POWERS

Latest Episodes:

#323 - Nancy Lashine - Founder @ Park Madison Partners - Cycles, Crises, and Capital: Navigating The New Normal in Real Estate Dec 05, 2023

Show notes

Nancy is the Founder and Managing Partner of Park Madison Partners. As a leading real estate capital markets firm, Park Madison is an advisor to investment managers and operators and provides capital placement services for institutional investors. The firm has placed over $25 billion of equity in PMP-sponsored vehicles and maintains relationships with over 2500 real estate investors and managers.

On this episode, Chris and Nancy discuss:

- Nancy’s perspective on the capital markets

- Capital allocation

- Development valuations

- Fundraising structures

- Wisdom for folks pursuing a first-time fund

We'd appreciate you filling out our audience survey, so we can continuously work on providing relevant content to our listeners.

https://www.thefortpod.com/survey

Links:

Park Madison Partners

Nancy on LinkedIn

Real Estate Capital Podcast hosted by Nancy

Topics:

(00:00:00) - Intro

(00:04:12) - Nancy’s perspective on the capital markets

(00:14:40) - Pref equity in Industrial

(00:16:09) - A discussion on the Office class

(00:20:40) - Capital allocation

(00:22:42) - What do institutional investors care about in contrast to private investors?

(00:26:59) - Development valuations

(00:29:30) - Fundraising structures

(00:43:21) - Wisdom for folks pursuing a first-time Fund

Support our Sponsors

Better Pitch: https://bit.ly/42d9L0I

Juniper Square: https://bit.ly/45yiYUq

RE Cost Seg: https://bit.ly/3oC7JcY

Chris on Social Media:

Twitter: https://bit.ly/3BYIjcH

LinkedIn: https://bit.ly/45gIkFd

Watch The Fort on YouTube: https://bit.ly/3oynxNX

Visit our website: https://bit.ly/43SOvys

Leave a review on Apple: https://bit.ly/45crFD0

Leave a review on Spotify: https://bit.ly/3Krl9jO

The FORT is produced by Johnny Podcasts

#322 - Reg Zeller - CEO @ CaneKast - Rolling Up Foundries & Making Manufacturing in America Great Again Nov 28, 2023

Show notes

Reg is the founder and CEO of CaneKast, a privately-owned company focused on revolutionizing and rolling up small manufacturing in the US, with a current focus on non-ferrous foundries.

We discuss:

- The world of foundries

- Offshoring & onshoring

- How Reg rolls up foundries

- Due diligence

- Training

- The process of closing on a business

Links:

Reg on Twitter - https://twitter.com/RegZeller

CaneKast - https://canekast.com/

Topics:

(00:00:00)- Intro

(00:00:47) - The world of Foundries

(00:05:56 - Offshoring

(00:07:48) - Ideals specs of a foundry

(00:14:14) - Josh’s impact

(00:19:16) - Reg’s big-picture vision

(00:25:20) - The process of rolling up a new foundry

(00:30:01) - Determining whether to buy part of a foundry or the whole

(00:33:16) - Negative margins

(00:37:03) - Due diligence

(00:38:59) - Pursuing the car deal model

(00:42:28) - The nearshoring movement

(00:51:11) - Training employees

(00:57:02) - Equipment as part of the moat

(01:01:44) - 3D printing

(01:03:22) - The process of closing on a business

Support out Sponsors:

Relay Human Cloud: https://bit.ly/3sjQcaY

Chris on Social Media:

Twitter: https://bit.ly/3BYIjcH

LinkedIn: https://bit.ly/45gIkFd

Watch The Fort on YouTube: https://bit.ly/3oynxNX

Visit our website: https://bit.ly/43SOvys

Leave a review on Apple: https://bit.ly/45crFD0

Leave a review on Spotify: https://bit.ly/3Krl9jO

#321 - Casey Mericle - The Art of the Deal: Unconventional Deal Structuring in Real Estate Nov 21, 2023

Show notes

Casey Mericle is a real estate investor out of Missouri who specializes in deal structuring, negotiating, and putting people and resources together to solve real estate puzzles. He's been in real estate for about 15 years now and has done hundreds of deals.

We discuss:

How to find out what a seller wants
Note structures
Walkable debt
Nontraditional negotiating
Creative ways to finalize deals

We'd appreciate you filling out our audience survey, so we can continuously work on providing relevant content to our listeners.

https://www.thefortpod.com/survey

Links

Casey on Twitter/X

Casey's mentor: Jack Shea

Topics

(00:00:00) - Intro

(00:03:55) - Poker & real estate

(00:05:02) - How do you find out what a seller wants?

(00:10:24) - Installment sales

(00:14:13) - Characteristics of deals Casey plays in

(00:15:33) - Sourcing deals

(00:19:31) - Why is now the best time for seller-financing?

(00:21:07) - Note structures

(00:23:26) - Walkable debt

(00:27:18) - Foreclosing on yourself

(00:33:32) - Nontraditional negotiating

(00:42:25) - What do you know that most people in RE don’t?

(00:46:29) - Thoughts on the market

(00:49:28) - Paying more to a seller than the asking price

(00:51:14) - Creative ways to get things done

(01:07:07) - Building trust with people

(01:08:30) - Creating debt and making money off the debt rather than the deal

Support our Sponsors

Better Pitch: https://bit.ly/42d9L0I

RE Cost Seg: https://bit.ly/3oC7JcY

Fort Capital: https://bit.ly/FortCapital

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

Chris on Social Media:

Twitter: https://bit.ly/3BYIjcH

LinkedIn: https://bit.ly/45gIkFd

Watch The Fort on YouTube: https://bit.ly/3oynxNX

Visit our website: https://bit.ly/43SOvys

Leave a review on Apple: https://bit.ly/45crFD0

Leave a review on Spotify: https://bit.ly/3Krl9jO

The FORT is produced by Johnny Podcasts

#320 - Real Estate Real Talk: Personal Guarantees, Foreclosures, Bankruptcy, and Bouncing Back with Andrew Kirsh and Zack Streit Nov 14, 2023

Show notes

Artem Tepler sadly passed away on November 2nd, 2023. He visited me in Fort Worth and I'll never forget it. He was funny, and kind, and had a servant's heart. His story was infectious. I know he loved his daughter more than anything. That made up most of our conversation at lunch. Pray for Artem and his family. If you're able to give, there is a GoFundMe set up for his daughter, which can be found here: https://www.gofundme.com/f/artem-tepler

On this episode, I am joined by Andrew Kirsh and Zack Streit. Andrew is an experienced commercial real estate transactional attorney, whose clientele includes a broad spectrum of national, regional, and local investors, funds, developers, operators, syndicators, private equity providers, and lenders. Andrew’s practice involves all aspects of the real estate industry, including acquisitions, dispositions, equity investments, syndications, fund formation, development, leasing, financing, note purchases, and foreclosures.

Zack has 15 years of multifaceted commercial real estate investment and advisory experience, including as an equity capital provider, a debt capital provider, and a capital advisor. His 8 years of institutional principal investment experience laid the foundation for a career as a capital advisor, where he has co-founded a capital advisory platform and closed billions of dollars in commercial real estate ventures.

We discuss:

Personal Guarantees
Personal vs. Non-recourse loans
What to do when a deal and loan goes bad
Foreclosing on a personal guarantee
Filing for bankruptcy

Links:

GoFundMe for Artem's daughter

Topics:

(00:00:00) Intro

(00:01:42) Personal Guarantees

(00:10:57) Personal vs. non-recourse loans

(00:20:14) How lenders are treating covenants in today’s environment

(00:25:03) Lookback periods

(00:31:18) Capex Busts

(00:33:41) Is the banker really my friend?

(00:37:28) What to do when a loan goes bad

(00:57:54) Deciding to foreclose when you have a personal guarantee

(01:00:36) Filing for bankruptcy

(01:09:46) Final Thoughts

We'd appreciate you filling out our audience survey, so we can continuously work on providing relevant content to our listeners.

https://www.thefortpod.com/survey

Chris on Social Media:

Twitter: https://bit.ly/3BYIjcH

LinkedIn: https://bit.ly/45gIkFd

Watch The Fort on YouTube: https://bit.ly/3oynxNX

Visit our website: https://bit.ly/43SOvys

Leave a review on Apple: https://bit.ly/45crFD0

Leave a review on Spotify: https://bit.ly/3Krl9jO

The FORT is produced by Johnny Podcasts

#319 - John Marsh - Taking Wise Counsel, Influence, Our Blind Spots, Forgiveness, & A Little Thing Called Humility Nov 07, 2023

Show notes

John Marsh is the Co-Founder of Marsh Collective, host of the Redemptification Podcast, and investor helping steward over $1.5b in redemptive real estate in 12 small towns (with populations of 800-180k) around America.

Over the last 25 years, John and Ashely have guided over 60 startup businesses in various industries, such as Hospitality, Construction, Real Estate Investing, Advertising, and multiple Restaurants. John and his wife have renovated 280+ buildings within ten blocks of downtown Opelika to help save their city. Today, John's current focus is helping others make generational differences in communities and companies. By helping patrons bridge the gap between redeeming vision, financial sustainability, and execution to pioneering a new asset class of real estate which they have coined "Irreplaceable Real Estate."

We'd appreciate you filling out our audience survey, so we can continuously work on providing relevant content to our listeners.

https://www.thefortpod.com/survey

On this episode, Chris and John discuss:

The power of influence
Humility
Blind spots of entrepreneurs
Divorce & money
Changing the hospitality landscape

Links

Marsh Collective

John and Ash's story

John's first appearance on The Fort

Topics

(00:00:00) Intro

(00:02:41) The Power to influence and love

(00:10:07) Why is humility so attractive?

(00:13:06) Blind spots in the entrepreneur type

(00:33:19) Learning forgiveness

(00:37:26) Being hard on yourself

(00:40:41) Reversing bad momentum

(00:44:25) Divorce & money

(00:53:13) Taking counsel

(00:54:43) Applying these lessons to business partnerships

(00:59:21) What’s wrong with hospitality today?

Support our Sponsors

Relay Human Cloud: https://bit.ly/3sjQcaY

Fort Capital: https://bit.ly/FortCapital

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

Chris on Social Media:

Twitter: https://bit.ly/3BYIjcH

LinkedIn: https://bit.ly/45gIkFd

Watch The Fort on YouTube: https://bit.ly/3oynxNX

Visit our website: https://bit.ly/43SOvys

Leave a review on Apple: https://bit.ly/45crFD0

Leave a review on Spotify: https://bit.ly/3Krl9jO

The FORT is produced by Johnny Podcasts

#318 - Jillian Murrish - Co-Founder @ Pier Asset Management - Speciality Finance Makes The World Go Round Nov 02, 2023

Show notes

Jillian Murrish is Co-founder and CEO of Pier Asset Management, where she manages the firm and heads business development. Before founding Pier, Jillian was EVP of Capital Markets at Patch of Land and an investment banker at Houlihan Lokey.

On this episode, Chris and Jillian discuss:

Senior Credit Facilities
Litigation Finance
Underwriting risk
Consumer Loan defaults
Why private credit firms should not be regulated like banks

We'd appreciate you filling out our audience survey, so we can continuously work on providing relevant content to our listeners.

https://www.thefortpod.com/survey

Links

Jillian on Twitter

Pier Asset Management

Topics

(00:00:00) Intro

(00:01:30) Jillian’s background and career

(00:10:39) Getting great prices for great assets vs. great prices for messy assets

(00:15:24) Providing senior credit facilities

(00:16:39) Why would someone borrow from you vs. a bank?

(00:19:28) Do you have a capacity of how much you can lend?

(00:21:58) Litigation Finance

(00:33:42) How are you sourcing deals?

(00:35:11) Are there common traits in deals that allow you to underwrite risk?

(00:37:53) Music royalties

(00:44:05) What are you seeing in today’s environment?

(00:46:14) Is the consumer paying their loans?

(00:49:07) What’s the shortest duration you want to be in a loan for?

(00:50:39) What’s happening in the auto loan world?

(00:56:17) How do you think about secured vs. unsecured notes?

(00:58:23) What % of deals do you write that you need to repo?

(00:59:19) Why and why not private credit firms should be regulated like a bank

(01:01:43) Do you have a favorite story when it comes to a non-performing loan?

(01:03:07) What gave you the entrepreneurial bug?

Support our Sponsors

Fort Capital: https://bit.ly/FortCapital

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

Chris on Social Media:

Twitter: https://bit.ly/3BYIjcH

LinkedIn: https://bit.ly/45gIkFd

Watch The Fort on YouTube: https://bit.ly/3oynxNX

Visit our website: https://bit.ly/43SOvys

Leave a review on Apple: https://bit.ly/45crFD0

Leave a review on Spotify: https://bit.ly/3Krl9jO

The FORT is produced by Johnny Podcasts

#317 - David Gibson - Minister @ Trinity Church - Living Life Backward, Ecclesiastes, Building a Church! Oct 31, 2023

Show notes

David Gibson is the Minister of Trinity Church, in Aberdeen, Scotland, where he has lived for the last 19 years. David is passionate about reaching the city where he lives with the gospel, and the Trinity congregation is preparing to restore Aberdeen's largest church building (built in 1904) after decades of neglect. Most recently, he has published in academic and more popular contexts on the beauty of the Wisdom literature in everyday life: Living Life Backward: How Ecclesiastes Teaches us to Live in Light of the End.

On this episode, Chris and David discuss:

Christianity in Europe/The UK vs. The United States
Making sense of the Gospel and coming to Christ
David's journey buying and restoring a church
The book of Ecclesiastes
The value of embracing death
Introducing your kids to Ecclesiastes

We'd appreciate you filling out our audience survey, so we can continuously work on providing relevant content to our listeners.

https://www.thefortpod.com/survey

Links:

TrinityAberdeen.org.uk

Trinity Church Aberdeen on YouTube

Living Life Backward by David Gibson

Remaking the World by Andrew Wilson

The Air We Breathe by Glen Scrivener

The Pastor by Eugene H. Peterson

The Tech-Wise Family by Andy Crouch

Topics:

(00:00:00) Intro

(00:01:27) David’s background and career

(00:05:32) Christianity in the Europe/UK vs. the United States

(00:11:56) Making sense of the Gospel and Coming to Christ

(00:15:24) The Christian environment in Ireland

(00:20:20) Buying a church

(00:25:02) How to help David

(00:28:17) The book of Ecclesiastes

(00:42:09) The value of embracing death

(00:54:18) How to NOT become the messiah

(00:54:18) Introducing your kids to Ecclesiastes

Support our Sponsors

Fort Capital: https://bit.ly/FortCapital

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

Chris on Social Media:

Twitter: https://bit.ly/3BYIjcH

LinkedIn: https://bit.ly/45gIkFd

Watch The Fort on YouTube: https://bit.ly/3oynxNX

Visit our website: https://bit.ly/43SOvys

Leave a review on Apple: https://bit.ly/45crFD0

Leave a review on Spotify: https://bit.ly/3Krl9jO

The FORT is produced by Johnny Podcasts

#316 - John Goff - Founder @ Goff Capital Partners Oct 24, 2023

Show notes

John C. Goff is an investor based in Fort Worth, Texas. His family office, Goff Capital, invests across multiple sectors including wellness, aerospace, energy, gaming, entertainment, and real estate. Among his holdings are Canyon Ranch – the world’s recognized leader in health and wellness, and Crescent Energy (NYSE:CRGY), where he serves as Chairman of both companies. John is also Chairman and principal owner of Crescent Real Estate which has assets under management, development, and investment capacity of over $10 billion.

On this episode, Chris and John discuss:

- John’s career working with Richard Rainwater

- Building, selling, and buying back Crescent from Morgan Stanley

- Thoughts on the current real estate market

- The challenges and opportunities facing the city of Fort Worth

We'd appreciate you filling out our audience survey, so we can continuously work on providing relevant content to our listeners.

https://www.thefortpod.com/survey

Links

Crescent Real Estate

Canyon Ranch

Topics

(00:00:00) Intro

(00:03:02) Suffering from ADHD

(00:05:11) The impact of studying accounting

(00:07:35) Richard Rainwater

(00:17:41) Building Crescent & selling to Morgan Stanley

(00:37:49) Buying Crescent back

(00:46:57) Thoughts on the current RE market

(00:55:27) The future of work is in the office

(01:01:11) Class AA Office opportunities

(01:02:35) Raising a GP fund

(01:04:16) Thoughts Oil & Gas

(01:18:06) Canyon Ranch

(01:28:11) The opportunity for Fort Worth

(01:43:58) What do you wish you had spent more time doing or less time doing?

Support our Sponsors

Better Pitch: https://bit.ly/42d9L0I

Fort Capital: https://bit.ly/FortCapital

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

Chris on Social Media:

Twitter: https://bit.ly/3BYIjcH

LinkedIn: https://bit.ly/45gIkFd

Watch The Fort on YouTube: https://bit.ly/3oynxNX

Visit our website: https://bit.ly/43SOvys

Leave a review on Apple: https://bit.ly/45crFD0

Leave a review on Spotify: https://bit.ly/3Krl9jO

The FORT is produced by Johnny Podcasts

#315 - Dean Adler - Co-Founder @ Lubert-Adler Partners - Current Market Conditions, Private Credit, Pref Equity for the Win, Office, and Their Best Deal of All Time Oct 17, 2023

Show notes

Dean S. Adler is CEO and Co-Founder of Lubert-Adler Partners, L.P., a real estate equity firm with over $9 billion in equity raised. Dean is the Head of the Investment Committee and is responsible for leading the strategic direction of the team. He is also an Executive Committee Member and Research Sponsor for the Zell/Lurie Real Estate Center of The Wharton School and a member of the Board of Directors of the Dominion Real Estate Company.

On this episode, Chris & Dean discuss:

Analyzing the current market
How to vet folks looking for private credit
Thoughts on Office as an asset
Accidentally building a grocery empire

We'd appreciate you filling out our audience survey, so we can continuously work on providing relevant content to our listeners.

https://www.thefortpod.com/survey

Links:

Lubert-Adler

Topics:

(00:00:00) Intro

(00:03:16) What are you thinking right now about capital markets?

(00:05:36) Is there another cycle you could compare to today’s environment?

(00:07:29) How do you think banks are thinking about upcoming renewals?

(00:12:56) What needs to happen to normalize the market?

(00:20:08) What are you seeing in fundraising?

(00:21:56) How are you vetting folks looking for a private credit deal?

(00:34:20) Thoughts on the Office Asset class

(00:44:54) Does high levels of institutional investment in office affect the market?

(00:49:13) Is there an asset class today that’s dying but no one knows?

(00:53:56) How did you end up in the grocery business?

(01:04:12) Is it possible to still pursue an opportunity like you did with Albertson’s today?

(01:09:58) Looking back, what do you wish you had focused on more?

Support our Sponsors

Juniper Square: https://bit.ly/45yiYUq

Better Pitch: https://bit.ly/42d9L0I

Fort Capital: https://bit.ly/FortCapital

Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/

Chris on Social Media:

Twitter: https://bit.ly/3BYIjcH

LinkedIn: https://bit.ly/45gIkFd

Watch The Fort on YouTube: https://bit.ly/3oynxNX

Visit our website: https://bit.ly/43SOvys

Leave a review on Apple: https://bit.ly/45crFD0

Leave a review on Spotify: https://bit.ly/3Krl9jO

The FORT is produced by Johnny Podcasts

#314 - Sieva Kozinsky - Founder @ Enduring Ventures - Permanent Capital HoldCo That Owns 21 Businesses & Counting Oct 12, 2023

Show notes

Sieva is a founder and Managing Partner at Enduring Ventures. Enduring Ventures is a long-term holding company that buys beautiful businesses and holds them forever. Enduring owns a portfolio of 20+ companies across HVAC, B2B Maintenance, Plumbing, Swimming Pool Construction, and Software.

Chris and Sieva discuss: