We lend to them and they are tough to work with. Always pushy on timing, terms, etc. But they are really good at what they do, sharp, and make a lot of money. They focus on net-lease / single tenant / sale-leaseback stuff. Great success story in terms of where they started to where they are now, big growth in short period of time, etc. Acquired by Blue Owl as mentioned. Long hours, tough culture, etc. Wouldn't be a bad place to get experience but I know handful of people who have burnt out there. Here's a article from 2018 about the two founders: https://www.chicagobusiness.com/html-page/825626
I’ve always thought it’s weird that these guys do boring NNN deals but they act like (and pay like) they do super complex, opportunistic deals
I guess with enough volume, this strategy still prints a lot of money. You’re not getting high returns but you’re putting lots of capital to work with only a handful of people. And you don’t have to redeploy that often because they’re long term leases. 🤷♂️
I actually know that they do invest in riskier plays. They invest in funds that target high-teen IRR's. This might be new, but I know they're in this space.
Any other info you know about them? I'm interested in their investment history & approach.
And what do you mean by "they pay like they're opportunistic"?
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Some of the best in the game
bump
Acquired by Blue Owl
Awful hours and culture, but NYC pay in Chicago which goes really really far.
I second this
We lend to them and they are tough to work with. Always pushy on timing, terms, etc. But they are really good at what they do, sharp, and make a lot of money. They focus on net-lease / single tenant / sale-leaseback stuff. Great success story in terms of where they started to where they are now, big growth in short period of time, etc. Acquired by Blue Owl as mentioned. Long hours, tough culture, etc. Wouldn't be a bad place to get experience but I know handful of people who have burnt out there. Here's a article from 2018 about the two founders: https://www.chicagobusiness.com/html-page/825626
Non Targets
Marc from the University of Dayton, roll Flyers
I’ve always thought it’s weird that these guys do boring NNN deals but they act like (and pay like) they do super complex, opportunistic deals
I guess with enough volume, this strategy still prints a lot of money. You’re not getting high returns but you’re putting lots of capital to work with only a handful of people. And you don’t have to redeploy that often because they’re long term leases. 🤷♂️
I actually know that they do invest in riskier plays. They invest in funds that target high-teen IRR's. This might be new, but I know they're in this space.
Any other info you know about them? I'm interested in their investment history & approach.
And what do you mean by "they pay like they're opportunistic"?
Institutional NNN has always seemed pretty i-banking adjacent to me given the requirement for hardcore tenant credit analysis.
what kind of returns do these boring NNN deals generate?
Typically pretty bond-like. If you’re getting higher returns, you’re likely assuming lease-up risk.
For some reason I feel like the question was rhetorical though. Do you work there?
They are always looking for analyst/assocates in Chicago so that either speaks to growh or high turnover. Very abrasive when interacting with them.
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