Funding dispute slows renovation at NoMad retail condo: Court filing

Columbia Pacific Advisors and JTRE are engaged in a funding dispute which has slowed build-out of a retail space in NoMad and led the lender to file a pre-foreclosure action in the Upper West Side even though there has been no loan payment defaults on either loan.

The lender is claiming several small insurance payments were not made, which triggered the $9.2 million foreclosure filing LINK at the retail condominium unit at 31 East 28th Street in NoMad, based on the technical default, and that in turn triggered a cross-default on a larger $18.6 million loan at a retail condo at 27 West 72nd Street LINK.  The lender also alleges construction is behind schedule.

A source familiar with the assets said the lender has, in turn, been slow to fund the construction, with only about $1 million of approximately $10 million funded, and the insurance default has been cured.

In the larger case, Lender Columbia Pacific Advisors through the entity CPIF MRA, LLC, filed the pre-foreclosure action against the entity JTRE W72nd Street LLC, which owns the retail condominium at the bast of the condo building at 27 West 72nd Street in the Upper West Side.

JTRE bought the retail condo unit in March 2015 for $9.5 million, and in 2019 JTRE refinanced the debt with Columbia Pacific Advisors.

JTRE is a retail-focused investment firm headed by Jack Terzi.

Direct link to the property’s ACRIS page.

JTRE bought the retail unit in the Parkwood condominium at 31 East 28th Street on May 14, 2014 for $4.2 million.

Direct link to the property’s ACRIS page.