The Distribution by Juniper Square

On today’s episode, I sit down with Jeff Toporek, co-founder and principal of FD Stonewater, a boutique development, investment, brokerage, and asset management firm. As a leader in the firm’s investment and asset management platforms, Jeff focuses his entrepreneurial energies on creating value from every angle of a transaction, including property operations, leasing, portfolio and risk management, and capital markets execution. 

During our conversation, we discuss how FD Stonewater approaches single-tenant assets, how they’re using technology to drive greater efficiency, and his search for the Holy Grail of dashboards.

Let’s get into it.

Links:

FD Stonewater

Jeff on LinkedIn

Prophia

[email protected]

Learn more about Juniper Square

Provide feedback for the podcast

Connect with Brandon Sedloff on LinkedIn: https://www.linkedin.com/in/bsedloff/

Timestamps

(00:01:05) - Jeff’s background and career

(00:03:37) - What was the business thesis for starting FD Stonewater?

(00:06:17) - How did you come to know the folks at Fortress and how did that inform the direction of the company?

(00:09:06) - How has the capitalization of the business evolved?

(00:13:09) - What is your unique advantage at FD?

(00:15:33) - What are some of the headline stats for the organization?

(00:20:09) - Why did you choose to pursue the non-institutional capital route?

(00:27:31) - What is a single-tenant deal, who is the tenant and what do the economics look like?

(00:34:51) - How much do you care about the type of tenant and their credit?

(00:39:17) - What is your outlook on our economic environment today?

(00:44:20) - What are you seeing from the Investor's perspective given these choppy waters?

(00:50:04) - What lessons have you learned since launching an open end-fund?

(00:52:59) - How have you embraced technology in your business and how does the industry need to implement data and machine learning going forward?

(01:03:42) - Do you have any predictions for 2023 Capital Markets?

(01:05:16) - What’s the best way for people to learn more?

On today’s episode, I sit down with Matt Ellis, CEO & Founder of Measurabl, the world’s most widely adopted ESG data management solution for real estate. Measurabl helps the industry’s most innovative companies optimize their ESG performance, assess exposure to physical climate risk, and act on decarbonization and sustainable finance opportunities. 

Before founding Measurabl, Matt spent five years with CBRE, the world’s largest commercial real estate services company. There, he led CBRE’s Sustainability Practice Group, implemented its industry-first global carbon neutrality program, and served as the company’s first Director of Sustainability Solutions.

In today’s conversation, we take a deep dive into the growing role of sustainability in real estate investing, how sustainability metrics, or mandates, will be the norm in transactions over the next several years, and how the real estate industry is evolving to meet these new requirements. 

Links:

Measurabl

Matt on LinkedIn

Sustainability Resources

Contact Matt: [email protected]

Learn more about Juniper Square

Provide feedback for the podcast

Connect with Brandon Sedloff on LinkedIn: https://www.linkedin.com/in/bsedloff/

Topics:

(00:01:31) - Matt’s career & Measurabl’s background

(00:05:10) - How did you know sustainability was a need to be filled in the market during the GFC?

(00:07:20) - What are the headline stats for Measurabl today?

(00:10:48) - What has the growth of sustainability in Real Estate looked like over the years?

(00:14:17) - How do you handle differing attitudes from investors as it pertains to ESG criteria?

(00:18:12) - What’s your response to folks who are on board ESG criteria, but feel they won’t be able to make a return on their investment if they address it?

(00:24:36) - Where should Investment Managers start on their sustainability journey?

(00:28:10) - How can Real Estate Personnel learn how to report on ESG?

(00:40:26) - What do you see on the horizon for ESG in the next 1-5 years?

(00:43:19) - What else can we do from a capital markets perspective?

(00:46:14) - What’s next for Measurabl?

On today’s episode, I sit down with Heather Border and Jennifer Stevens, the Co-Founders and Managing Partners of Alliance Global Advisors, a woman-owned consulting firm focused on developing strategic growth solutions for real asset investment managers.

Prior to Alliance, Heather was Managing Director for National Real Estate Advisors and held positions with Hunt Investment Management and The Townsend Group. At those firms, she was responsible for assisting institutional clients in developing investment objectives, strategic planning, underwriting investments, and capital raising. Heather’s professional experience also includes seventeen years within the private and public real estate sector, where she developed, implemented and led Investor Relations platforms.

In 2022, Heather received the GlobeSt. Women of Influence Award and the GlobeSt. Real Estate Forum’s 50 under 40 award.

Heather is an Advisory Board member of Outsourced Research & Capital and was recently asked to participate on PREA’s Governance Committee. 

Prior to Alliance Jennifer’s professional experience includes sixteen years of institutional portfolio management and consulting, strategic and investment planning, real asset investment underwriting, and a specialization in areas including Environmental, Social, and Governance (ESG) and industry best practice.

Jennifer held several positions within The Townsend Group, advising clients with cumulative total plan assets of over $300 billion and approximately $20 billion in Real Estate allocations.  She was a voting member of Townsend’s Advisory Investment Committee, responsible for reviewing and approving due diligence reports and strategies for all advisory clients of the firm.  Her clients included Kaiser Permanente, Los Angeles Fire & Police, Orange County, Los Angeles County, Los Angeles City, San Diego City, Sacramento County, and Queensland Superannuation Plan. 

In 2021, Jennifer received the GlobeSt. Women of Influence Award. In 2022, Jennifer was elected to the PREA Board of Directors and joined PREA's Social Impact Committee.

Alliance Global Advisors launched in 2020. Their mission is to provide GPs with an informed, independent perspective, continued education, and an innovative approach to attracting capital in a competitive market environment. They specialize in offering customized guidance on how to improve organizations, plan for succession, compete for capital, add diversity to existing capital base, develop products and enhance branding in order to meet the evolving needs of the institutional investor.

In today’s conversation, we discuss the 5 pillars global real estate managers should focus on in order to attract and retain investors, noticeable CRE industry changes, and the best way a GP can future-proof their business.

Links:

Alliance Global Advisors

Jennifer on LinkedIn

Heather on LinkedIn

Learn more about Juniper Square

Provide feedback for the podcast

Connect with Brandon Sedloff on LinkedIn: https://www.linkedin.com/in/bsedloff/

Topics:

(00:03:19) - Introducing Jennifer and Heather and their founding of Alliance Global Advisors

(00:06:57) - What does a typical client relationship look like with Alliance?

(00:13:43) - What are some of the changes you’ve observed in the industry managers need to be paying attention to?

(00:18:31) - How do you help advise folks looking for institutional capital to develop an attractive product?

(00:25:16) - What does the Investment Manager of the future look like?

(00:31:32) - How do you get the industry to become more transparent with LPs?

(00:35:03) - What are some examples of how relationships between Alliance and Gps evolved?

(00:40:06) - What is your position on ESG and what trends are you seeing around the industry?

(00:43:48) - What is your advice to GPs who have to navigate whether a company takes ESG seriously or not?

On today’s episode, I sit down with Antonio Marquez, Principal and Managing Partner of Comunidad Partners.

Antonio founded Comunidad Partners in honor of his family’s immigrant heritage and to provide improved opportunities and a better life for the people who live in the communities that the company serves. As chairman of the firm’s Investment Committee, Antonio is responsible for strategic planning, culture building, and capital raising.

Fostering the company’s deep commitment to social impact, diversity, and equity; Antonio leads Comunidad Partners’ value-add approach that creates inclusionary housing with a sense of place and cultural vibrancy that elevates it's low- to moderate-income workforce residents. He spearheaded the company’s unique ESG model, which enhances economic returns while driving sustainable social and environmental value for all stakeholders.

In today’s conversation, we discuss the challenges Antonio once faced when trying to raise institutional capital and his subsequent success in beating the odds to raise an institutional fund for workforce and affordable housing, the amazing programs Comunidad has created to support the well-being of their tenants, and how federal, state, and local governments are combating the affordable housing crisis. 

Links:

Comunidad Partners

Antonio on LinkedIn

Learn more about Juniper Square

Provide feedback for the podcast

Connect with Brandon Sedloff on LinkedIn: https://www.linkedin.com/in/bsedloff/

Topics:

(00:01:40) - Why did you choose to focus on Real Estate when founding Comunidad?

(00:06:28) - What does the name Comunidad mean and why did you choose it?

(00:08:38) - How did you choose Multifamily?

(00:13:08) - What are the headline stats for Comunidad today?

(00:13:50) - What is workforce housing and how is that different from affordable housing?

(00:15:45) - Where do you invest and what does your community look like?

(00:21:50) - How do these efforts affect your economic ROI?

(00:23:48) - How have the pro-landlord rights in the sunset markets played a role in your business?

(00:27:31) - What are your thoughts on efforts to end the affordable housing crisis?

(00:30:35) - What does the environment look like on the ground with this crisis as you try to build and manage the product?

(35:26) - What’s the goal of starting a credit platform and why have you transformed into an institutional organization?

(00:39:36) - What does the industry need to do better from a social standpoint?

On today's episode, I sit down with Chris Powers, Founder and Executive Chairman of Fort Capital and host of The Fort Podcast. Chris is a serial entrepreneur with more than 18 years of real estate development and investment experience.

To date, Fort Capital has invested over $2 billion in Class B industrial, Commercial, Multi-Family, student housing, and residential land development projects throughout the state of Texas and the Sunbelt. Chris spends his time focusing on Fort's long-term strategy, fostering strategic relationships, and building capital partnerships that will help complement the firm's growth.

As host of The Fort, Chris has published over 255 episodes through a series of raw business conversations with leaders and entrepreneurs. Many will know Chris as a member of the ReTwit community, which is a group of real estate professionals that are active on Twitter.

I've had the opportunity to get to know Chris over the last several years, including as a guest on his podcast, and today I'm excited to flip the microphone on Chris to get to know him and learn more about his personal journey and the story of Fort Capital.

Links:

Follow Chris on Twitter

Check out The Fort Podcast

Learn more about Juniper Square

Provide feedback for the podcast

Connect with Brandon Sedloff on LinkedIn: https://www.linkedin.com/in/bsedloff/

Topics:

(00:02:18) - Chris’ journey into commercial Real Estate and early career

(00:05:39) - Why do you think Real Estate was your calling?

(00:08:19) - Did your studies at TCU play into your eventual career?

(00:11:30) - When did Fort Capital come into existence?

(00:18:29) - Who’s Jason Baxter and what’s his role?

(00:20:08) - How did you transition out of housing development and into industrial?

(00:24:23) - When you got into industrial, how did you find your niche within this asset class?

(00:33:15) - What are the headline stats on Fort Capital today?

(00:35:26) - What is the process of finding a deal and the syndication model you pursue?

(00:43:39) - How have you become so skilled at raising capital?

(00:50:00) - The power of social media & Twitter

(00:58:04) - What do the next 5 years for FC look like?

(01:04:21) - How do you think about transitioning from building trust with non institutional capital to raising from institutional capital?

(01:08:04) - How has technology played a role in the success of Fort Capital?

(01:19:15) - What are 3 reasons investors should care about Class B Industrial in the Sun Belt?

On today’s episode, I sit down with Matt Slepin, Managing Director and Co-head of Real Estate at ZRG Partners, a global talent advisory firm that is changing the way companies hire and manage talent. 

Matt founded Terra Search Partners in 2006 which became part of ZRG Partners in 2022 to help expand ZRG’s business in all aspects of the real estate sector. Since 2017, Matt has been the host of the podcast series, “Leading Voices in Real Estate,” where he has conversations with leaders in the real estate industry about their career journeys and the businesses that they run.  Leading Voices is one of my favorite podcasts and a must for anyone in commercial real estate. 

In today’s conversation, we discuss how Matt’s career in real estate eventually led him to recruiting, what trends Matt is seeing with respect to hiring given the current macro environment, and what the real estate industry is doing to build ​​a more diverse workforce.

Links:

ZRG Partners

Matt on LinkedIn

Leading Voices in Real Estate Podcast

Cedric Bobo on Leading Voices

The Tao of Rick Rubin: The Ezra Klein Show

Get in Touch with Juniper Square

Watch the Video version of this episode

Provide feedback for the podcast

Connect with Brandon Sedloff on LinkedIn: https://www.linkedin.com/in/bsedloff/

Topics:

(01:25) - Matt’s background and career

(02:36) - What brought you into the human capital business and how has it evolved over the course of your career?

(06:12) - How do you think about coaching others who are making a pivot in their career?

(10:21) - How is the current economic environment impacting the human capital industry within Real Estate?

(14:24) - What are you hearing from leaders in regard to their people structure?

(16:19) - What role is the office playing in human capital conversations?

(20:58) - How do you think about developing leaders? 

(25:01) - What are you asking candidates to look for in a great company to find if there’s a pathway to leadership?

(27:18) - How do you vet companies you work with to determine if they provide career success for their people?

(31:39) - Have you seen a shift in the way your clients approach ESG and DEI?

(36:08) - How do you respond when leadership teams state the talent pool simply isn’t large enough 

(39:13) - How is technology transforming the RE industry?

(42:44) - Why did you get into Podcasting and how do you curate your content?

(48:21) - Who’s your dream guest for the podcast?

(49:13) - What advice would you give to people who want to best position themselves in the eyes of their future employer?

Founded in 2009, 29th Street Capital has managed, invested, and acquired over $5.1 billion of multifamily assets across the U.S. In my opinion, 29th St Capital is arguably the most entrepreneurial multifamily shop that institutional players may not know about. 

Robb joined 29th Street Capital in 2013 and oversees the acquisitions team, as well as construction and asset management.

In our conversation, Robb explains why he structured his team so that acquisition managers have to invest in the deals they bring, the value of having heads-in-beds even if it means pausing a unit’s renovation, and what advice he has for the Fed.

Links:

Robert on LinkedIn

29th Street Capital

Get in touch with Juniper Square

Access video versions of this podcast here

Provide feedback for the podcast

Connect with Brandon Sedloff on LinkedIn: https://www.linkedin.com/in/bsedloff/

Topics:

(1:34) - Robert’s background and career

(4:42) - How did you get into Single Family Residential and why did you move into Multifamily?

(7:05) - How do you think about safety in Real Estate?

(7:57) - Is Build to Rent becoming a core part of the organization?

(9:56) - What does 29th Street do today and what are some headline metrics?

(12:48) - How do you think about driving this level of efficiency with such a lean team?

(14:40) - How did you come to this framework of having your acquisitions professionals invest in the deals they source?

(16:23) - Why does the non-fund model work the best for 29th street?

(19:19) - How confident are you in capitalizing deals with your current investor base?

(21:12) - On average how many deals do each of your 800+ investors get into?

(23:15) - How many people at the organization are involved in reporting and investor relations?

(24:50) - How have you incorporated Juniper Square into your operations?

(26:11) - What is your broader approach to technology?

(27:57) - From your perspective on the economy, what are you seeing at the asset level on up to the macro level?

(30:43) - What are you concerned about at the asset level?

(32:17) - When you look at your value add assets against your core-plus assets, how are they performing?

(33:49) - Are you seeing impacts on the demographics of renters?

(34:18) - What are you seeing with rate caps?

(36:11) - What advice would you give to the FED if they were listening?

(38:00) - What advice would you give to someone looking to get into Multifamily?

Cortland is one of the largest multifamily firms in the U.S. Founded in 2005, they are now a global, vertically integrated multifamily investment, development, and management firm. Headquartered in Atlanta, they own and manage apartment communities across the U.S. with regional offices in Charlotte, Dallas, Denver, Greenwich, Houston, and Orlando. Internationally, they operate a build-to-rent (BTR) management and development platform in the UK.

Jason oversees and leads Cortland’s investments, capital markets, corporate finance, investor relations, tax, and accounting teams. He has an impressive career with time spent at JP Morgan, HSBC Bank, and LaSalle Investment Management.

In our conversation, we discuss what forces Jason thinks will bring buyers and sellers back to the table in 2023, investor sentiment, and why today’s macroeconomic environment isn’t the same as The Great Recession.

Links:

Jason on LinkedIn

Cortland

Get in touch with Juniper Square

Access to the video version of this podcast

Provide feedback for the podcast

Connect with Brandon Sedloff on LinkedIn: https://www.linkedin.com/in/bsedloff/

Topics:

(1:28) - Jason’s career background

(3:41) - How has Cortland evolved over the years?

(6:52) - What was the catalyst for expanding into the UK Multifamily market?

(8:59) - What is your take on the current market environment?

(16:55) - How do you look at the opportunity set looking into the medium term?

(19:40) - How does the current environment compare to the 2008 GFC?

(25:07) - What are you hearing from investors around allocations to Multifamily?

(29:52) - Are there any asset fundamental concerns in Multifamily?

(32:13) - How many times do you think the FED will raise rates over the next 12 months?

On today’s episode, I sit down with Molly Bordonaro, Owner & Managing Partner at Green Cities Company, and discuss what it means to build a truly environmentally-friendly building; The markets Green Cities Company is most interested in and why; and How COVID changed what renters care about.

At Green Cities, Molly oversees investment management, investor relations, and asset management at The Green Cities Company.

The Green Cities Company acquires, manages, and develops multifamily, commercial, and mixed-use assets. Their mission is to cultivate competitive returns utilizing deep investment and asset management experience, combined with meaningful attention to ESG considerations, in select U.S. markets.

Molly Bordonaro, Managing Partner, With more than 20 years of commercial real estate experience including transactions, financing, management, leasing, and operations, she also serves on the firm’s Investment Committee.

In 2009, Molly joined The Green Cities Company to help build out the firm’s investment management practice. In 2011, Molly became a partner of the firm. Previously, Molly was a principal at The Gallatin Group and a co-founding director of an investment fund specializing in the financing of real estate development in low and moderate-income areas. From 2005 to 2009, she served as the United States Ambassador to the Republic of Malta, becoming the first American diplomat to receive Malta’s highest medal of honor. Prior to that, she was a commercial broker with NAI Norris, Beggs, and Simpson.

Links:

Molly on LinkedIn

The Green Cities Company

GRESB

LEED Certification

Fitwel ESG Solutions

Get in touch with Juniper Square

Access to the video version of this podcast

Provide feedback for the podcast

Connect with Brandon Sedloff on LinkedIn: https://www.linkedin.com/in/bsedloff/ 

Topics:

(1:20) - Molly’s career background

(6:30) - Green Cities’ Funds & Capitalization

(9:58) - Why or how did ESG become so interconnected to your organization?

(13:53) - What would you say to GP’s or Investment Managers that would argue ESG is politically motivated and unnecessary?

(16:29) - How do you comply and adhere to existing ESG standards and how do you see those evolving over time?

(18:34) - How do you think about the Social and Governance aspects of ESG?

(20:58) - How do you think about Investor Communication and how have your investor’s needs changed?

(24:09) - What did your Investor Communications look like before this growth of technology?

(25:46) - What’s your view of the current market?

(29:41) - Can you walk us through your latest deal?

(35:26) - Have you seen any changes in the velocity of leasing or demand in your assets given the market conditions?

(37:18) - How would you describe the typical renter profile?

(39:45) - Has the WFH growth affected the amenities in Multifamily?

On today’s episode, I sit down with Andrew Holmberg, Principal at Berkeley Partners, and discuss why Andrew believes in avoiding locations that are overly correlated to housing, the importance of getting ESG reporting right, and how technology has created new & better ways to interact with investors

Andrew is responsible for acquisitions, portfolio management, investor relations, and overall strategy.

Berkeley Partners and its affiliated entities comprise a fully integrated principal investment firm focused exclusively on light industrial real estate. With its national footprint, the company is one of the premier institutional industrial operators and fund managers. 

Links:

Berkeley Partners

Andrew on LinkedIn

Get in touch with Juniper Square

Access to the video version of this podcast

Provide feedback for the podcast

Connect with Brandon Sedloff on LinkedIn: https://www.linkedin.com/in/bsedloff/

Topics:

(1:14) -Introducing Andrew & Berkeley

(1:57) - What is Light Industrial and why did you choose these markets to operate in?

(3:02) - What drives Industry supply constraint?

(4:08) - Andrew’s career prior to Berkeley

(4:49) - Berkeley’s capitalization strategy

(5:49) - What kinds of investors and LPs does Berkeley work with?

(6:49) - Are you vertically integrated?

(7:43) - What lessons have you learned from living through previous downturns?

(11:26) - What did your acquisition strategy look like over the course of the pandemic?

(14:18) - How do you think about the next 12-18 months for Industrial RE?

(18:03) - What markets are you principally focused on?

(19:22) - What macroeconomic indicators do you look for to determine the health of a market?

(23:17) - What’s your take on how investor demands have evolved?

(32:15) - What do you think about evolving the environmental side of Berkeley’s ESG and then ESG in general?

(39:13) - What prediction would you make for the market over the next 12 months?