Columbia Pacific Advisors Bridge Lending, a platform within Columbia Pacific Advisors, announced today that it has granted 3 loans to Dynamic Star, a New York Metropolitan City real estate developer, for 3 homes in New York City. For a total of $115 million, the 3 financing structures are designed through CPA to provide the Dynamic Star platform with maximum flexibility as they continue to execute business plans across 3 distinct asset categories and their respective investment lifecycles. The budget will be used to reposition one in Long Island City and stabilize two adjacent homes for progression in the Bronx.
Specific loan amounts and locations include:
“We are thrilled to have the opportunity to remain married to Dynamic Star and participate in their vision for Fordham Landing and Queens Plaza South,” said Will Nelson, director of mortgage lending at Columbia Pacific Advisors. “Both advances will be active and will bring more resources to their respective communities. “
Dynamic Star CEO Gary Segal added, “It has been exciting to continue to expand our appointments with Columbia Pacific, as they share the same core principles and values as we do. “
The existing design occupying 23-10 Queens Plaza South was built in the 1930s and has been vacant for several years. The site was acquired through Dynamic Star in 2019 and is expected to be rebuilt into a 27-story, 321,400-square-foot (321,400-square-foot) building. ft) construction of the workplace with two grades of commercial floor. The proponent has gained much from the proposed rezoning and site entitlement and is expected to obtain certification until the summer of 2022. Conveniently located just a two-minute walk from the Queensboro Plaza subway station, new residential developments, and top restaurants, 23-10 Queens Plaza South will be a home for long-term advertising life sciences tenants.
The first of two neighboring homes in the Bronx, 301 West Fordham Road, has a total of just over 14 acres. Dynamic Star is running to offload the right to a long-term development, and lately the assets are being used as a preferably IOS site. The developer has also effectively secured a parking license agreement with the New York Police Department.
Conveniently located across the Harlem River and with easy access to Metro-North, 320 West Fordham Road is a prime location in its own right for progression. Totaling approximately 4 acres, the assets will come with more than 449,400 square feet of affordable, market-rate housing, 150,000 square feet of network area, and 80,629 square feet of commercial outdoor parking. The Dynamic Star team is in talks with a New York City general contractor and local unions for the progression of the site, which will be progress for the city’s economic recovery.
Continuing its commitment to IOS, Columbia Pacific Advisors announced earlier this year a joint venture with Criterion Group, a New York-based investor and developer, that will be used to obtain and stabilize a national IOS portfolio. The association has won more than 41 IOS Houses in 11 states, totaling 22 million feet with plans to double the commercial portfolio by 2022. Acquisitions have totaled $360 million to date.