Four properties in Moshe Silber’s troubled New Orleans multifamily portfolio and a Pittsburgh apartment complex are nearing a sale to Lynd Group.
San Antonio-based Lynd Group is buying the New Orleans properties totaling 1,512 units for $26.12 million. Lynd is also buying a 115-unit apartment complex in Pittsburgh through the bankruptcy process of Silber’s former company, according to court filings. Lynd is purchasing properties owned by CBRM Realty, one of Silber’s many companies.
Silber’s 11,000-unit multifamily property empire collapsed after he pleaded guilty for his role in a commercial mortgage fraud scheme last year. Silber and his co-conspirators allegedly used a stolen identity to obtain an inflated $74 million loan from Fannie Mae and JLL for a rental property in Cincinnati, Ohio. Silber was sentenced to 30 months in prison last March.
After Silber pleaded guilty to fraud, an independent fiduciary, Elizabeth LaPuma, was appointed to oversee two of Silber’s companies, CBRM and Crown Capital, in September 2024. Meanwhile, Lynd, an established multifamily operator, took over management responsibilities of Silber’s vast apartment portfolio.
In April 2025, a creditor of Silber’s sought to auction off CBRM, leading LaPuma to put the company, which held thousands of 6,300 units in New Orleans, Pittsburgh, Flint, Michigan, Jackson, Mississippi and elsewhere, into Chapter 11 bankruptcy the following month. Silber remained the main equity holder of CBRM.
In bankruptcy filings, CBRM’s attorneys claimed that Silber mismanaged the properties, which mostly consisted of low-income housing. They also claimed Silber “extracted tens of millions (if not hundreds of millions of dollars) of value from those properties for his own benefit.”
Silber had obtained huge sums of money from bondholders and from lenders. He had nabbed about $200 million in financing from bondholders for his real estate portfolio and at least $450 million in mortgages. Silber’s properties fell into neglect, yet he maintained a lavish lifestyle, including homes in London and upstate New York, and a private jet. (In a recent bankruptcy filing, Silber claimed, however, he had no income, no assets, and was borrowing money from his father Zalman to cover his legal fees in bankruptcy).
Lynd will be acquiring four apartments in East New Orleans all built in the 1980s with high vacancies. The properties include: Carmel Brook Apartments, Carmel Spring Apartments, Laguna Reserve Apartments and Laguna Creek Apartments. The properties were put up for auction, but the auction was canceled.
Lynd’s acquisition will pay off over $17 million of debtor-in-possession financing provided by a firm tied to entrepreneur and vice chairman of El Al airlines Daryl Hagler. It will also pay off Cleveland International Fund, which has a $4.5 million debt. As part of the deal, Lynd will provide bondholders up to 30 percent upside to any future sale or distribution of the properties.
Lynd will also acquire the Kelly Hamilton apartments in Pittsburgh through a credit bid of up to $9.3 million.
On October 6, LuPuma put an additional 42 companies, tied to Silber’s properties throughout the country, including Pennsylvania, Alabama and Ohio, into bankruptcy protection.
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