Silverstein, Elad Seek $500M to Build 1 West End Avenue

Larry Silverstein.
Larry Silverstein.

Silverstein Properties and Elad Group, who are partnering on high-end residential condominiums at 1 West End Avenue, are now seeking about $500 million in construction funds from a consortium of banks for the project, sources told Mortgage Observer.

The syndicate will be led by Wells Fargo and Bank of America, who provided the loan the partnership used to buy the Midtown West land last year from the Carlyle Group for $160 million, one person said. Read more on the Commercial Observer.

Silverstein, Elad Seek $500M to Build 1 West End Avenue