WaveCrest Capital Partners LLC is a real estate investment company formed by Douglas Kotelly and Mark Baranski to make equity investments in apartment acquisitions across the US. They raise funds through their investment platform, the WaveCrest Opportunity Fund, to purchase "Class A-/B+/B" rental properties in targeted cities at below market value. They plan to hold the properties 3-4 years and sell when markets have improved to provide returns to accredited investors. WaveCrest focuses on cities with job and population growth where owners need to sell due to lack of financing.
Etude PwC sur l'immobilier commercial européen (2012)PwC France
http://pwc.to/SeLO4k
Les villes « refuge » comme Paris, Londres et les métropoles allemandes arrivent en tête des perspectives d’investissement pour le secteur de l’immobilier commercial en Europe. C’est ce que révèle l’édition européenne 2013 d’Emerging Trends in Real Estate® Europe 2013, publication sur les tendances et les prévisions établie conjointement par l’Urban Land Institute (ULI) et PwC. Le classement des 27 premières villes d’Europe, réalisé selon les prévisions de performance pour 2013, place Munich en tête du tableau et Paris en 6ème position.
Robo-advisor portfolios may be well diversified, they also contain construction gaps that should not be present in well-constructed portfolios.
Post discussing this in broader context schedule for 3 May 2017 http://wp.me/p2Oizj-HV
Etude PwC sur l'immobilier commercial européen (2012)PwC France
http://pwc.to/SeLO4k
Les villes « refuge » comme Paris, Londres et les métropoles allemandes arrivent en tête des perspectives d’investissement pour le secteur de l’immobilier commercial en Europe. C’est ce que révèle l’édition européenne 2013 d’Emerging Trends in Real Estate® Europe 2013, publication sur les tendances et les prévisions établie conjointement par l’Urban Land Institute (ULI) et PwC. Le classement des 27 premières villes d’Europe, réalisé selon les prévisions de performance pour 2013, place Munich en tête du tableau et Paris en 6ème position.
Robo-advisor portfolios may be well diversified, they also contain construction gaps that should not be present in well-constructed portfolios.
Post discussing this in broader context schedule for 3 May 2017 http://wp.me/p2Oizj-HV
Greg Carson of XBTO Humla Ventures, Venture Capital/Digital Asset fund manager at the marcus evans Private Wealth Management Summit 2022, and the Elite Summit 2022, discusses the financial markets transformation, and what investment opportunities investors must consider.
There is no denying it, 2010 was a tough year, according to our fund administration survey respondents. Nicholas Pratt finds out what sizeable challenges they faced.
Democratising Finance, Alternative Finance Demystified: DealIndex ResearchNeha Manaktala
This alternative finance industry report that has been been prepared in collaboration with 18 leading disruptive alternative finance players some of which include AgFunder, EquityNet, Onevest, Syndicate Room and Venture Founders across Belgium, Canada, France, Germany, Israel, New Zealand, the United Kingdom and the United States.
Our flagship report marks the first in DealIndex’s Alternative Finance Quarterly Series and delves into the different areas permeating the alternative finance sector, with particular focus on equity crowdfunding in Volume 1: the key players, emerging trends, the changing investor landscape, and challenges faced in this burgeoning industry.
How to Package a Loan Request for Construction, Rehab, and Commercial LoansBeau Eckstein
SFR Ventures Inc. requires that a Financing Request Package accompany all loan requests. The suggested outline included in this packet is very comprehensive and may request information that is not relevant to a particular loan request. This template has been utilized by the principals of SFR Ventures Inc. to effectively raise $400M+ in debt and equity for various real estate investments over the years. This template focuses primarily on residential rehab, construction, and development loans and provides a consistent process for borrowers to streamline the financing process and accelerate the funding timeline to meet the closing deadlines. Timely submission of a completed Financing Request Package can mean funding in as little as 5–7 business days.
Please be advised, SFR Ventures Inc. receives a high volume of loan requests. We aim to review and respond to loan requests within 48 hours of receiving the Financing Request Package. SFR Ventures Inc. requires certain criteria for a loan request to be considered. If the following criteria are not met, your loan request will not be reviewed:
• Borrower must have real estate experience with a proven track record
• Borrower is required to have a minimum of 20% equity into the deal
• The loan-to-value (LTV) may not exceed 70%
About SFR Ventures Inc.
SFR Ventures Inc. seeks to establish long-term relationships with experienced real estate investors, owner operators, developers, and brokers that are built upon trust, client service, and executional efficiency.
Please submit your Financing Request Package or any specific questions related to your particular transaction to beau@sfrventures.com
Beau Eckstein
Managing Partner
Direct: 925.852.8261
Australia’s Corporate Real Estate Trends, Getting the Strategy Right, reveals that the Australian CRE’s see their mandate as stronger than three years ago – 26% say much stronger and 40% say stronger. Find out more at http://globalcretrends.jll.com/Australia.php
Greg Carson of XBTO Humla Ventures, Venture Capital/Digital Asset fund manager at the marcus evans Private Wealth Management Summit 2022, and the Elite Summit 2022, discusses the financial markets transformation, and what investment opportunities investors must consider.
There is no denying it, 2010 was a tough year, according to our fund administration survey respondents. Nicholas Pratt finds out what sizeable challenges they faced.
Democratising Finance, Alternative Finance Demystified: DealIndex ResearchNeha Manaktala
This alternative finance industry report that has been been prepared in collaboration with 18 leading disruptive alternative finance players some of which include AgFunder, EquityNet, Onevest, Syndicate Room and Venture Founders across Belgium, Canada, France, Germany, Israel, New Zealand, the United Kingdom and the United States.
Our flagship report marks the first in DealIndex’s Alternative Finance Quarterly Series and delves into the different areas permeating the alternative finance sector, with particular focus on equity crowdfunding in Volume 1: the key players, emerging trends, the changing investor landscape, and challenges faced in this burgeoning industry.
How to Package a Loan Request for Construction, Rehab, and Commercial LoansBeau Eckstein
SFR Ventures Inc. requires that a Financing Request Package accompany all loan requests. The suggested outline included in this packet is very comprehensive and may request information that is not relevant to a particular loan request. This template has been utilized by the principals of SFR Ventures Inc. to effectively raise $400M+ in debt and equity for various real estate investments over the years. This template focuses primarily on residential rehab, construction, and development loans and provides a consistent process for borrowers to streamline the financing process and accelerate the funding timeline to meet the closing deadlines. Timely submission of a completed Financing Request Package can mean funding in as little as 5–7 business days.
Please be advised, SFR Ventures Inc. receives a high volume of loan requests. We aim to review and respond to loan requests within 48 hours of receiving the Financing Request Package. SFR Ventures Inc. requires certain criteria for a loan request to be considered. If the following criteria are not met, your loan request will not be reviewed:
• Borrower must have real estate experience with a proven track record
• Borrower is required to have a minimum of 20% equity into the deal
• The loan-to-value (LTV) may not exceed 70%
About SFR Ventures Inc.
SFR Ventures Inc. seeks to establish long-term relationships with experienced real estate investors, owner operators, developers, and brokers that are built upon trust, client service, and executional efficiency.
Please submit your Financing Request Package or any specific questions related to your particular transaction to beau@sfrventures.com
Beau Eckstein
Managing Partner
Direct: 925.852.8261
Australia’s Corporate Real Estate Trends, Getting the Strategy Right, reveals that the Australian CRE’s see their mandate as stronger than three years ago – 26% say much stronger and 40% say stronger. Find out more at http://globalcretrends.jll.com/Australia.php
What Makes The Greenest Cab?
Green transportation is all the rage these days, especially hybrid vehicles. Popular wisdom may lead some, including civic leaders and politicians to believe that the greenest vehicle is a hybrid. NYC Mayor Mike Bloomberg has been fighting to Green the Yellow Cab fleet in that city by forcing all new cabs to be hybrids. The iconic NYC TaxiCab often sets the pace for the rest of the country’s cabs. However would hybrids in NYC really make green cabs? And would the rest of the country’s cab industries follow suit? The answer may surprise you.
Ahead of the marcus evans Private Wealth Management Summit 2021, Steve Fifield discusses which sectors of the real estate market investors can gain the most from
Ahead of the marcus evans Private Wealth Management Summit March 2023, and the Private Wealth Management Summit June 2023, read here an interview with Aliyah Mohamed discussing what investors need to know about investing in Canadian real estate.
I rarely have a conversation these days where the topic of financing doesn’t arise as a serious concern for my clients. When the economy is robust, and the
capital markets are frothy, financing a commercial real estate transaction is a relatively simple matter. However during today’s recessionary times, the
commercial capital markets are severely constrained. Not only is the supply of capital tight, but the demand may be near all time highs as well. Depending on which industry source you quote there is between $150 and $200 billion dollars of CMBS debt maturing in...
Quality NNN investment property is harder still. Perhaps the hardest of all, are the $1 million to $5 million size transactions where the average investor and 1031 Exchange buyers focus their attention. Urban investments fit this niche and NNN investors have demonstrated a willingness to acquire these assets, often at premium prices
Real Estate prospect in 2020, about bust and bubble of price. How developer should prepare about this, to improve their ability to make an innovation for their product. Making a value, control the prices before its uncontrollable and become bust and bubble in 2020.
Financial Services industry forecast: the perfect stormInferno
The Investment Management industry is facing some interesting challenges at the moment: regulatory changes, pervasive technological advance and increasingly risk-shy clients. We delved deeper into these issues and compiled a little guide for our affiliates.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
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Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
1. WaveCrest Capital Partners LLC
Two investment and development executives with a combined 40 years of real estate industry experience, Douglas Kotelly
and Mark Baranski, have formed Boston-based WaveCrest Capital Partners LLC, a real estate investment company and fund
manager specializing in equity investments in opportunistic apartment acquisitions throughout the U.S. Having worked
together for the past several years, the Managing Principals of WaveCrest raise, deploy and manage Limited Partner
investments through one-off transactions and via the firm’s formal investment platform, WaveCrest Opportunity Fund.
WaveCrest originates and closes investments in a diversified portfolio of “Class A-/B+/B” rental apartment properties
located in 15 targeted metropolitan areas shown on the following page. WaveCrest co-invests in the equity capital required
to purchase income-producing properties at significant discounts to replacement cost and normalized pricing levels.
Through its property-level sponsors (each of which acts as a General Partner), WaveCrest will sell its assets 3 to 4 years
after acquisition, at a time of greater stability and liquidity in the U.S. property and capital markets. WaveCrest provides
accredited investors with geographic diversification, in-place cash flow and near-term value creation potential. In order
to further enhance returns, WaveCrest may selectively invest in lower-priced deals that require moderate lease-up,
repositioning or capital improvements.
WaveCrest will generate superior risk-adjusted returns via a combination of demographic
and economic trends, coupled with its proprietary, off-market deal flow. These factors
will lead to the success of individual investments and include, but are not limited to, the following:
A. WaveCrest’s Managing Principals have an established track record of having deployed capital for a private equity
real estate fund, recently evidenced by their contribution to a 25% IRR on exited investments with a predecessor
firm.
B. Apartment properties are currently available at well below replacement cost.
C. WaveCrest takes advantage of owner-based (not asset-based) distress prevalent in today’s real estate capital
marketplace, primarily caused by capital markets illiquidity.
D. Rental apartment ownership provides an inflation hedge, insofar as shorter multifamily lease terms allow for
revenues and net operating income to rise – along with property values – faster than other property types.
E. The “echo boomers” are entering the prime rental-age cohort – which adds to the demand for multifamily
housing.
F. A severe decline in multifamily housing starts, combined with a lower homeownership rate, will cause an
undersupply of apartments relative to demand. Market rents in many cities will increase significantly beginning in
2012 (or sooner).
G. WaveCrest implements an investment strategy that does not require precise market timing, but rather follows a
“mechanical” approach to soliciting property owners and lenders to alert WaveCrest to possible off-market, high-
yielding transactions via the Managing Principals’ proprietary relationships and contacts.
H. WaveCrest invests in “middle market” deals requiring $2MM to $8MM of Limited Partner equity. The now-
fractured equity capital marketplace has broadened the need for capital in middle market property investments,
as institutional capital retreats to low-risk investments and entrepreneurial capital vanishes.
I. U.S. apartments have received recognition from institutional investors worldwide as a low-beta, high-return
investment vehicle; this increasingly positive investor sentiment is supported by 30 years of NCREIF data.
J. WaveCrest’s Managing Principals have acquired, developed, managed, and sold apartments and other asset types
in virtually every major U.S. metropolitan area over their collective 40 years of professional experience.
Disclosure: This summary is exclusively for your confidential use. This is not an offer to sell an interest in WaveCrest Opportunity Fund (the “Fund”) and is
intended for informational purposes only. This summary is qualified in its entirety by information contained in a Private Placement Memorandum. It does
not contain all relevant or material information relating to the creation of WaveCrest, and the preliminary concepts and terms and conditions relating to
WaveCrest set forth herein are subject to change. Final Fund terms will be contained in a Private Placement Memorandum, with accompanying
subscription documents to be delivered to each investor for their review prior to investing in WaveCrest. Delivery of this summary to any other person is
unauthorized. Any reproduction of this summary, or any divulgence of its contents, to any person other than you and your professional advisors without
our prior written consent is prohibited and may subject you and us to securities or other legal liability.
2. WaveCrest Capital Partners LLC Executive Summary
WaveCrest Opportunity Fund is anticipated to raise $50,000,000, which will be placed in a diverse portfolio of off-market
Limited Partner equity real estate investments. WaveCrest’s investments are projected to require an average of $5,000,000
in equity capital at time of project-level closing. Based on 65% leverage and an equity co-investment by WaveCrest of 80%
of the remaining equity requirement, this equates to an average capitalization of ~$18,000,000.
At time of closing, WaveCrest earns reasonable and customary fees, including property-level underwriting fees. WaveCrest
Opportunity Fund may be “seeded” with one to four deals, negotiated prior to fund closing by WaveCrest, but the presence
of such deals is contingent on prevailing capital market conditions.
WaveCrest may invest in any of the 43 U.S. consolidated metropolitan areas having a population of over 1,000,000.
However, WaveCrest targets its investments in the cities shown below, each of which has a diversified economy, serves as a
transportation hub, has a high rental-age population (e.g., “echo boomers”), and/or has abundant opportunities to
purchase apartment properties at well below replacement cost.
WaveCrest will most aggressively pursue investments in the following target markets:
Boston Washington Miami Denver San Francisco
New York Raleigh-Durham Chicago Phoenix Los Angeles
Philadelphia Atlanta Austin Seattle San Diego
The above target markets were chosen based on the following characteristics, which WaveCrest’s Managing Principals
believe will promote and enhance returns:
Flight of Intellectual Capital to Cities with Historically High Job
Vibrant Urban Coastal Cities Growth that have Exceptional High-Tech Hubs
Current Purchase Opportunities
Boston, New York, Philadelphia, Raleigh-Durham, Austin and
Washington, Chicago, Seattle, San Atlanta, Miami and Phoenix have Denver feature diversified,
Francisco, Los Angeles and San vibrant, growing economies and technology-oriented economies.
Diego are generally supply- generate job growth during These regions enjoy in-migration of
constrained. These metropolitan normalized economic conditions, well-educated residents, including
areas have significant geographic but have suffered due to recent those in the technology and health
and municipal barriers to entry, an residential overbuilding, and thus care fields. Young professionals in
affluent and educated workforce, a have exceptional buying these cities will be able to respond
marked decline in future supply, opportunities, including to movements in prevailing market
and a projected earlier recovery in multifamily properties built to rents.
demand. condominium specifications.
In all of these regions, many owners of apartment properties are bereft of refinancing options and unable to make principal
pay-down payments. Thus, these beleaguered owners will be forced to sell at well below replacement cost (and lenders –
having foreclosed or via a short sale – may need to sell such properties at below original par value), allowing a newly
capitalized owner to receive relatively high in-place cash flow. This will create enormous value creation potential once the
capital markets improve and the supply-demand housing imbalance is remedied (in many markets, the housing imbalance
will have reversed by 2012).
WaveCrest will place a particular emphasis on locations that possess superior access to private and public transportation,
proximity to nodes of white-collar employment, existing or planned on-site resident amenities (particularly “smart” and/or
LEED-certified buildings) and nearby cultural attractions.
2
3. WaveCrest Capital Partners LLC Executive Summary
As an asset class, apartments have outperformed other property types over the past 31 years, as measured by the National
Council of Real Estate Investment Fiduciaries (“NCREIF”). Institutionally owned apartments also outperformed the S&P 500
Index over the same time frame. Additionally, apartments had less variable returns during this time frame. WaveCrest
offers its investors the opportunity to participate in this preferred asset type, while at the same time benefiting from
economic and demographic dynamics that are extremely favorable for near-term apartment buyers. Due to the presence
of the GSE’s, the crushing illiquidity that plagued the real estate capital marketplace in late 2008 and early 2009 has abated
considerably – for the apartment sector – in the latter half of 2009.
WaveCrest benefits from a combination of greater
purchasing power (via lower pricing and higher cap rates),
There also are trends in the U.S. real estate more reasonable liquidity throughout all real estate
property markets, and an improving U.S. economy. Attractive
and capital markets that favor apartments: investment opportunities will continue to emerge – albeit
with continued moderate sales velocity – and WaveCrest
1. Construction starts have declined to multi- will use its experience and contacts to generate deals with
year lows in 2009. Through 2012 (and entrepreneurial business plans and reliable near-term
perhaps longer), construction starts will upside potential.
remain at a level well below that of the past
20 years.
2. Over the past 31 years, NCREIF’s apartment There are meaningful long-term drivers of demand for
investment returns have averaged over 10% the U.S. apartment market:
per year - more than any other property
type, and more than the S&P 500. Population Growth: There will be 94 million more
3. Despite today’s high vacancy rates, people in the U.S. by 2030.
apartments have featured the lowest long- Echo Boomers: From 2009 to 2015, the
term vacancy trends (just over 5%) versus population aged 20-34 years of age will increase
other property types (e.g., office: 13%; by 5 million, to 67 million.
industrial: 8%; retail: 7%). Ongoing Immigration: 10 million new immigrants
4. Partly owing to apartments’ short-term will arrive in the U.S. in the next 10 years.
leases allowing for “real time” adjustments Changes in Household Composition: By 2020,
to market rents, apartments have featured singles and unrelated individuals will comprise 1
the highest long-term effective rent growth out of every 3 households.
(3%) versus the other three major property Own vs. Rent: The downturn in the home
types (all below 2%). ownership rate since 2005 has caused a further
increase in renter households.
Shown below is a list of representative joint-venture equity deals closed by the Managing Principals of WaveCrest:
Austin, Texas: 250 units; Ground-Up Construction; $12.79MM Limited Partner (“LP”) equity; Realized 43.4% IRR
Boston, Massachusetts: 5 units; Acquisition and Conversion – Historic Residence; $1.87MM LP equity; Realized
76.3% IRR
Denver, Colorado: 219 units; Ground-Up Construction; $7.19MM LP equity; Projected 15.3% IRR
Phoenix, Arizona: 268 units; Acquisition and Conversion; $8.40MM equity; Realized 35.8% IRR
Boston, Massachusetts: 82 units; Ground-Up Construction; $4.50MM LP equity; Realized 25.7% IRR
Los Angeles, California: 223 units; Ground-Up Construction; $9.22MM LP equity; Projected 13.6% IRR
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4. WaveCrest Capital Partners LLC Executive Summary
Douglas G. Kotelly is Managing Principal of WaveCrest Capital Partners LLC. Mr. Kotelly is
responsible for deal originations and the overall activities of WaveCrest.
Prior to co-founding WaveCrest, Mr. Kotelly was Managing Director of Overland Realty
Capital LLC from 2004 to 2009. As head of the real estate equity production team, Mr.
Kotelly originated equity and mezzanine investments in real estate projects nationwide, and
orchestrated the activities of Overland's producers and analysts. Mr. Kotelly has over 20
years of experience in the U.S. real estate industry in virtually all property and capital
markets, including more than a decade as a producer of institutional real estate equity and
mezzanine investments. Prior to Overland, Mr. Kotelly originated equity, mezzanine and
direct investments for KeyBank’s Private Equity Group, South Charles Investment Corporation (now TriSail Capital
Corporation, a division of Bank of America), SunLife Financial and PaineWebber Properties (now a division of UBS). Mr.
Kotelly has originated over $200 Million of private equity real estate investments during his career, representing over $1
Billion in total real estate capitalization. Mr. Kotelly holds a B.S., Finance, summa cum laude, from the Carroll School of
Management of Boston College, where he ran Varsity Track and Field. He also holds an M.B.A., magna cum laude, from the
F.W. Olin Graduate School of Business of Babson College.
Mark S. Baranski is Managing Principal of WaveCrest Capital Partners LLC. Mr. Baranski is
responsible for fund-raising, direct acquisitions and manages WaveCrest’s investor relations.
Prior to co-founding WaveCrest, Mr. Baranski was Managing Director of Overland
Development Group LLC from 2005 to 2009. Mr. Baranski has over 20 years of experience in
the real estate industry, in both the institutional and construction sectors. He has owned,
developed and managed projects on his own account and in conjunction with institutional
equity providers. Prior to joining Overland, Mr. Baranski was a developer focusing on larger-
scale urban in-fill projects. He completed 424 Massachusetts Avenue, an 18,000-square-foot
residential project located in Boston’s historic and heavily urbanized South End. In addition,
Mr. Baranski was Director of Marketing for Shawmut Design and Construction. Mr. Baranski
holds a B.A. from Boston University and an M.S., Real Estate Development, from
Massachusetts Institute of Technology. He is a Licensed Construction Superintendent in Massachusetts. Mr. Baranski’s
graduate thesis at MIT, entitled, “100 Years of Commercial Real Estate Prices in Manhattan,” was published in the Spring
2009 edition of Real Estate Economics. He is an Adjunct Professor at the Northeastern University School of Architecture.
In terms of governance, WaveCrest has reached agreements with Mintz, Levin, Cohn, Ferris, Glovsky and Popeo for legal
services, DiCicco, Gulman & Company for accounting and tax services, KPMG for audit services, and Tremont Realty Capital
for asset management services. Furthermore, the Managing Principals of WaveCrest have received commitments from a
Professor at Harvard Business School and a Lecturer at MIT Center for Real Estate to join as members of WaveCrest’s Board
of Advisors.
Kindly contact the Managing Principals of WaveCrest Capital Partners with any questions you may have, or to receive an
accredited investor’s questionnaire:
Douglas G. Kotelly Mark S. Baranski
Managing Principal Managing Principal
617 470 9748 617 733 7055
dkotelly@wavecrestllc.com www.wavecrestllc.com mbaranski@wavecrestllc.com
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