Fully Capitalized Bridge Lender Provides Funds to Refinance the Mixed-Use Residential Project Being Developed by Eastone Equities
Columbia Pacific Advisors Bridge Lending, a platform within Columbia Pacific Advisors, announced it has provided a $15 million loan to refinance 142-26 and 142-38 Roosevelt Avenue in Flushing, New York.
Eastone Equities is planning to develop an eight-story mixed-use residential building over two floors of subterranean parking on the 16,370-square-foot site, which is currently 100 percent occupied by a variety of retail and office tenants.
Located in the heart of Chinatown in Queens, the development project is expected to provide over 40,000 square feet of livable space and 33,000 square feet of commercial space to serve growing consumer demand in the neighborhood. Construction is scheduled to commence in summer 2022.
“142-26 and 142-38 Roosevelt Avenue are highly desirable, contiguous parcels located in the core of Flushing, New York, allowing for an uplift in FAR that provides a unique development opportunity to significantly enhance the neighborhood,” said Eric Jordan, Senior Vice President of Real Estate Lending at Columbia Pacific Advisors. “We are excited to partner with an established New York-based real estate developer in Eastone Equities, and provide them with the needed flexibility to meet their development timeline.”
Columbia Pacific Advisors utilized its deep experience within the asset class, detailed execution strategy, and strong understanding of the New York submarket to provide the highly structured bridge loan. The refinance of the property provides Eastone Equities with the time and flexibility needed to execute their plan.
Predevelopment and entitlement work is being performed by Raymond Chan Architects, which has completed several other properties within the neighborhood.
Flushing has undergone a significant real estate boom in recent years, with numerous projects moving forward despite the coronavirus pandemic. In December, the New York City Council approved the Special Flushing Waterfront District, a $2 billion mixed-use development totaling 13 buildings on 29 acres of land.
ABOUT COLUMBIA PACIFIC ADVISORS
Columbia Pacific Advisors (CPA) manages strategies in real estate investing, real estate lending and opportunistic investment. Columbia Pacific Advisors Bridge Lending, a platform within CPA led by Managing Director Billy Meyer, serves commercial real estate clients nationwide. A fully capitalized real estate bridge lender, the platform provides short- to intermediate-term loans ranging from $10 million to $100 million on a range of income producing properties including multifamily, senior housing, affordable housing, hospitality and self-storage. For more information, visit www.columbiapacific.com.