May 13, 2021
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.)
Quadrant recently took the name of its Nevada owner, becoming Tri Pointe Homes – Washington. The firm is growing, too. It recently announced that Jared Knickmeyer has joined the company as VP of land acquisition. Working with him in the company's Eastgate office will be the recently promoted John Potts, now director of land development, and new hire Matthew Grimm. He'll be a director of land acquisition; he makes the move from BMGI, the asset management group for the Bill & Melinda Gates Foundation.
PMF Investments made news last month by selling the former Sheraton Bellevue property for $152 million to Tishman Speyer, which will develop what's currently called BelleVista Place. Now, returning to its core business, Brian Franklin says that the family company's PMF Real Estate Services will manage all the space it has pre-leased at Pioneer Crossing. That's the 86,000-square-foot, six-building development PMF began in 2019. (BCRA was the architect, and CSI Construction was the builder.) Tenants include Safeway, Taco Bell, Starbucks and MOD Pizza. PMF's leasing agents were Deborah Oswald and Blake Springer-Trybus. Said Franklin in a statement, “We're thrilled by the success of PMF Real Estate Services and look forward to growing this side of our business with new third-party clients.”