West coast REPE

Hey guys, first time poster. I'm currently an undergrad student on the west coast and am considering repe as a career. Is anyone in the community familiar with repe debt funds in LA, San Fran or Seattle

 

Yeah probably middle market since I have a solid but not stellar resume. I appreciate any insight, aside from a cre dsf internship I began last month I'm pretty ignorant about the industry and just starting to learn

 

your best bet is definitely LA or SF, depending on what you want to do. In my personal experience, I believe SF to be more of an extension of NY than LA (though LA definitely has NY extensions). That is to say if you find yourself HQ in LA, you'll probably be looking at more CA focused deals and more focused on neighboring states. If you find yourself in SF, you'll also focus on those deals, I just feel like SF is more of a boots on the ground city for NY guys, Some people may dispute that, and there claims may be valid... i guess i just have some specific shops in mind.

 

Yeah I would say this is generally true, I think it's also slightly product dependent. I think SF is more of a hub for the big office players, whereas I think LA is moreso for industrial. Retail probably Southern CA gets the nod, multifamily is probably a wash. Generalist firms would be up in the air - I know some up north and some down south.

"Who am I? I'm the guy that does his job. You must be the other guy."
 

I think you're going to have a tougher time finding those type of shops in Seattle. Not that they don't exist, but generally a lot of the larger firms are going to focus in either LA or SF, just from a logistics standpoint. They can cover more ground more often from those locations, and then those offices will also cover Seattle. Unless a firm is strictly PNW focused, doesn't make sense in a lot of cases to have an anchor office there, although some do have satellite locations.

"Who am I? I'm the guy that does his job. You must be the other guy."
 
Best Response

Here's a quick list below. I'm sure I forgot someone... Just do a freaking google search. Most of them are LA based. There's a super small on in seattle I can't remember the name though. Google for it.

ACORE Mesa West (Now a part of MS Investment Management) Oaktree Heitman (New to west coast) PGIM PCCP Colony Capital (now known as ColonyNorth Star) TH Real Estate Debt (New) Barings Real Estate Advisers (New) Mosaic Real Estate Credit Calmwater Capital Thorofare Capital DoubleLine Capital (JV/Separate account via Thorofare Capital) LRG Capital Group Buchanan Street Partners

I had a flair for languages. But I soon discovered that what talks best is dollars, dinars, drachmas, rubles, rupees and pounds fucking sterling.
 

I don't disagree with the above poster that the West Coast has more regionally focused firms, but the idea that you'd only be looking at CA deals is crazy. Lots of exposure in all the major primary and secondary western markets at institutional firms are based out of LA, SF, and Seattle. I actually would say LA has more equity side RE opportunities than SF but plenty of large national players in all three of the cities you listed. If anything, Seattle might have a heavier percentage of firms focused on MFR. I would encourage you try and get on the equity side for hands on experience first unless you exclusively want a career on the debt side for some reason. Much easier to go from equity to debt than vice versa.

 

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I had a flair for languages. But I soon discovered that what talks best is dollars, dinars, drachmas, rubles, rupees and pounds fucking sterling.
 

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