SoHo Rental Project is First Investment for Columbia Pacific Fund
Seattle-based Columbia Pacific Advisors has launched the Columbia Pacific Recovery Fund to provide capital to real estate owners and developers affected by COVID-19. Its first investment is a $39.1-million, 36-month bridge loan for 68-70 Spring St., a new 24,357-square-foot mixed-use residential property in SoHo.
The owners will use the funds to support lease-up of the eight-story luxury rental and retail building, which includes a penthouse unit with three bedrooms and three baths.
Eric Jordan, SVP of real estate lending at Columbia Pacific, said the project was “ideally located near one of the strongest retail corridors in New York City. We believe the capital provided will enable the owners to lease up this highly desirable property as market conditions continue to improve.”
Columbia Pacific Advisors established the Recovery Fund with a private capital raise to assist with special situations that can be solved with interim financing and more time.
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).
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