Columbia Pacific Advisors Bridge Lending, a platform within Columbia Pacific Advisors, announced that it has provided three loans to Dynamic Star, a New York metropolitan real estate developer, for three properties in New York. Totaling $115 million, the three financing structures are designed by CPA to provide the Dynamic Star platform with optimal flexibility as they continue to execute business plans in three distinct asset classes and their cycles. respective investment lifetimes. Funds will be used to reposition a site in Long Island City and stabilize two adjacent properties for development in the Bronx
Specific loan amounts and locations include:
· $38.55 million to stabilize a 135,000 square foot (sf) parking structure located at 23-10 Queens Plaza South, Queens and completion of rights.
· $36 million to stabilize a 480,000 square foot industrial outdoor storage site (IOS) located along the Hudson River at 301 West Fordham Road, Bronx.
· $40 million to stabilize a fully licensed 680,100 square foot mixed-use development site at 320 West Fordham Road, Bronx.
“We are delighted to have the opportunity to continue to partner with Dynamic Star and be part of their vision for Fordham Landing and Queens Plaza South,” Will Nelson, Director of Home Loans at Columbia Pacific Advisors. “Both developments will be assets and bring additional resources to their respective communities.”
Dynamic Star CEO Gary Segal added, “It has been a pleasure to continue to build our relationship with Columbia Pacific as they have the same core principles and values as we do.”
The current structure that occupies 23-10 Queens Plaza South was built in the 1930s and has been vacant for several years. The site was acquired by Dynamic Star in 2019 and is set to be redeveloped into a 321,400 square foot (sf) 27-story office building with two ground retail levels. The developer has received considerable support for the proposed rezoning and site entitlement with certification expected to be received by summer 2022. Conveniently located just a two minute walk from the Queensboro Plaza subway station, new developments prime residential and restaurant properties, 23-10 Queens Plaza South will be an attractive home for future life science commercial tenants.
The first of two neighboring Bronx properties, 301 West Fordham Road, totals just over 14 acres. Dynamic Star is working to secure the right for future development, and currently the property is being used as a conveniently located IOS site. The developer has also successfully secured a parking license agreement with the New York Police Department.
Conveniently located on the Harlem River front and with easy access to Metro-North, 320 West Fordham Road is a prime location in its own right for development. Totaling nearly four acres, the property will include more than 449,400 square feet of affordable and market-priced housing, 150,000 square feet of community space and 80,629 square feet of outdoor industrial parking. The Dynamic Star team is in talks with a New York City general contractor and local unions for the development of the site, which will be a critical development for the city’s economic recovery.
Continuing its commitment to IOS, Columbia Pacific Advisors earlier this year announced a joint venture with Criterion Group, a New York-based investor and developer, which will serve to acquire and stabilize a national portfolio of IOS. The partnership has acquired more than 41 IOS properties in 11 states, totaling 22 million square feet with plans to double the industrial portfolio in 2022. Acquisitions have totaled $360 million to date.
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