Big news coming out of the institutional private credit space: Mike Comparato is out as chief exec of Franklin BSP Realty Trust, which he built over a decade + change into one of the more active CRE lenders out there, across CMBS, CRE-CLOs and most recently agency lending. FBRT board chair (and BJJ champ 🥋) Rich Byrne returns as CEO of the REIT, which is externally managed by Franklin Templeton subsidiary Benefit Street Partners – Comparato also ran CRE at the latter.

The go-to euphemistic language in the release – “to spend more time with his family” – suggests that the exit wasn’t exactly voluntary. 👇

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For now, FBRT prez Brian Buffone, Comparato’s longtime right-hand man and freshman college roommate, remains at the firm, but let’s see how long that lasts: Chief bean counter Jerry Baglien was tapped to be co-prez alongside him, generally not the biggest vote of confidence. Baglien will also take over BSP's CRE debt platform

Comparato ran US equity investments for Ladder Capital till ‘15, when he made the move to Benefit Street. The firm did ≈$9B in CRE loans last year, and closed a $3B raise for its latest CRE fund this Jan. FBRT, meanwhile, made a splashy $425M acquisition of agency lender NewPoint from Barings/Meridian/Stone Point.

Over the years, Comparato became one of the more vocal commentators on the CRE capital markets, w/ a “building in public” ethos that was unusual for someone w/ a lofty pubco perch. (This candor is part of what made him such a refreshing interviewee – The Promote had him on last June to walk us through the safari of multifamily syndicator lending). Comparato, per sources familiar w/ the firm, built a culture at the CRE unit that was quite distinct from, and sometimes at odds with, the more suited-n-booted vibe at the broader company. Over the summer, he went dark on LI, only to resurface in a less fiery avatar. TBD on what his next act is.

The mishegas at multifamily syndicator Lurin Capital have now caught the attention of Quantico’s finest: the FBI has opened a probe into the firm and its founder, fmr. Wall St. hotshot Jon Venetos. The bureau is encouraging investors who feel they’ve been scammed by Lurin to reach out, per TRD. Lurin filed for Ch. 11 in the spring, amid a wave of foreclosure attempts, and Venetos is being pursued personally over tens of millions of dollars in PGs (gotta feel for Acore). What makes Venetos stand out – apart from the alleged crimes and the FBI probe of c – is that he wasn’t your standard run-of-the-mill fix-n-flip guy who dared to dream a lil’ bigger during the ZIRP era. He was already rich-rich from his time heading up a stock-picking unit for Ken Griffin’s Citadel before starting Lurin in ‘16. Word is that he’s likely camped out on St. Barts while this all goes down. His story is worth a proper Promote dive soon.

On Wed., subscribers to The Promote Insider got the lowdown on how Florida multifamily’s silver bullet, the Live Local Act, is playing out on the ground 3Y into the program. Though the state is doing everything it can to juice construction and encourage affordable units, much of the agita is felt at the county level. Sign up now to check out the piece and other insider content.

This week on the pod, we visit CRE’s alpha lair, Blackstone HQ, where one of the industry’s top execs, Nadeem Meghji, is set to exit. His perch was among the best risk-adjusted seats in all business, but what does someone in that position do for their next act? And why is there so much churn atop the pyramid at BX? Next, we take stock of the most scrutinized real estate project in modern American history, the World Trade Center complex. Twenty-five years after 9/11, Larry Silverstein's final tower is set to rise, and the neighborhood it’ll serve is quite different from the one at the time of the attack. Plus, our Punch List rundown of the newsiest industry happenings: Barnett's $1.3B Torch financing; 🐐 Ross strikes big in Boca; MF1 sale; Centerspace merger; Kroenke's Angels play. ⚾ Listen: Spotify, YouTube, Apple.

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Also featuring: Partner content from Gibson Dunn’s Harry Silvera, who talks through structuring capstacks for today’s trophy office projects.

After a civil war between ownership at Chelsea FC, Todd Boehly has agreed to sell his stake in the top-flight football club to majority shareholder Clearlake. Though a minority partner (12.5%), Boehly, the billionaire investor behind Eldridge, was the face of club ownership as chairman, and installed himself as interim sporting director even though his knowledge of the sport was patchy at best. His longtime associate, Jonathan Goldstein of Cain, was part of his buyer consortium and also became a club director. (Cain, which is backed by Eldridge, has rapidly become a major player in CRE development, incl. through its tie-up w/ Vlad Doronin’s Aman). Clearlake is also buying out Mark Walter, who is also in the process of selling the Lakers to Josh Kushner and Bob Iger and is the subject of a federal probe. Collectively, Clearlake is paying $1.3B for the 25% controlled by Boehly and Walter. Sport!