Dynamic Star ups debt to $42.5M with Columbia Pacific for 602-unit dev site in University Heights

Dynamic Star through the entity DS Fordham Landing 1 LLC as borrower signed a refi loan with lender Columbia Pacific Advisors through the entity Cpif Lending, LLC valued at $42.5 million for the development parcel (V0) at 320 West Fordham Road in University Heights, Bronx.

On the lot, there is one active new building construction project for a 602-unit, 100,000 square-foot R-2 building. The project was developed by Brad Zackson with plans filed November 8, 2021 and it has not been permitted yet.

The deal closed on March 29, 2023 and was recorded on March 31, 2023. The prior lender was Columbia Pacific Advisors which held debt that had an original loan amount of $40 million. The property has zero square feet of built space and 557,968 square feet of additional air rights for a total buildable of 557,968 square feet according to PincusCo analysis of city data. The loan price per built square foot is $N/A and the price per buildable square foot is $76 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on April 2, 2019, for $31.6 million. The signatory for Dynamic Star was Gary Segal. The signatory for Columbia Pacific Advisors was Brad Shain.

The property

The 320 West Fordham Road parcel has frontage of 742 feet and is 267 feet deep with a total lot size of 162,200 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 $10.1 million.The most recent loan totaled $40 million and was provided by Columbia Pacific Advisors on March 1, 2022.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.

The neighborhood

In University Heights, the bulk, or 41 percent of the 9.8 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 29th highest sale turnover among other neighborhoods in Bronx with $44.5 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 795,181 square feet of commercial and multi-family construction under development in the last two years, which represents 8 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 R-2 building developed 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 $30 million. (Market value is typically about 50% of actual value.) The portfolio has $325.7 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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