Connect with us

Roundup

Real Estate Roundup 4.3.20

Industrious CEO Jamie Hodari (Credit: Industrious)

Real Estate Roundup:

  • Gourmet grocer Dean & Deluca has filed for bankruptcy with plans to reopen its shuttered stores. Its largest debtor in the filing is Midtown Equities, to which Dean & Deluca owes $21 million over its failed and expensive cafeteria-style restaurant Stage at 29 Ninth Avenue. (Bloomberg)
  • J.P. Morgan Asset Management is seeking to raise between $5 billion and $10 billion to capitalize on the shifting market, and opportunistic debt funds are circling. In particular, the firm will be looking at commercial real estate and leveraged loans, private equity and special situations, and liquid macro strategies. (Bloomberg+CO)

Tech 

  • Airbnb lowered its internal valuation by 16% to $26 billion, as the home rental firm deals with a sharp drop in bookings due to the global spread of the coronavirus pandemic. (Reuters+FT)
  • Co-working company Industrious has laid off 90 employees, roughly 20 percent of its workforce, and made further reductions to another ten percent, through furloughs or reduced hours. Those chalking some of these tech related layoffs to Coronavirus haven’t been paying attention. (Bloomberg)

Pre coronavirus deals

  • Innovo Property Group + Square Mile Capital Management have secured $305 million in construction financing from Bank OZK + EverWest Real Estate Investors for their one-million-square-foot trophy facility at 2505 Bruckner Boulevard in the Bronx. Bank OZK provided $265 million, while EverWest supplied $40 million. (CO)
  • Starwood Capital + AB Capstone have secured a $51 million construction loan from Centennial Bank for development of 425 Westchester Avenue in the Bronx. The 10-story, mixed-use property will be anchored by a charter school that’s operated by Zeta Charter Schools. The rest of the building will house office and ground-floor retail space. (CO)
  • Former Eastern Consolidated founders Daun Paris and Peter Hauspurg have secured $29.8 million in Freddie Mac-backed debt from M&T Realty Capital Corporation to refinance a three-building multi-housing portfolio in Upper Manhattan. (CO)
  • R.E.M Residential + J.H. Taylor Construction have secured a $28.3 million loan from Kearny Bank to refinance a portfolio of 12 multifamily assets located near Union Square and in the West Village neighborhood of Manhattan. (CO)

Continue Reading
To Top