Fully Capitalized Bridge Lender Provides Funds to Complete the Redevelopment of 324-326 West 108th Street
Columbia Pacific Advisors Bridge Lending, a platform within Columbia Pacific Advisors, announced it has provided a $13.75 million bridge loan to complete the redevelopment of 324-326 West 108th Street on the Upper West Side of Manhattan. The loan closed in 30 days.
324-326 West 108th Street is a 10-unit, 13,508-square-foot residential condominium building with elevator service, ceilings up to 12 feet, and more than 1,650 square feet of balcony space. It is located less than a block from Riverside Park, four blocks from Columbia University, and within walking distance to Central Park.
The owner will utilize the loan to refinance existing debt on the property, which is currently over 50 percent renovated. Following completion, the 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 West 108th Street redevelopment,” said Will Nelson, Senior Vice President of Real Estate Lending at Columbia Pacific Advisors. “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.”
According to Douglas Elliman’s Q4 2020 market report, the number of Manhattan condo sales rose more than 47 percent from the previous quarter. Furthermore, days on market fell 21.3 percent from the 3rd quarter, and listing inventory was down 9.4 percent.
The positive trend continued in January, according to another report prepared for Elliman by Miller Samuel Real Estate Appraisers & Consultants, with a 67.7 percent hike in new signed condominium contracts in Manhattan between $1 million and $1.99 million, and a 53.3 percent rise in the $2 million to $3.99 million range.