CREMAC buys $42.5M note secured by Dynamic Star’s dev site in University Heights
320 West Fordham Road (Credit - Google Earth)
CREMAC Asset Management through the entity Fordham South Lender LLC bought a note with an original principal of $42.5 million from Columbia Pacific Advisors secured by Dynamic Star’s development site (V0) at 320 West Fordham Road in University Heights, Bronx.
The deal closed on June 26, 2025 and was recorded on July 15, 2025. The prior lender was Columbia Pacific Advisors which held debt that had an original loan amount of $42.5 million. The property has zero square feet of built space and 229,678 square feet of additional air rights for a total buildable of 229,678 square feet according to a PincusCo analysis of city data.
The owner bought the property on April 2, 2019, for $31.6 million. The signatory for Dynamic Star was Gary Segal .
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The property
The parcel has frontage of 742 feet and is 267 feet deep with a total lot size of 66,767 square feet. The lot is irregular. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $6.1 million. The most recent loan totaled $42.5 million and was provided by Columbia Pacific Advisors on March 29, 2023.
Violations and lawsuits
The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $44.5 million money judgment concerning a loan filed on April 25, 2025, by Columbia Pacific Advisors against Gary Segal, Igal Namdar, Dynamic Star, and Namdar Realty Group. In addition, according to city public data, the property has not received any significant violations in the last year.
Development
On the lot, there is one active new building construction project, X00602987, for a 602-unit, 100,000 square-foot R-2 building. The project was submitted by Dynamic Star and filed by Brad Zackson with plans filed November 8, 2021 and it has not been permitted yet.
The neighborhood
In University Heights, The bulk, or 41 percent of the 9.9 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 36 percent of the space. In sales, University Heights has the 41st highest sale turnover among other neighborhoods in Bronx with $8.9 million in sales volume in the last two years. For development, University Heights has had very little major development activity relative to other neighborhoods.It had 281,780 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of two of the five commercial properties representing zero square feet of the zero square feet. The two identified owners are Dynamic Star and Consolidated Edison.
On the tax block, there was one new building construction project filed totaling 100,000 square feet. It is a 602-unit, 100,000 square-foot residential (R-2) building submitted by Dynamic Star and filed by Brad Zackson with plans filed November 8, 2021 and it has not been permitted yet.
The majority, or 0 percent of the 0.0 square feet of built space are specialty buildings, with development buildings next occupying 0 percent of the space.
The borrower
The PincusCo database currently indicates that Dynamic Star owned at least seven commercial properties in New York City with 118,090 square feet and a city-determined market value of $32 million. (Market value is typically about 50% of actual value.) The portfolio has $368.2 million in debt, with top three lenders as Columbia Pacific Advisors, Signature Bank, and Churchill Real Estate Holdings respectively. Within the portfolio, the bulk, or 95 percent of the 118,090 square feet of built space are industrial properties, with office properties next occupying 5 percent of the space. The bulk, or 91 percent of the built space, is in Queens, with Bronx next at 9 percent of the space.
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