JTRE signs $6.8M refi with Columbia Pacific for once-troubled UWS retail condo

Jack Terzi’s JTRE through the entity JTRE W72nd Street LLC as borrower signed a refi loan with lender Columbia Pacific Advisors through the entity Cpif Lending, LLC valued at $6.8 million for the retail condominium at 27 West 72nd Street in Upper West Side, Manhattan.
The deal closed on October 7, 2021 and was recorded on October 22, 2021.
The property has 10,007 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $680 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 March 27, 2015, for $9.5 million.
The signatory for JTRE was Jack Terzi.

Jack Terzi’s JTRE obtained a refinance loan near the value of the original $7 million loan given in 2015, secured by a retail condominium Terzi bought in March 2015 for $9.5 million. The property was hit with a lien of common charges and a tax lien, and Michael Shah’s Delshah Capital bought the note in 2017 from Signature Bank. Despite that, Terzi obtained financing from Columbia Pacific Advisors at just below the 2015 loan value.

Within a 400-foot radius of 27 West 72nd Street, PincusCo identified nine commercial real estate items of interests occurred over the past 24 months.
Of those nine items, three were for major renovation including a certificate of occupancy change. They were two permit applications with a total initial cost of $2.2 million and one permit with a total initial cost of $1,000,000. The most recent of these three items was the filing on April 30, 2020 for a 5,376-square-foot R-2 building with six residential units at 103 West 72nd Street.
Of those nine items, six were loans above $5 million totaling $139.5 million. The most recent of the six was Irgang Group which borrowed $7 million from Tweed Capital secured by the 4,390-square-foot, 10-unit rental (C5) on 47 West 71st Street and two other properties on October 18, 2021.

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