David Werner
Anyone have any experience dealing with him? How is he putting together these massive deals? I know he's taking on a lot of debt, but whose the equity? Who would trust him to run these buildings?
Wondering if there's any good stories out there.
Seems like he's got a pretty consistent group he's a part of, Metro Lofts and Northwind. At least recently.
Pretty sure he got his start the same way a lot of NYC syndicators do - by tapping into the Brooklyn Jewish community he's a part of (which is fairly fragmented, but this is how a lot of these deals get done).
Put bluntly, a lot of the Jewish people you see splashed on the pages of the Real Deal who buy multifamily or office buildings are doing it in this way: low personal equity stakes, lots of small investors from whichever temple or shul they belong to, extremely heavy debt loads. The more recent stuff he's doing seems a little more institutionalized, but even so, he's probably buying these office-to-resi conversion opportunities for exceptionally little actual equity.
Haven’t really dealt much with him but I did tour with him one building previously years ago as my firm had a relationship with him. I don’t remember interacting a whole lot with him afterwards but I do recall him being extremely nice and casual conversations lol. He keeps a pretty low profile. I don’t even think there’s a picture of him on Google. Above is also correct in he doesn’t have much equity himself. We did a deal at my prior firm with him and IIRC, he himself had like a half of a point (if even) of equity in the deal. His bigger deals he’ll get an institutional shop along side him and the balance syndicated. The smaller deals like the more recent, are likely syndicated amongst a number of Orthodox Jewish community in Brooklyn.
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