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There’s a leadership change afoot at Silverstein Properties — this time at the developer’s lending arm, Silverstein Capital Partners.
Shawn Katz, who most recently served as senior managing director at Silverstein Capital Partners, is stepping into the role of president, according to a release.
Katz will replace Michael May, who has led Silverstein’s lending division since its launch in 2018 and is leaving “to pursue other interests,” per the release. Katz has also been at Silverstein Capital Partners since 2018.
“I am delighted that Shawn will lead Silverstein Capital Partners as the platform continues to grow,” Silverstein Properties CEO Lisa Silverstein said in a statement. “Over the past six years, he has done a terrific job helping us manage and expand this business.”
May and Katz have raised roughly $5B via the fund, which offers senior, bridge and subordinate loans, as well as rescue capital across industrial, residential, retail and office developments.
Katz has been involved with everything from originations to portfolio management and investor relations in his time at Silverstein Capital Partners.
“I am honored to lead this terrific company, and to continue working with our wonderful team, colleagues, investors, partners, and borrowers,” he said in a statement. “I am eager to expand our successful lending platform into a market currently facing a notable supply-demand gap in real estate financing.”
The fund’s first loan was $240M in mezzanine funds for JDS Development’s Brooklyn Tower, the borough’s inaugural supertall, in 2019. Silverstein bought the property’s senior debt earlier this year and then filed to foreclose. Talks between Silverstein and JDS to stave off foreclosure are ongoing, Crain’s New York Business reported.
In its six years of operation, Silverstein Capital Partners has also financed the development of TSX Broadway in Times Square, the Hudson Cos.’ One Clinton condo project in Downtown Brooklyn, and the construction of Wildflower Production Studios in Astoria.
Prior to joining Silverstein, Katz co-founded and served as managing partner at KUB Capital, a development firm specializing in acquisitions, investment strategy and capital markets. He also previously worked as senior vice president at Rosemont Realty, overseeing acquisitions for the company.
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