its apartments designated as affordable housing. Financial terms of the investment were not disclosed.<\/p>\n
The transaction gives One Sunset additional capitalization as the property moves through lease-up and stabilization. Silverstone\u2019s preferred equity position sits within the property\u2019s capital structure alongside significant equity invested by its sponsors, a partnership between two local developers whose names were not disclosed.<\/p>\n
For Silverstone, the deal reflects an investment strategy focused on using different positions within the real estate capital stack rather than relying exclusively on property acquisitions. Preferred equity can provide additional capital to a project while occupying a position senior to common equity, allowing investors to structure exposure differently from a conventional ownership investment.<\/p>\n
\u201cThis investment validates our thematic focus on high-quality multifamily assets in markets anchored by robust economic drivers,\u201d said Manoj Ramprakash, Managing Partner and founder of Silverstone Partners. \u201cBy maintaining a flexible mandate, we can navigate the capital stack to capture the best relative value and structure, which this transaction perfectly demonstrates.\u201d<\/p>\n
The financing comes as higher capital costs and shifts in real estate financing markets continue to create recapitalization requirements for property owners and developers. Newly delivered multifamily projects can require additional capital during the period between construction completion and stabilization, particularly as units are leased and operating income builds.<\/p>\n
One Sunset adds 187 apartments to the Greenwood Heights market, with a mix of one-, two- and three-bedroom units. The building is located adjacent to the 25th Street MTA subway station, providing connections to Park Slope, Barclays Center, Downtown Brooklyn and the World Trade Center.<\/p>\n
The property\u2019s amenities include a fitness center, yoga studio, game and media lounge, coworking space, private dining and entertainment areas, and a rooftop terrace. Its location also provides views extending toward the Brooklyn waterfront.<\/p>\n
The use of the 421-a program is an important component of the property\u2019s operating structure. The New York tax incentive program was designed to encourage residential development while requiring qualifying projects to include affordable housing. At One Sunset, one-quarter of the units carry an affordable designation.<\/p>\n
Silverstone identified multifamily housing as one of the core areas within its thematic real estate strategy. The firm is targeting institutional-quality residential properties in markets it views as economically resilient while looking for opportunities created by changes in the capital cycle.<\/p>\n
The One Sunset investment illustrates how that strategy can extend beyond direct ownership. By providing preferred equity, Silverstone and Related Fund Management are supplying capital at the property level while the existing sponsors retain their equity positions and continue moving the development toward stabilization.<\/p>\n
Founded in 2022, Silverstone invests across real estate strategies involving development, asset repositioning and capital restructuring. The firm currently prioritizes investment themes in residential real estate and film and content studio properties and manages capital for institutional and private clients.<\/p>\n
The Brooklyn transaction gives Silverstone exposure to a newly constructed multifamily asset at a specific stage of its operating cycle: after development but before full stabilization. Execution now centers on completing lease-up of the 187 apartments and establishing the recurring property income needed to support the building\u2019s longer-term capital structure.<\/p>\n","protected":false},"excerpt":{"rendered":"Silverstone Partners has partnered with Related Fund Management to provide preferred equity financing for the recapitalization of One…\n","protected":false},"author":2,"featured_media":325927,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[98,100,99,9,24,63],"class_list":["post-325926","post","type-post","status-publish","format-standard","has-post-thumbnail","category-brooklyn","tag-brooklyn","tag-brooklyn-headlines","tag-brooklyn-news","tag-new-york","tag-new-york-city","tag-nyc"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/325926","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=325926"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/325926\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/325927"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=325926"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=325926"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=325926"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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