Offshoot: The Fident Capital Podcast

On this episode, Kevin chats with Ian Formigle, Chief Investment Officer of CrowdStreet, about building one of the nation's preeminent crowdfunding platforms from a 2013 startup to over 30 people, nearly 500 deals, and $1.3B invested in multifamily, build-to-rent single family, industrial, hotel, office, and retail. With over 50,000 investors on the platform, the average deal at $40MM, and average investment at $50k, CrowdStreet invests capital across the entire risk spectrum from joint venture equity to preferred equity, mezzanine debt, and senior loans. As the single team member charged with making go/no-go investment decisions for the platform, Ian brings astute insights with an incredible grasp on the texture and nuance of commercial real estate investing at a national scale. The conversation covers how multifamily and industrial remain strong, the implications of monetary policy for cap rate compression, managing risk today by betting on long-term markets and underwriting to post-pandemic normalcy while assessing basis and costs to "clear the chasm," why build-to-rent is here to stay, and how overweight allocation to commercial real estate as an asset class will provide tailwinds for incumbent investors. Ian discusses knowing demand exists and markets are growing when starting a company, building teams that fill weaknesses and cover company needs with others' skills, how crowdfunding promotes greater capital efficiency, being tenacious without fearing failure, and how tenacity inspires teams.

On this episode, Kevin chats with Josh Sasouness, Co-CEO of Dwight Capital, a NYC-based mortgage banking platform that became the number one multifamily FHA/HUD lender in the nation after just six and a half years when Josh and his brother Adam started the business in 2014. Beyond their HUD business, Dwight also originates FNMA, Freddie, and CMBS mortgages, while the leadership holds positions in Dwight City Group (direct multifamily investor around Philadelphia), Dwight Mortgage (direct bridge lender), and Dwight Funding (provider of early-stage growth capital to smaller firms). Josh brings thoughtful, driven, competitive leadership with charisma that's been foundational to Dwight's sales success and team building, likely making him the most prolific originator of multifamily mortgages in the USA ever. The conversation covers nuts and bolts of HUD lending and borrowing alongside broader discussions about daily habits and entrepreneurial mindsets, including how it stopped being about money and winning became the most powerful driver, seeking forgiveness not permission, how corporate priorities change and sparked going it alone, active management with open-door offices, creating workspaces that remove impediments so people can thrive, HUD misperceptions and the power of the lowest cost longest term non-recourse fixed-rate mortgage product, high-leverage construction take-outs with 223(f) loans allowing cash-out refinance after 30 days at 90% occupancy, the joy of relationships and learning from each other, betting on America every time, and keeping walking no matter what business throws at you.

On this episode, Kevin chats with Brian Shirken, Cofounding Partner at Mountain Pacific Opportunity Partners and founder of its precursor Mountain Capital Partners, who also co-founded Columbus Pacific in 1995. Brian has been principally involved in millions of square feet of retail, over 10,000 student housing beds, development of over 3,000 multifamily units, 5 assisted living projects, and provided more than $200 million in mezzanine and equity capital, with Mountain Pacific currently focusing on investing in QOZ projects across the West. This talented entrepreneur brings deep expertise in commercial real estate finance and development as a South African immigrant with residences in Los Angeles and Park City. The conversation explores how in the beginning of your real estate career you're not smart enough to get in your own way and action carries the day, why it's all about the people and they give up returns for great projects in great areas with great developers but never give up on great developers, and how Mountain Pacific brings debt financing to deals for developers who aren't credit worthy. Brian discusses not relying on momentary variance but underwriting to long-term trends, locking in low financing now while using appropriate leverage to hold through any cycle, how developer co-invest isn't their main concern as fee subordination can substitute, staying small by contracting commodity services to keep agile low-cost teams since cyclical businesses and fixed overhead are a mismatch, focusing where they make money while letting vendors handle services at scale, and finding passion that drives you to enjoy the work.