Shopping Centers Today

NOV 2018

Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)

Issue link: https://sct.epubxp.com/i/1043618

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56 S C T / N O V E M B E R 2 0 1 8 How do you go about advising your clients? I've been blessed to have worked IRUVRPHRIWKHJUHDWHVW¿UPVLQ FRPPHUFLDOUHDOHVWDWH0HW/LIH*( &DSLWDODQG.H\%DQNWRQDPHDIHZ ,¶YHOHDUQHGKRZGLIIHUHQWOHQGHUV DSSURDFKERWKWKH&5(PDUNHWDQG FOLHQWUHODWLRQVKLSV>DQG@WUDQVDFWLRQV 8QGHUVWDQGLQJWKHVHGLIIHUHQFHVFDQ EHQH¿WDERUURZHUHVSHFLDOO\ZKHQ WKHERUURZHULVWU\LQJWR¿QDQFH DGHDOWKDWLVGLIIHUHQWIURPZKDW WKH\¶YHWUDGLWLRQDOO\GRQHE\VL]H E\JHRJUDSK\RUE\SURGXFWW\SH 7KLVH[SHULHQFHKDVDOVRUHVXOWHGLQ H[SRVXUHWRDYDULHW\RIW\SHVRIUHDO HVWDWHSODWIRUPVDQGKRZWKH\GLIIHU LQGHSOR\LQJGHEWDQGHTXLW\FDSLWDO Having been involved in the origination, pricing and/or approval of some $20 billion worth of commercial mort- gages and roughly $1.5 billion worth of real estate equity, can you cite some of the lessons you have learned? 0\SULPDU\SKLORVRSK\LV+DYHWKH GLVFLSOLQHWRQRWFKDVHWKHPDUNHW :KDW,IHHO,¶YHOHDUQHGLVWKDWZKHQ WKHPDUNHWVJHW³KRW´DQGXQGHUZULW- LQJVWDQGDUGVGHWHULRUDWHWKDW¶VQRW WKHWLPHWRGRODUJHYROXPHVRUPDLQ- WDLQ\RXUPDUNHWVKDUH,IWKHDYHUDJH GHDO\RXDUHSXUVXLQJDWDJLYHQWLPH LVPDWHULDOO\ZRUVHWKDQWKHDYHUDJH GHDOLQ\RXUSRUWIROLRKROGLQJVLW¶V SUREDEO\QRWWKHWLPHWRLQFUHDVH \RXUYROXPHWDUJHWGHVSLWHZKDWWKH PDUNHWPD\EHGRLQJ$QRWKHUOHVVRQ ,¶YHOHDUQHGLVWRQRWIDOOLQORYHZLWK DQ\GHDOEHFDXVHWKHUHZLOODOZD\V EHDQRWKHURQH2QFH\RXIDOOLQORYH ZLWKDGHDO\RXEHFRPHGHVSHUDWHWR VHHLWWKURXJKDQGWKHPDUNHWLQYDUL- DEO\VHQVHVWKDWGHVSHUDWLRQDQG¿QGV DZD\WRSXQLVK\RXIRULW Can you cite some current projects you have going? 2QWKHWUDQVDFWLRQVVLGHZH¶UH GLVFXVVLQJKRZWRVWUXFWXUHGHDOV DQGKRZWRVRXUFHFDSLWDO6WUDWHJL- FDOO\ZH¶UHHYDOXDWLQJWKHSRWHQWLDO HPEHGGHGLQWKHUHFHQWOHJLVODWLRQRQ RSSRUWXQLW\]RQHVDQGWKHSRWHQWLDO LQWHUVHFWLRQRIUHDOHVWDWHDQGLQIUD- VWUXFWXUHJRLQJIRUZDUG/DVWO\,DP WKHH[HFXWLYHGLUHFWRUIRUWKHODUJHVW GLYHUVLW\LQLWLDWLYHIRFXVHGRQ&5( LQWKHQDWLRQ3URMHFW5($35($3¶V PLVVLRQLVWRFRQQHFWWDOHQWHGPLQRUL- W\\RXQJSURIHVVLRQDOVZLWKFDUHHUVLQ FRPPHUFLDOUHDOHVWDWH Do you see challenges facing buyers and sellers of commer- cial real estate? And how may those challenges be overcome? %X\HUVKDYHWKHFKDOOHQJHRIWU\LQJ WR¿QGRSSRUWXQLWLHVWKDWSURYLGH WKHDSSURSULDWH\LHOGVIRUWKHJLYHQ ULVNV$OWKRXJKWKHHFRQRP\LVJHQ- HUDOO\JRRGDQG&5(IXQGDPHQWDOV DUHJHQHUDOO\JRRGWKHUHWXUQVIRU VWDEOHDVVHWVDUH>DW@OHYHOVVLJQL¿- FDQWO\EHORZWKHDYHUDJHUHWXUQV IRUGHEWRUHTXLW\RYHUWKHSDVW \HDUV'XHWRWKHWUHPHQGRXV DPRXQWVRIFDSLWDOVHHNLQJWRJHW KLJKHU\LHOGVWKHULVNSUHPLXPVIRU OHVVVWDEOHDVVHWVDUHEHLQJSXVKHG down to levels that make overall UHWXUQVIRUULVNDVVHWVIHHOTXHVWLRQ- DEOH,EHOLHYHWKDWLIWKHUHWXUQIRU ULVNLVWRRORZ>LW¶VEHVWQRWWR@WDNH ULVNDFFHSWWKHORZUHWXUQVIRUWKH VWDEOHDVVHWVHYHQWKRXJKLWPD\QRW IHHOVRJRRG Q N E W S M A K E R S PATIENCE IS KEY Finance professional Ken McIntyre founded PassPort Real Estate in 2012 to provide consulting services for financial institutions seeking to create, expand or reinvigorate a commercial real estate debt or equity platform. New York City– based PassPort's clients range from midsize developers wanting advice on transactions significantly larger than those they typically do, to emerging developers seeking help to formulate business plans or structures for growth. McIntyre spoke with SCT about commercial real estate financing and some of the challenges facing market participants today.

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