Columbia Pacific Loan Will Finance UWS Redevelopment
Columbia Pacific Advisors Bridge Lending, a platform within Columbia Pacific Advisors, provided a $13.75-million bridge loan to complete the redevelopment of 324-326 W. 108th St. on Manhattan’s Upper West Side. The loan closed in 30 days.
The owner will utilize the loan to refinance existing debt on the property, currently over 50% renovated. Following completion, the 10 condominium units will be offered for sale.
“New York’s improving condo market is encouraging, and we believe in the fundamentals of the 324-326 W. 108th St. redevelopment,” said Will Nelson, SVP of real estate lending at Columbia Pacific. “The large open floor plans, ample outdoor spaces, access to nearby Riverside Park, and prime location on the Upper West Side appear to line up well with the post-COVID buyer’s wish list.”
The property is located less than a block from Riverside Park, four blocks from Columbia University and within walking distance to Central Park.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).