GFP partnership lands $156M loan to build LIC biotech center

The $240M project, which includes King Street Properties and the Carlyle Group, broke ground earlier this month

New York /
Dec.December 30, 2019 03:00 PM
King Street Properties’ Rob Albro, Eric Gural and 45-18 Court Square in Queens (Credit: GFP Real Estate, King Street Properties, and LoopNet)

King Street Properties’ Rob Albro, Eric Gural and 45-18 Court Square in Queens (Credit: GFP Real Estate, King Street Properties, and LoopNet)

UPDATE, Jan. 2, 2020, 12:35 p.m.: GFP Real Estate and King Street Properties scored financing to build their new life sciences complex in Long Island City.

The lender was Acore Capital, which provided the debt for InnoLabs at 45-18 Court Square, property records show. The $156 million deal includes mezzanine financing, according to a source familiar with the transaction.

The Carlyle Group also appears to be a partner on the development, which will stand six stories and measure about 267,000 square feet. GFP and King Street announced earlier this month that they broke ground on the project.

None of the parties — GFP, King Street, Carlyle or Acore — immediately responded to requests for comment.

A JLL team of Greg LaBine, Steven Klein, Geoff Goldstein and Alex Staikos arranged the financing.

GFP, run by the Gural family, partnered with Boston-based King Street, which is known for its life sciences developments, on the $240 million project. It appears to be King Street’s first in New York City.

GFP and King Street announced their development in late 2018, as Amazon had planned to build a new corporate campus in the Queens neighborhood. Even though the tech giant later reneged on its plans, the GFP group did not. And there are other real estate firms also hoping to capitalize on life science projects in and around the city.

Thor Equities in August said it was launching Thor Sciences to focus on the asset class. It kicked off the venture with the $152 million acquisition of a 48-acre New Jersey property.

New York City’s dedicated life sciences office and incubator space covers 1.6 million square feet, but that is expected to rise to 4.1 million square feet over the next five years, according to an August report from Newmark Knight Frank.

Along with GFP and King Street’s project, Long Island City is slated to get another life sciences development from Alexandria Real Estate Equities, which is converting the Bindery Building at 30-02 48th Avenue into a nearly 177,000-square-foot facility.

Clarification: This article was updated to included a higher total loan amount that includes mezzanine financing.


Related Articles

arrow_forward_ios
The Factory building at 30-30 47th Avenue with Square Mile Capital’s Craig Solomon and Invesco CEO Marty Flanagan (Photos via The Factory; Square Mile; Invesco)

Here’s what tenants are paying at the Factory in Long Island City

Here’s what tenants are paying at the Factory in Long Island City
Square Mile Capital’s Craig Solomon and Hackman Capital Partner’s Michael Hackman with Silvercup Studios at 42-22 22nd Street in Long Island City (Hackman; Silvercup Studios)

Hackman and the City: Hackman, Square Mile buy Silvercup Studios

Hackman and the City: Hackman, Square Mile buy Silvercup Studios
Sotheby’s CEO Charles Stewart and 1334 York Avenue (Sotheby's; Google Maps)

Sotheby’s gets $483M loan for its UES headquarters

Sotheby’s gets $483M loan for its UES headquarters
Carlyle CEO Kewsong Lee and 24-02 Queens Plaza South in Long Island City (Getty; Atlas Capital)

Carlyle Group pockets $40M LIC trade school building

Carlyle Group pockets $40M LIC trade school building
Traub Capital's Brian Crosby and 27-11 49th Avenue in Long Island City (Images via Traub and Google Maps)

Traub Capital pays $75M for LIC cosmetics plant

Traub Capital pays $75M for LIC cosmetics plant
Kyle Bragg and Eric Benaim

Backers of big Queens megaprojects say city needs the jobs, homes

Backers of big Queens megaprojects say city needs the jobs, homes
Mayor Bill de Blasio and (inset) the proposed development in Long Island City (Getty, YourLIC)

City ends talks with Gilmartin’s group to jointly rezone former Amazon site

City ends talks with Gilmartin’s group to jointly rezone former Amazon site
Jackpot: Cannabis REIT has $120M in capital to lend to operators

Jackpot: Cannabis REIT has $120M in capital to lend to operators

Jackpot: Cannabis REIT has $120M in capital to lend to operators
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...