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Hiten Samtani 🗞️
@hitsamty
Founder @ ten31 Media. Co-host @thepromotepod . Sign up for The Promote - CRE's most plugged-in and entertaining email – now 👇
1.4K Following    15.2K Followers
Is "Roll the Calls" the best BSD memoir since "The Vanity Fair Diaries"? Fuckin' electric
It no longer has this vibe unfortunately, but people forget how good The Closing interview from TRD used to be. Titans of the business would just lay it all out there. Consider this snippet, from Stonehenge's Ofer Yardeni, a major Manhattan apartment landlord
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Love this world of hard-money men. Also feature prominently in the Mark Nussbaum Affair
really great story about the murky, unregulated world merchant cash advances and how it led to one popular (and profitable) summer camp company's downfall:
If you're a market-rate multifamily player, you should take another look at HUD. Many clock it as just an affordable-housing financing tool, but there's a lot more to it. We're going to chop it up in detail on Oct. 14 at with the guys at Bravo. Should be fun!
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TOO accurate
My dad is a retired guy who judges barbecue competitions and could not tell you what SaaS stands for. He has also clicked basically every ad I've ever been part of, because he's proud of his son. In most ad reports, that click of his counts exactly the same as a real buyer's. Once you've watched your own dad inflate a campaign out of love, you stop trusting a click as proof anyone was ever really there.
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$1.7B in condo sales, pre-construction. Woof. Brickell Key.
I was chatting with a major developer who is in the process of scoring a CPACE loan, a very big CPACE loan, on one of his developments. He said the sticking point is that intercreditor agreements when CPACE is in the mix get a lot more complicated. Oftentimes, the CPACE is only secured by one part of the building whereas the senior covers the entire development, so it gets messy. I feel like this is going to happen more and more as CPACE takes greater primacy in the capital stack. I want to talk to a lawyer works through this stuff. If you guys know anyone, DMs are open.
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"The Promote first reported news of the mammoth loan being in the works." If this closes, it's going to set a new record for South Florida construction financing
Can we think of a more politically savvy move in recent years than South Florida's courtship of Ken Griffin? The outsized impact one guy who wants to have an outsized impact can have is still playing out. Gotta give Francis Suarez and DeSantis a lot of credit.
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I have spent much of the last few months building out systems for a CRE legal practice as a non-technical person trying to stay head of the curve. Below is what I did & what I learned.
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Looks like Bob Knakal is suing embattled CRE scion Charles Cohen and brokerage Cooper Horowitz over the sale of a Midtown office to Vornado. Alleging he was stiffed out of a $1M+ commission.
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Getting these notes from the fans always hits
The other side of this transformative deal is that it represents probably the most extraordinary exit on a land assemblage in modern CRE history. Moishe Mana is selling the dirt for this Wynwood CMU campus to Ken Griffin for north of $1 billion. He started assembling these properties in 2009, paying $18 to $20 a foot in the early days, per TRD. And it sounds like about $70 million for the entire parcel is what he paid. He's selling it for $1.1B. Pretty wild.
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Mary Ann is a proper legend- if she chooses to dish, this will be electric
Stripe Press’s newest author is in the tiny handful of people with the strongest claim to being New York’s modern power broker: Mary Ann Tighe, CEO of CBRE’s New York Tri-State region. Mary Ann’s fingerprints are all over Manhattan. Since becoming CEO in 2002 she’s brokered more than 133 million square feet of commercial real estate transactions. A (very small) selection of her deals: She brought Condé Nast to 4 Times Square, and at the time it was the first new office building constructed in New York in a decade(!). She represented the NYT in the development of its new headquarters on Eighth Ave. She brought Coach in as the first Hudson Yards tenant. For 1199SEIU, one of the country’s largest healthcare workers’ unions, she helped engineer a 580,000-square-foot headquarters deal projected to save the union and its benefit funds roughly $400 million over 30 years. And perhaps most meaningfully, Mary Ann was instrumental in rebuilding the World Trade Center, including bringing Condé Nast to One World Trade, and, more than two decades later, securing American Express for roughly 2 million square feet at 2 World Trade Center (broke ground ~ two months ago!). Mary Ann’s book (tentatively titled BUILDING NEW YORK) traces the stories of the deals themselves, but also the personalities who’ve made modern New York, from mayors, to CEOs, to the Vatican—whose approval she needed to broker the air rights for St. Patrick’s Cathedral! It’s rare to get such a candid view into how the real estate sausage gets made, especially at Mary Ann’s level. We can’t wait to bring you her book.
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These rookies don't know I have the B&H calendar printed so I know when my sources are dark
There is a threshold after which plastic surgery, enhancements, etc., start to have negative returns. There is a sweet spot. Obviously a little nip and tuck and a little touch-up does make a person look more attractive. There's no denying that, but after a point..and Miami is well past that point. You just get the Lauren Sanchez situation and that's not a good spot to be in. Fort Lauderdale is maybe just a little bit behind on the curve and that's why people are generally more attractive.
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Walking around Las Olas you realize people in Fort Lauderdale are generally much more attractive than people in Miami
1-800 Contacts is MORMON??? Wow, okay, now it all makes sense. supreme customer service and I could never understand why.
Why can't we have a standard pronunciation of our biggest asset class? Co-host Krasne is partial to "mooltifamily," while I prefer the classic "mulltee" What are you partial to?
This particular building is a lot more colorful than the Comptroller lays out here. It was bought in '17 at the height of Chinese skyscraper fever by "gray rhino" HNA for $2.2B. When HNA started feeling liquidity pressure, Manhattan giant SL Green wriggled into the capital stack, eventually taking over the distressed property when HNA went under. So yes, it's an indication of big tailwinds in leasing. But it's also a tale of some elite capstack-sniping.
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The affordable housing space is just a grift free-for-all, eh? Some of the most creative structuring I've seen in the biz to date. Traveling HFCs being one glorious example, but learning of so many others. Top stuff.
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