At the age of 33, Silverback Development founder Josh Schuster has already started and sold two real estate companies. He now sits at the helm of his own real estate platform, founded just a year ago.
10 Amazing Ideas For Compare And Contrast EsMary Burg
1. Nokia has formed a joint venture with China Puritan to focus on 3G technology, specifically TD-SCDMA, in China.
2. The joint venture will develop TD-SCDMA technology and products for the Chinese market. It aims to strengthen Nokia's position in the transition to 3G networks in China.
3. Forming local partnerships is important for participation in China's telecom market, as TD-SCDMA was adopted as one of China's 3G standards. The joint venture allows Nokia to better engage with Chinese customers and regulators on 3G development and deployment.
HSBC held a strategy update meeting to discuss how they are reshaping their business to focus primarily on high-growth emerging markets. They aim to invest primarily in fast-growing emerging markets and focus their developed market business on customers with international connectivity. HSBC also outlined three primary business models that define their "right to win": businesses with international customers where emerging market connectivity is critical, businesses with local customers where efficiency can be achieved through global scale, and products where global scale is critical to effectiveness. Michael Geoghegan then discussed how HSBC is joining up the company for superior performance.
This document discusses the importance of creating five-year goals and plans for one's career. It notes that when young, it is easy to become distracted by daily events and lose focus on longer-term goals. Creating a five-year plan can help visualize and work towards future success. The document outlines different considerations for a five-year plan depending on where one is in their career - as a new investor, growing investor, or nearing retirement. It emphasizes the importance of stability and avoiding major losses as one nears retirement.
Long Journey Ventures Fund 1 - VC Pitch Deck ExamplePitch Decks
Founded by former AngelList partner Lee Jacobs, Long Journey Ventures operates a unique model based around a federation of angel investors and operators.
Every member of the Long Journey team has started a company and invested personal money into startups for close to a decade. The firm has invested in seed rounds across industries: ranging from healthcare to project management software.
Long Journey has backed notable startups like Affirm, Notion, Loom, Uber, and SpaceX.
The document provides an overview of PacTrust Bank's residential lending division, describing its mission, history of acquisitions, branches and loan production offices across several states, leadership team, loan fulfillment platform, portfolio of conventional, government, and specialized lending products, and marketing strategies focused on partnering with real estate agents. It also discusses keys to the company's success and how it aims to positively transform the home lending experience for borrowers.
CONTI is a vertically-integrated real estate investment company specializing in multifamily properties in Texas. It currently owns 15 multifamily communities with over 3,300 units across six cities in Texas. CONTI's mission is to be the leading owner and operator of multifamily housing in Texas while benefiting residents, investors, employees, and partners. It focuses on acquiring, rehabilitating, and redeveloping multifamily properties using a hands-on approach and value-added strategy.
This document is an issue of the student-run investment publication Graham & Doddsville from Columbia Business School. It profiles several notable investors and companies. It summarizes an interview with Howard Marks of Oaktree Capital Management, who discusses the growth of passive investing and its potential effects on markets. It also previews pitches from Columbia students on the company Spirit AeroSystems and profiles other speakers at a upcoming value investing conference.
10 Amazing Ideas For Compare And Contrast EsMary Burg
1. Nokia has formed a joint venture with China Puritan to focus on 3G technology, specifically TD-SCDMA, in China.
2. The joint venture will develop TD-SCDMA technology and products for the Chinese market. It aims to strengthen Nokia's position in the transition to 3G networks in China.
3. Forming local partnerships is important for participation in China's telecom market, as TD-SCDMA was adopted as one of China's 3G standards. The joint venture allows Nokia to better engage with Chinese customers and regulators on 3G development and deployment.
HSBC held a strategy update meeting to discuss how they are reshaping their business to focus primarily on high-growth emerging markets. They aim to invest primarily in fast-growing emerging markets and focus their developed market business on customers with international connectivity. HSBC also outlined three primary business models that define their "right to win": businesses with international customers where emerging market connectivity is critical, businesses with local customers where efficiency can be achieved through global scale, and products where global scale is critical to effectiveness. Michael Geoghegan then discussed how HSBC is joining up the company for superior performance.
This document discusses the importance of creating five-year goals and plans for one's career. It notes that when young, it is easy to become distracted by daily events and lose focus on longer-term goals. Creating a five-year plan can help visualize and work towards future success. The document outlines different considerations for a five-year plan depending on where one is in their career - as a new investor, growing investor, or nearing retirement. It emphasizes the importance of stability and avoiding major losses as one nears retirement.
Long Journey Ventures Fund 1 - VC Pitch Deck ExamplePitch Decks
Founded by former AngelList partner Lee Jacobs, Long Journey Ventures operates a unique model based around a federation of angel investors and operators.
Every member of the Long Journey team has started a company and invested personal money into startups for close to a decade. The firm has invested in seed rounds across industries: ranging from healthcare to project management software.
Long Journey has backed notable startups like Affirm, Notion, Loom, Uber, and SpaceX.
The document provides an overview of PacTrust Bank's residential lending division, describing its mission, history of acquisitions, branches and loan production offices across several states, leadership team, loan fulfillment platform, portfolio of conventional, government, and specialized lending products, and marketing strategies focused on partnering with real estate agents. It also discusses keys to the company's success and how it aims to positively transform the home lending experience for borrowers.
CONTI is a vertically-integrated real estate investment company specializing in multifamily properties in Texas. It currently owns 15 multifamily communities with over 3,300 units across six cities in Texas. CONTI's mission is to be the leading owner and operator of multifamily housing in Texas while benefiting residents, investors, employees, and partners. It focuses on acquiring, rehabilitating, and redeveloping multifamily properties using a hands-on approach and value-added strategy.
This document is an issue of the student-run investment publication Graham & Doddsville from Columbia Business School. It profiles several notable investors and companies. It summarizes an interview with Howard Marks of Oaktree Capital Management, who discusses the growth of passive investing and its potential effects on markets. It also previews pitches from Columbia students on the company Spirit AeroSystems and profiles other speakers at a upcoming value investing conference.
Getting investment ready tech4 africa (zach)Saratoga
Zachariah George shares his insights on what investors are looking for so that you can learn how to create a business that is going to get noticed.
The purpose of the clinic is to better equip entrepreneurs and companies looking for funding with practical tools in creating a business plan that is investor ready.
This session will focus on financial readiness and is applicable to all levels of knowledge and experience.
U-Start is a boutique advisory firm that matches investors with entrepreneurs. Join the U-Start community or follow @Zack_CPT.
CashFlow Express - Why Wait for Wealth? It's RIGHT HERE! Featuring Randy Reif...Realty411 Magazine
Learn from the top leaders of real estate finance, asset protection, property management and business with our FREE publication created to help our readers create wealth through passive income. Learn more about creative strategies to skyrocket your portfolio.
Learn from the top leaders of real estate finance, asset protection, property management and business with our FREE publication created to help our readers create wealth through passive income. This publication is published by Realty411(http://Realty411guide.com), your source for real estate wealth.
The document is Goldman Sachs' 2007 annual report. It discusses Goldman Sachs' strong financial performance in 2007 despite turbulence in the markets. Net revenues increased 22% to $46 billion and net earnings rose 22% to $11.6 billion. The report attributes Goldman Sachs' success to the talent and dedication of its people and a culture of teamwork. It also highlights Goldman Sachs' global client franchise and strategic focus on growth markets as drivers of its performance.
VETSCOM aims to help veterans and their families by developing affordable housing communities near hospitals in Houston. They plan to construct single-family homes priced around $165,000 in the Settegast neighborhood, an area in need of redevelopment close to jobs. VETSCOM will train and hire veterans for construction and farming projects like aquaponics to grow food. They seek $225,000 in funding to begin construction of 20 homes as the first phase and create jobs for veterans, with the goal of leaving a legacy of sustainable housing and employment for former military families.
BoyarMiller's State of the Capital Markets eBookBoyarMiller
As part of its ongoing Breakfast Forum series, BoyarMiller hosted three financial experts for a moderated discussion on The Current State of the Capital Markets 2019. The panelists were: Kamden D. Kanaly, CFP®, Chairman, KDK Private Wealth Management; John Sarvadi, Executive Managing Director, Corporate Banking, Texas Capital Bank; and Scott D. Winship, Managing Director, GulfStar Group Investment Bankers.
Harvest Financial Partners WST Interview Aug 2016Jim Wright
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Shelter Mortgage is a leading mortgage lender that specializes in partnership lending through joint ventures. It has over 30 years of experience operating RESPA-compliant joint ventures. As part of New Penn Financial, Shelter Mortgage has access to a broad product offering and fully integrated servicing capabilities. Shelter Mortgage focuses on creating successful partnerships through best practices, superior operational support, and a commitment to customer service.
- Equity crowdfunding has enabled individual investors to invest in real estate opportunities that were previously only available to large institutional investors, by taking advantage of regulations that allow general solicitation to accredited investors.
- Crowdfunding platforms provide transparency and access to high-quality real estate investment opportunities, as well as the ability for individual investors to diversify their investments across multiple properties and markets.
- As crowdfunding evolves, more institutional sponsors are expected to utilize these platforms to raise capital for larger real estate deals in excess of $100 million.
Neuberger Berman Wealth Management is opening up greater investment opportunities in China. China's equity market is the second largest in the world at nearly $6 trillion and represents only 20% of the MSCI EM index, despite accounting for 37% of global GDP. The MSCI is expected to include China A-shares, allowing over $100 billion to flow into the Chinese market. Additionally, Chinese equities currently trade at 10 times forward earnings, representing a compelling valuation opportunity. Neuberger Berman's local presence in Hong Kong and Shanghai allows them unique insights into the Chinese market.
Neuberger Berman Wealth Management is opening up greater investment opportunities in China. China's equity market is the second largest in the world at nearly $6 trillion and represents only 20% of the MSCI EM index, despite accounting for 37% of global GDP. The MSCI EM index is expected to include China A-shares, allowing over $100 billion to gradually flow into the Chinese market from passive and active investors. Additionally, Chinese equities currently represent a compelling valuation opportunity, trading at their lowest price-to-earnings ratio in 10 years. Neuberger Berman's local presence in Hong Kong and Shanghai allows them unique insights into the Chinese market.
The scope of work outlines renovations for a 2 bedroom, 1 bathroom single family home including repainting, new flooring, kitchen and bathroom remodels, plumbing and electrical work, landscaping, and ensuring all work is up to code. Renovations include replacing appliances, fixtures, flooring, and installing new countertops, backsplash, and tile surround in the bathroom. The contractor will complete all demolition, repairs, renovations and ensure the property meets housing standards upon project completion.
The document summarizes an interview with experts in the St. Louis residential real estate market. They discuss topics like the recovery of the housing market, the need to find a realtor with early access to new listings, expectations for rising interest rates starting in mid-2015, the importance of choosing a local lender with expertise, reasons why lenders sell loans after origination, factors to consider when refinancing a mortgage, and tax implications of refinancing. The experts generally agree the housing market has stabilized and is recovering, interest rates will likely rise gradually, choosing a knowledgeable local realtor and lender is key, and refinancing makes sense when it will significantly reduce interest costs over the life of the loan.
The document introduces The Bridgeway Group, a wealth management firm. It provides an overview of the firm's services, which include investment consulting, portfolio management, relationship management, and advanced planning. It describes the firm's vision of helping clients make informed financial decisions and its wealth management process, which involves discovery meetings, investment planning, and regular progress meetings. It also discusses how the firm adds value through suitable asset allocation, low-cost solutions, portfolio rebalancing, behavioral coaching, and total return strategies. The firm's advisors are supported by Commonwealth Financial Network.
The Hourglass Effect - A Decade of DisplacementFrank Rotman
A ten year look back and view into the future of the Personal Loans industry. Why did the Banks pull back at the same time that Lending Club and Prosper emerged? Why haven't the Banks come back? What's next?
Walla Street Investment Capital Business Planctwalla
This document provides an overview of the Walla Street Investment Capital business plan, which has three branches: a stock trading branch, a real estate branch that buys and flips residential properties, and a safe investment branch. The business was founded one year ago and is currently a one-person operation. It seeks investment capital to grow its trading, real estate, and safe investment activities in order to provide consistent returns to investors.
Walla Street Investment Capital Business Planctwalla
This document provides an overview of the Walla Street Investment Capital business plan, which operates three investment branches: a stock trading branch, a real estate branch that buys and flips residential properties, and a safe investment branch. The business was founded one year ago and is currently a one-person operation. It seeks investment capital to expand its three branches and trading strategies to generate high returns for investors.
In October of 2013, I had the honor of being interviewed for the commercial real estate section of the New York Times. Here is a summary of that interview, along with information about how far East River Partners has come in 5 years.
- The Angel Capital Association claims that raising the financial requirements to be an accredited investor would reduce startup financing from angel investors. However, data on the angel capital market suggests otherwise.
- The SEC will decide later this year whether to raise the income and net worth thresholds to qualify as an accredited investor, as required by the Dodd-Frank Act.
- The ACA argues this would disrupt startup funding from angel investors. However, data shows the angel market has continued to grow even as the thresholds have not changed for many years, calling into question the ACA's argument.
Warren buffet’s letter to shareholders 2010Vijay Gawde
Warren Buffett discusses several key investment insights from his letters over the years:
1) America's potential is far from exhausted and the country's best days still lie ahead, despite periods of uncertainty.
2) Berkshire Hathaway aims to increase shareholder value over the long-term through both business operations and acquisitions. However, precisely calculating intrinsic value is difficult.
3) Berkshire has advantages like skilled managers focused on operations rather than Wall Street, as well as huge capital resources to pursue diverse opportunities worldwide.
Getting investment ready tech4 africa (zach)Saratoga
Zachariah George shares his insights on what investors are looking for so that you can learn how to create a business that is going to get noticed.
The purpose of the clinic is to better equip entrepreneurs and companies looking for funding with practical tools in creating a business plan that is investor ready.
This session will focus on financial readiness and is applicable to all levels of knowledge and experience.
U-Start is a boutique advisory firm that matches investors with entrepreneurs. Join the U-Start community or follow @Zack_CPT.
CashFlow Express - Why Wait for Wealth? It's RIGHT HERE! Featuring Randy Reif...Realty411 Magazine
Learn from the top leaders of real estate finance, asset protection, property management and business with our FREE publication created to help our readers create wealth through passive income. Learn more about creative strategies to skyrocket your portfolio.
Learn from the top leaders of real estate finance, asset protection, property management and business with our FREE publication created to help our readers create wealth through passive income. This publication is published by Realty411(http://Realty411guide.com), your source for real estate wealth.
The document is Goldman Sachs' 2007 annual report. It discusses Goldman Sachs' strong financial performance in 2007 despite turbulence in the markets. Net revenues increased 22% to $46 billion and net earnings rose 22% to $11.6 billion. The report attributes Goldman Sachs' success to the talent and dedication of its people and a culture of teamwork. It also highlights Goldman Sachs' global client franchise and strategic focus on growth markets as drivers of its performance.
VETSCOM aims to help veterans and their families by developing affordable housing communities near hospitals in Houston. They plan to construct single-family homes priced around $165,000 in the Settegast neighborhood, an area in need of redevelopment close to jobs. VETSCOM will train and hire veterans for construction and farming projects like aquaponics to grow food. They seek $225,000 in funding to begin construction of 20 homes as the first phase and create jobs for veterans, with the goal of leaving a legacy of sustainable housing and employment for former military families.
BoyarMiller's State of the Capital Markets eBookBoyarMiller
As part of its ongoing Breakfast Forum series, BoyarMiller hosted three financial experts for a moderated discussion on The Current State of the Capital Markets 2019. The panelists were: Kamden D. Kanaly, CFP®, Chairman, KDK Private Wealth Management; John Sarvadi, Executive Managing Director, Corporate Banking, Texas Capital Bank; and Scott D. Winship, Managing Director, GulfStar Group Investment Bankers.
Harvest Financial Partners WST Interview Aug 2016Jim Wright
Jim Wright and John Fattibene of Harvest Financial Partners discuss their investment philosophy which focuses on three tenets: dividends, quality, and valuation. They seek high quality, dividend paying companies and wait patiently for attractive valuations before purchasing. Their sell discipline mirrors their buy discipline - they may sell if a company cuts its dividend, suffers declines in quality, or becomes overvalued. They provide examples of holdings like Walt Disney and T. Rowe Price that exemplify their strategy.
Shelter Mortgage is a leading mortgage lender that specializes in partnership lending through joint ventures. It has over 30 years of experience operating RESPA-compliant joint ventures. As part of New Penn Financial, Shelter Mortgage has access to a broad product offering and fully integrated servicing capabilities. Shelter Mortgage focuses on creating successful partnerships through best practices, superior operational support, and a commitment to customer service.
- Equity crowdfunding has enabled individual investors to invest in real estate opportunities that were previously only available to large institutional investors, by taking advantage of regulations that allow general solicitation to accredited investors.
- Crowdfunding platforms provide transparency and access to high-quality real estate investment opportunities, as well as the ability for individual investors to diversify their investments across multiple properties and markets.
- As crowdfunding evolves, more institutional sponsors are expected to utilize these platforms to raise capital for larger real estate deals in excess of $100 million.
Neuberger Berman Wealth Management is opening up greater investment opportunities in China. China's equity market is the second largest in the world at nearly $6 trillion and represents only 20% of the MSCI EM index, despite accounting for 37% of global GDP. The MSCI is expected to include China A-shares, allowing over $100 billion to flow into the Chinese market. Additionally, Chinese equities currently trade at 10 times forward earnings, representing a compelling valuation opportunity. Neuberger Berman's local presence in Hong Kong and Shanghai allows them unique insights into the Chinese market.
Neuberger Berman Wealth Management is opening up greater investment opportunities in China. China's equity market is the second largest in the world at nearly $6 trillion and represents only 20% of the MSCI EM index, despite accounting for 37% of global GDP. The MSCI EM index is expected to include China A-shares, allowing over $100 billion to gradually flow into the Chinese market from passive and active investors. Additionally, Chinese equities currently represent a compelling valuation opportunity, trading at their lowest price-to-earnings ratio in 10 years. Neuberger Berman's local presence in Hong Kong and Shanghai allows them unique insights into the Chinese market.
The scope of work outlines renovations for a 2 bedroom, 1 bathroom single family home including repainting, new flooring, kitchen and bathroom remodels, plumbing and electrical work, landscaping, and ensuring all work is up to code. Renovations include replacing appliances, fixtures, flooring, and installing new countertops, backsplash, and tile surround in the bathroom. The contractor will complete all demolition, repairs, renovations and ensure the property meets housing standards upon project completion.
The document summarizes an interview with experts in the St. Louis residential real estate market. They discuss topics like the recovery of the housing market, the need to find a realtor with early access to new listings, expectations for rising interest rates starting in mid-2015, the importance of choosing a local lender with expertise, reasons why lenders sell loans after origination, factors to consider when refinancing a mortgage, and tax implications of refinancing. The experts generally agree the housing market has stabilized and is recovering, interest rates will likely rise gradually, choosing a knowledgeable local realtor and lender is key, and refinancing makes sense when it will significantly reduce interest costs over the life of the loan.
The document introduces The Bridgeway Group, a wealth management firm. It provides an overview of the firm's services, which include investment consulting, portfolio management, relationship management, and advanced planning. It describes the firm's vision of helping clients make informed financial decisions and its wealth management process, which involves discovery meetings, investment planning, and regular progress meetings. It also discusses how the firm adds value through suitable asset allocation, low-cost solutions, portfolio rebalancing, behavioral coaching, and total return strategies. The firm's advisors are supported by Commonwealth Financial Network.
The Hourglass Effect - A Decade of DisplacementFrank Rotman
A ten year look back and view into the future of the Personal Loans industry. Why did the Banks pull back at the same time that Lending Club and Prosper emerged? Why haven't the Banks come back? What's next?
Walla Street Investment Capital Business Planctwalla
This document provides an overview of the Walla Street Investment Capital business plan, which has three branches: a stock trading branch, a real estate branch that buys and flips residential properties, and a safe investment branch. The business was founded one year ago and is currently a one-person operation. It seeks investment capital to grow its trading, real estate, and safe investment activities in order to provide consistent returns to investors.
Walla Street Investment Capital Business Planctwalla
This document provides an overview of the Walla Street Investment Capital business plan, which operates three investment branches: a stock trading branch, a real estate branch that buys and flips residential properties, and a safe investment branch. The business was founded one year ago and is currently a one-person operation. It seeks investment capital to expand its three branches and trading strategies to generate high returns for investors.
In October of 2013, I had the honor of being interviewed for the commercial real estate section of the New York Times. Here is a summary of that interview, along with information about how far East River Partners has come in 5 years.
- The Angel Capital Association claims that raising the financial requirements to be an accredited investor would reduce startup financing from angel investors. However, data on the angel capital market suggests otherwise.
- The SEC will decide later this year whether to raise the income and net worth thresholds to qualify as an accredited investor, as required by the Dodd-Frank Act.
- The ACA argues this would disrupt startup funding from angel investors. However, data shows the angel market has continued to grow even as the thresholds have not changed for many years, calling into question the ACA's argument.
Warren buffet’s letter to shareholders 2010Vijay Gawde
Warren Buffett discusses several key investment insights from his letters over the years:
1) America's potential is far from exhausted and the country's best days still lie ahead, despite periods of uncertainty.
2) Berkshire Hathaway aims to increase shareholder value over the long-term through both business operations and acquisitions. However, precisely calculating intrinsic value is difficult.
3) Berkshire has advantages like skilled managers focused on operations rather than Wall Street, as well as huge capital resources to pursue diverse opportunities worldwide.
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Looking for a new home in Istanbul? Look no further than Avrupa Konutlari Esentepe! Our beautifully designed homes provide the perfect blend of luxury and comfort, making them the perfect choice for anyone looking for a high-quality home in the city.
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SILVERBACK DEVELOPMENT FOUNDER JOSH SCHUSTER TALKS FINANCING AND WHAT MAKES HIM TICK.pdf
1. SILVERBACK DEVELOPMENT
FOUNDER JOSH SCHUSTER TALKS
FINANCING AND WHAT MAKES HIM
TICK
At the age of 33, Silverback Development founder Josh Schuster has already started
and sold two real estate companies. He now sits at the helm of his own real estate
platform, founded just a year ago.
An Ohio native, Schuster has real estate in his blood. His grandfather, Jack Schuster,
who passed away in 2004, was well known in New York as a project executive and
owner’s rep in the 1980s and 1990s. As a kid, Josh would visit him and tour construction
sites. “Watching how he interacted with people, you could just feel the aura. There was
2. a lot of respect,” Schuster told CO. “What I’ve found in this industry is that respect is
something that is earned.”
Schuster, a graduate of Tulane University in New Orleans, became fascinated with real
estate after enrolling in a few courses on the asset type while in undergraduate school.
He went on to intern for a real estate developer and worked on the rebuild after
hurricane Katrina. His first industry gig out of school was with Brooklyn-based JMH
Development as a managing director, working on developing multifamily units for sale
and rental properties, including 184 Kent Avenue in Williamsburg, a hotel in Miami, an
11-acre rental complex in College Point, Queens, and several land acquisitions across
the West Coast.
Silverback Development Principal and Founder, Josh Schuster. PHOTO: SILVERBACK
DEVELOPMENT
After several years at JMH Development, Schuster struck out on his own and started
Northpark Development, where he spearheaded projects such as a renovation to 14
apartments at 53 Pitt Street, a seven-story residential building in the Lower East Side—
between Delancey and Rivington Streets—and a ground-up development site at 75
First Avenue that the firm later sold. He went on to launch a sister company called
Northpark Property Management, which he eventually sold, Schuster said.
3. In October 2011, Schuster formed New York City-based real estate development and
investment firm DHA Capital with the firm’s current Managing Principal Dan
Hollander. Under that flag, the pair closed 10 transactions, half of which were sold and
the other half developed. Schuster departed DHA Capital in July 2016.
At Silverback—started in July 2016—Josh is forging his own footprint while gladly
carrying the family torch. He sat down with CO at his Midtown office at 40 West 57th
Street to discuss his firm’s first year, its investment and development strategies and its
goals for the future.
Why the name “Silverback”?
I often joke that it’s my animal spirit. Silverback gorillas are leaders; they’re proud
animals. They take care of their families, and if you cross them the wrong way, they can
climb to the top of the Empire State Building and pound their chests, right?
What spurred you into starting Silverback Development?
There was an opportunity to take a large investment from a high net worth family office
and a large $13 billion institution. The opportunity was to back a new platform around
a developer and to build a team around the developer and allow them to grow. I felt
like it was the right time and the right place in my career to give that a shot. So far, it’s
been quite a success.
What’s it been like in your first year operating the company?
There are different stages in the development cycle, so when you start a new company
a lot of the attention is focused heavily on acquisitions. So, we’ve been in acquisitions
mode. We have a three-pronged investment approach: One, we source our own deals;
secondly, we team up with existing landowners that are usually second or third
generation landowners who want to monetize an asset but may not have the
experience or track record or capital to improve the asset and develop it to it’s highest
and best uses. So, we come in and provide the balance sheet and the team and all that
4. good stuff. Lastly, we’ll team up with guys who have already acquired sites from several
years ago, and we’ll provide a silver lining and allow them to finance those sites.
What’s been keeping you busiest this year?
In addition to owning and building our own projects, we are doing some third-party
development and asset management work. We’re doing some construction work.
What’s keeping us most busy is continuing to identify opportunities that no one else
can locate. We’re also starting a structured credit fund that’s taking up a lot of time,
and that’s to focus on the gap in the capital stack and where lenders are today in rate
and leverage and where equity wants to be in terms of total check size. So, there’s a
huge gap that needs to be filled, and we’re originating some of those opportunities.
We’re also talking to subordinate lenders that want to de-risk some of their positions
and sell off the bottom piece of some of their existing debt, so it’s an opportunity to
jump into a deal late in the loan term. That not only improves our yields, but we find
ourselves in a position where our risk is somewhat mitigated. In addition to that, we’re
developers at heart, so we know when a project is going sideways or behind schedule
or over budget and et cetera. We can help the lender and ourselves—and the sponsor—
get creative as to how we can improve the existing development.
Where do you typically find your debt and equity sources?
We have two professionals in house who focus on capital markets. We’re constantly
fostering existing relationships, and we’re trying to find new relationships on the equity
side. We have several family offices that are recurring investors; we have several family
offices that want to continue to invest or establish a new relationships so they can
continue to invest. On the debt side, there are only a handful of construction lenders
out there in the marketplace today. We have some pretty strong relationships with
banks already, and for those that we don’t, we work with talented advisory groups that
get us in front of the right banks.
How have you found the appetite for new financing over the last year?
5. 67 Livingston Street. PHOTO: SILVERBACK DEVELOPMENT
We’re seeing lenders pull back; they’re a little cautious. They see an oversupply of rental
inventory and condos. As a result, I think they’re adjusting their risk profiles by reducing
their leverage point. So, lenders who were lending at 65 or 70 percent are now 5 or 10
percent below those marks. And, that’s what inspired us to consider this structured
credit fund because, as the banks are dropping their leverage and let’s say equity
remains the same, you have a larger pocket of capital that needs to be filled.
Do you like to consider high-leverage debt opportunities, or do you tend to stay
away from that?
It really depends on the circumstance. High-leverage can be a scary term when you
think about getting 80 to 85 percent levered, but in the some of the instances where
we can structure our deals through joint ventures and we can subordinate the land
value, there’s some cushion relative to our equity position in the capital stack. So, on
paper, it sides like high-leverage, but in practice it ends up being more palpable.
How’s your pipeline—you’ve said it’s valued at around $2 billion—looking for the
rest of the year?
We’re very comfortable where we are with our pipeline. We have two projects in
Florida, one project in Connecticut, one in Washington, D.C. We’re looking at a large
project in Boston. Roughly 70 percent of the portfolio is in New York—it’s our backyard.
6. We have projects in New Jersey. I’d like to find more joint venture opportunities—and
those always take the longest time—so I think as we go into 2018, we’ll continue to
nourish those relationships so by the beginning of next year we have more deals to
announce.
You started your company at an interesting time—around the U.S. Election and the
Brexit outcome—was that a hurdle or did you see it a potentially advantageous
position?
You know, it’s interesting. Starting a company at any time is always a daunting
challenge. We’ve always been contrarian investors and developers, so we don’t let
tailwinds and headwinds steer our decision to make investments. We make prudent
investments. The way we’ve been structuring our deals allows us to succeed in any
market. I think we’re kind of a new ballgame. We shouldn’t be focusing on the end of
the cycle and the end of the world. Everyone still remembers the Great Recession and
thinks that is right around the corner again, but there’s a lot of capital available on the
sidelines. There’s a lack of deal flow for that capital because of where land pricing
currently is and because of the cost of capital and cost of construction, let’s say. So,
there are several challenges to get through, but if you can solve that through structure,
I think it’s relatively easy to get deals done. And we’re finding that, if you look at our
robust pipeline and our ability to circle up a $2.5 billion pipeline and then building a
team around that—across five states. It’s just about identifying the opportunity and
creating value, if possible.
What have the circumstances meant for you and the firm in terms of capital?
We have new capital flowing in from Argentina. There’s capital coming from Japan—
it’s finally coming on shore. We’re seeing a lot of family office money coming in from
London and Eastern Europe. So, folks who want to invest in real estate in New York,
they don’t really know where to start, or let’s say folks in Japan who want to grow a
platform—kind of what Mitsui did—it’ll take them five to seven years to get to where
7. we are today. And, because we already have the deal flow and the pipeline, it’s a lot
easier for these folks to make a more programmatic investment.
How are your most recent projects progressing?
A lot of our pipeline is in predevelopment, so really, the grunt work and value creation
is always in pre-construction. Arguably, construction is the easy part; you’re managing
the CM and the schedule and the budget. But, getting the drawings and design right—
we like to focus on architecturally distinct projects—it’s all about layouts, it’s all about
price points, and it’s all about the amenity packages. How are we targeting the
demographic? How are we luring traffic to the building, whether it’s a rental or condo?
On the office market side, where do we want to construct office properties or reposition
offices, who are we really tapping into and who’s leasing those spaces? Fundamentally,
it’s about understanding and catering to the right audience.
Talk about your recent work. I understand you have plans in Brooklyn Heights and
Gramercy Park?
We’re repositioning a 29-story building in Brooklyn Heights (67 Livingston Street). It’s
unique because it has panoramic views of the city, the Statue of Liberty and the
Verrazano Bridge. We’re delivering full-floor apartments—two, three and four
bedrooms—where elevators open up into your space so you have a private mansion in
the sky, if you will. We’re trying to keep the price points somewhere between $2 million
and $4 million. I think that doesn’t exist in Brooklyn Heights. We also focus on micro
markets, finding pockets within existing mature neighborhoods. Gramercy Park is a
great example. There’s a lot of opportunity east of Third Avenue where there are sites
you and acquire that have close proximity to the park and the Second Avenue subway
line. We also some third party owner’s rep and development management work, so
right now we’re repositioning an office building for a client, and we’re repositioning a
hospital for a client. We have a 13 person team here, ranging from construction
veterans down to analysts and everywhere in between. We really are a full-service shop
8. and the goal is to eventually be vertically integrated in terms of having everything
under one roof.
What are you trying to accomplish with your current building design strategy and
how does that appeal?
I think we’re trying to find a happy medium between modern and timeless. You don’t
want to design for something that is great today and a couple years from now it feels
stale and dated. You’re not really offering units until several years out, so a part of this
is being a visionary and saying, Where are aesthetics trends heading and why? Also,
incorporating a lot of technology into your design because, at the end of the day,
technology is growing exponentially and it’s important to get ahead of that curve.
Do you remember your first transaction at Silverback?
Our first transaction was an acquisition of three office buildings in Stamford,
Connecticut. What was unique about the opportunity was that it’s one of the last
remaining central business development sites. It’s three acres; it’s got three office
buildings that were 90 percent occupied, so there was some value creation in renting
the balance of the space. And, it was cash flow positive and created a nice coupon for
our investors. We’re continuing to operate those buildings. We like Stamford; we’re
long on Stamford. We think that even though there’s a lot of negative press about the
exodus of the Class A office market, folks that own those properties or banks that now
own them, aren’t going to allow them to sit vacant forever.
You recently told CO your bread-and-butter asset class is residential. With that first
acquisition, it seems you had always planned to venture into other areas.
We wanted to be asset class agnostic and just focus on where value creation could be
ascertained. If someone would’ve told me that my first purchase would have been
three office buildings in Stamford, Connecticut, I would’ve laughed at you. I was very
surprised because the last 14 transactions I had prior to Silverback were residential.
You’ve also said you like to tour your construction sites?
9. Oh, I love that. One of my first transactions—53 Pitt Street—we essentially self-
performed that project, so I was there daily. I’m one of the few developers out there
that really understands the nitty gritty of construction and understands what happens
behind the walls. [I learned that from] being in the field and watching the disciplines
working in coordination with one another in practice and how it’s sequential. I think
it’s important.
How did your grandfather, with his real estate background, influence you,
specifically?
Well, I used to go with him to work, and that was an opportunity for him to show me
blueprints—back when they were actually blue. He taught me how to use a ruler and
a scale, and watching how he interacted with people, you could just feel the aura. There
was a lot of respect. What I’ve found in this industry is that respect is something that is
earned. Just because you’re an owner or developer doesn’t mean you’re going to get
respect. People are going to respect you because they think you’re knowledgeable,
your creating value, and they want to listen to the input you’re providing. That was
something that resonated with me. There’s an expression, “You die twice: Once when
they actually put you in the grave, and the second time when people stop saying your
name.” Even to this day—and it’s been 11 or 12 years or so since he passed—I’ll be on
calls with folks, and they’ll ask me if I’m related to Jack Schuster. They’ll say, “I
remember Jack for this,” or “Jack taught me this.” It always puts a smile on my face
because, one day when I die, I hope people are still talking about me.
Do you see it as he’s passed the baton, and you’re furthering a legacy, continuing
to elevate the family’s name?
It gives me a lot of pride, and it certainly gives my family a lot of pride, that I’m sort of
carrying the torch. Although it may have stopped for one of the generations [Schuster’s
father is a physician], it’s passed on to me. I feel more of an obligation, I think, to be
successful as a result to ensure that the Schuster name continues to grow. I didn’t have
any direct assistance from [my grandfather] because he wasn’t in the business when I
10. arrived, and so I sort of had to start from scratch and learn as an assistant project
manager, starting my first business with a loan that I repaid upon maturity date, with
interest—that gave me some pride too. This wasn’t a business that was handed to me;
this was created from scratch. To me, in addition to making my family members and
those carrying the name proud, it’s more about the fact that my [wife and I] started
with two nickels to rub together, in a studio off Bleecker Street. Now, we’re pretty
happy, and I like to think the business will continue to grow and be a success.