When Governance Breaks: The Rise and Fall of Moshe Silber’s Real Estate Empire
- Arun Singh
- Nov 14
- 2 min read
The collapse of Moshe Silber’s $1.3B real estate portfolio is a combination of overleverage, market timing, fiduciary control and bankruptcy.
Silber built a fast-moving, acquisition-heavy affordable housing empire during the post-COVID era, capitalized by private credit and hungry bond markets. At its peak, it looked like a well-oiled CRE machine. But when rates turned and scrutiny followed, the structure buckled quickly. Why? Because the foundation was flawed.
Here’s what went wrong
🔻 Dual-Stacked Debt, No Clear Picture
Silber structured deals with both senior mortgages and private bond issuances. Senior lenders had no visibility into the bond stack. Bondholders had no idea how levered the portfolio already was. Everyone thought they were senior. No one was.
🔻 Related-Party Flips
Many properties were traded between affiliates at inflated prices, creating paper value that supported higher takeout financing. These valuations were disconnected from reality and eventually triggered investigations into mortgage fraud.
🔻 Personal Guarantees With No Teeth
Bondholders were offered guarantees through Silber’s holding company, CBRM. But they had no direct claim on the real estate assets. When the defaults started, they found themselves blocked from enforcement. The legal structure looked safe on paper, but was hollow in practice.
🔻 Bankruptcy Used as a Weapon
As foreclosures neared, Silber’s team filed dozens of Chapter 11 petitions, 42 in just a few days. The filings were timed to stall asset sales and buy time. But judges called it out. In October 2025, 17 of those filings were dismissed for being made in bad faith.
🔻 Massive Distribution Before Collapse
In late 2022, Silber took a $90 million distribution out of the business. Weeks later, defaults started. The optics were damning, and the liquidity was gone just when creditors needed it most.
The Real Problem Was Governance
This wasn’t just aggressive financing. It was a system with no fiduciary oversight. Silber controlled everything, signing loans, approving distributions, managing operations, and steering bankruptcies. There were no independent directors. No structural guardrails. No third-party governance.
When the market turned, the portfolio didn’t just lose value. It lost direction. And eventually, it lost control.
How SPE Specialists Approaches It Differently
At SPE Specialists, we build structures that can survive volatility and scrutiny. Because governance is not just compliance. It’s risk management.
✔️ We provide qualified, named independent directors (often our CEO Arun Singh)
✔️ We get involved early, not at the eleventh hour
✔️ We help create fiduciary structures that stand up to market pressure, legal review, and creditor enforcement
We understand the capital stack, the legal mechanics, and the fiduciary duty required to protect transactions.
Final Thought
The Silber collapse isn’t just a case study. It’s a warning. Without real governance, even the best assets can end in bankruptcy and litigation.
If your next transaction needs structural integrity from day one, we’re ready.
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