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May 13, 2021

Columbia Pacific lends $39M for NYC project

The recently created Columbia Pacific Recovery Fund has deployed a $39.1 million bridge loan to help complete a mixed-use project in New York City, said Columbia Pacific. The fund is intended to help owners and developers complete pandemic-delayed projects. The eight-story mixed-use project is now under construction; it'll have 24,357 square feet, with 10 rental units over retail. Eric Jordan of Columbia Pacific said in a statement, “We are pleased to provide the first loan through the Columbia Pacific Recovery Fund for 68-70 Spring St. in SoHo, which is ideally located near one of the strongest retail corridors in New York City.” The new fund will deploy more bridge loans for periods of two to five years. In SoHo, landowner P. Zaccaro Co. is developing the project for the LLC that took the loan. CNY Group is the builder, and Bialosky + Partners is the architect. Construction began in 2018, replacing an old one-story retail building. (The Zaccaro family is well known in NYC real estate, after a century in that business; John Zaccaro was married to the late vice presidential candidate Geraldine Ferraro.)




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