Real Estate Roundup
GDC Properties has secured $75.6 million in bridge financing from Granite Point Mortgage Trust for its long-planned townhouse rental development in LIC at 11-15 46th Avenue. The four-story development is built expressly for townhouse-style rentals. It will comprise 68 three-bedroom townhouses and eight two-bedrooms. (CO)
Peter Fine’s Atlantic Development Group has secured $80 million in agency debt to refinance 33 West End Apartments. Fannie Mae will buy the debt from JLL, although JLL will remain the deal’s servicer under the agency’s delegated servicing and underwriting model. The debt is likely to be included in a forthcoming securitized loan sale from Fannie Mae. (CO)
Health-care investment firm Deerfield Management reveals plans to convert 345 Park Avenue South into a drug-research lab and office space for $635 million. The company’s James Flynn said: “You can’t just say, ‘Hey, I’m going to put a scientist and an entrepreneur over there and expect magic to happen… You have to actually make an effort to educate, advance and connect all of these pieces in order for the system itself to advance.” (WSJ)
Spotlight turns to SoftBank-backed Compass, which has been in the news for an exodus of top executives… “Generally speaking, people join these companies in large part for the wealth creation that an IPO brings. To the extent that anyone in a senior position at one of these startups leaves prior to an IPO, it’s somewhat unusual.” COO Maelle Gavet left earlier this week because she was reportedly too focused on investing on the technology side, while Rob Reffkin wants to prioritize growing traditional brokerage operations.
Stood out: “Compass is just Realogy with better branding.” The startup has a valuation of more than $6.4 billion, or about nine times the size of the market cap of Realogy. (WSJ)