Columbia Pacific Advisors has launched the Columbia Pacific Recovery Fund to provide capital to real estate owners and developers affected by COVID-19.
The equity-based platform’s first investment is a $39.1 million, 36-month bridge loan for 68-70 Spring Street, a new 24,357-square-foot mixed-use residential property in SoHo, N.Y. The owners will use the funds to support lease-up of the eight-story luxury rental and retail building, which includes 10 apartments ranging from two-bedroom, two-bath units to a penthouse with three bedrooms and three baths.
“We are pleased to provide the first loan through the Columbia Pacific Recovery Fund for 68-70 Spring Street in SoHo, which is ideally located near one of the strongest retail corridors in New York City,” said Eric Jordan, senior vice president of real estate lending at Columbia Pacific Advisors. “We believe the capital provided will enable the owners to lease up this highly desirable property as market condition
