Real Insight. Real Estate.

Posts Tagged ‘real estate development’

Jon A. Cummins
Chief Operating Officer
Amerimar Enterprises, Inc.

Jon Cummins is the Chief Operating Officer of Amerimar Enterprises, Inc., a position he has held since 2001. Amerimar’s focus is on the acquisition of “value added” hotels, apartments, office and retail properties in major urban/suburban markets throughout the United States. Mr. Cummins’ primary responsibilities are the general oversight of Amerimar’s operations as well as the sourcing, acquisition, asset management, property management, financing and disposition of the Company’s hotel and multifamily properties. Before joining Amerimar in 1989, Jon worked in the Real Estate Investment Banking Division at Lehman Brothers in New York where he was involved in the placement of debt and equity financing vehicles and the acquisition of property for the firm’s own account.

Q: As a company, tell me about the niche you have carved out for yourself and how you feel you are different from the competition. Why do you find this product type more appealing than alternative real estate asset classes? Read the rest of this entry »

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To continue on this week’s political trend, I wanted to take a moment to share an extremely insightful book with all of you having to do with real estate, specifically, land use and zoning.  Most developers are familiar with the acronym NIMBY, which refers to the phrase “Not In My Back Yard.”  What many developers do not seem to realize, however, is that all ground up development is as much, if not more, an exercise in politics as it is an exercise in real estate. P. Michael Saint, Robert J. Flavell and Patrick F. Fox of the Saint Consulting Group in Boston have done a tremendous job not only of exploring the dichotomy between the two, but exploiting the process in favor of the developer.  Regardless of whether you want to develop an urban infill location, a brownfield, or an environmentalist-heavy rural sprawl, there are do’s and don’t’s during the approval process.  Failing to follow certain procedures can kill your deal and make it  exponentially harder to resurrect. Play the game the right way and you can win over even your most ardent opponents. Let’s take a look at some of the book’s finer points… Read the rest of this entry »

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Scott C. Butler is a principal of Kaplin Stewart, a regional law firm focused on real estate development, land use and zoning, bankruptcy/creditor’s rights among many others. Mr. Butler is a member of the Real Estate Transactions and Corporate Law & Business Planning Departments. He has also represented buyers and sellers in complex commercial transactions, including sale and leaseback acquisitions and transfers of equity interests in owners of real estate. Mr. Butler is active in all aspects of real estate transactional work including retail and office leasing, limited partnership and limited liability company agreements, acquisition and sales agreements, brokerage and management agreements, condominiums and planned communities, and construction and permanent loan financings.

Q: As a company, tell me about the niche you have carved out for yourself and how you feel you are different from the competition. Why do you find this product type more appealing than alternative real estate asset classes?

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With over $1 billion in assets under management and more than 21,000 beds in 17 states, Campus Apartments has become one of the nation’s largest developers, owners, and managers of student housing.

As President and CEO of Campus Apartments, David Adelman is a driving force in college and university real estate development throughout the United States. His business savvy and long-term vision have led the company to become one of the country’s leading providers of university housing. Through strategic acquisitions, creative development, rehabilitation projects and the consolidation of owner-operators in various locales, Adelman has increased the company’s revenue by 300 percent over the last five years.

Adelman’s strength lies in his ability to structure deals and establish formidable relationships with financial institutions, as evidenced by Campus Apartments’ recent $1.1 billion venture with GIC Real Estate Pte Ltd, the real estate investment arm of the Government of Singapore Investment Corporation.

In addition to his duties as President and CEO of Campus Apartments, Adelman is the vice chair of University City District Board of Directors, the President of the Apartment Association of Greater Philadelphia, board member of Hyperion Bank and the National Multi Family Council (NMHC), member of the Executive Committee of the Urban Land Institute’s Philadelphia Chapter, and a member of the Young President’s Organization. Additionally, Adelman is vice chairman of FS Investment Corp., a publicly registered business development corporation.
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Jay H. Shah currently serves as Hersha Hospitality Trust’s (NYSE: HT) Chief Executive Officer and as a member of its Board of Trustees.  Mr. Shah is involved in all areas of the business with a particular emphasis on investor relations, capital transactions and acquisitions. Previously, Mr. Shah served the Company as President and Chief Operating Officer and prior to that he served as the Managing Director of the Hersha Group, a private affiliate of Hersha Hospitality Trust that provides hotel management, development and construction management services to hotel owners.

Prior to joining the Hersha organization, Mr. Shah was principal in the law firm of Shah & Byler, LLP, a real estate and construction specialty practice, which he founded.
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Andrew Eisenstein
Founder & Managing Director
Iron Stone Real Estate

Iron Stone is a group of investment companies with a niche focus on distressed real estate and related assets in the Philadelphia region. Since the mid-1990s, Mr. Eisenstein has completed over $250 million in real estate projects in the Philadelphia metropolitan area.  He takes pride in creating value not only for his investors but also for the communities he works in, by revitalizing distressed and undervalued buildings.

Q: How has your strategy changed as a result of the credit crisis? Have you expanded/narrowed your acquisition criteria? If so, to what, and why?

A: Recently, we are buying first mortgage liens on real estate from banks. We are filling a void for lenders as there are not a lot of buyers for mortgage notes where the underlying collateral needs help. Buying notes was going to be part of our ongoing business with buying development real estate as the other part. As there is no credit for buying real estate, we are focused on buying notes. Read the rest of this entry »

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There was a time when a commercial real estate owner had to worry more about losing their tenants to new competing developments than they did to bankruptcy filings. Depending on what area of the country you reside in and how battered the commercial real estate market is there, one thing you likely haven’t had to worry about is a glut of new construction adding to increased stock, and increased vacancy concerns. After all, while construction costs have come down quite a bit from their highs in early 2007, the inability to finance construction projects has crippled most developments, even in areas with little other barriers to entry. Sure, perhaps you’ve had to make a concession here, or lower the rent there, in order to maintain occupancy. But now there may be new competitive space to worry about….and its space a landlord never dreamed he’d have to compete with before….vacant car dealerships. Read the rest of this entry »

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Ken Kaiserman
Owner/President
Kaiserman Co.

Q: As a company, tell me about the niche you have carved out for yourself and how you feel you are different from the competition. Why do you find this product type more appealing than alternative real estate asset classes?

A: It’s not really a niche. We have a mix of commercial (retail & office) & multi-residential properties on the theory that they won’t all go as deeply into the tank at the same time although in this economy it could happen. We’re proud of the service we provide. Retaining tenants in competitive markets, after you succeed in pulling them in, is the best key to long-term profits.

Q: What is your favorite part of your job? Least favorite?

A: My favorite part of the job is the planning of a new development or acquisition. My least favorite is keeping abreast of rent collections, which right now is really a rough chore. Read the rest of this entry »

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