@LukeMorong

Founder of Chimney Pond Capital - Real Estate Private Equity Co focused on sub institutional assets.

 NYC
chimneypondcap.com
Joined March 2009
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37Media
More on our latest acquisition here mainebiz.biz/article/single-… via @mainebiz

Single-tenant industrial portfolio across four Maine locations sells for $8M

A single-tenant, four-property industrial portfolio totaling 112,392 square feet sold to buyers who plan to hold onto the portfolio as a long-term value. “It’s a win for the buyer and sellers,” said...

mainebiz.biz
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We just Closed 4 property Class B ind. portfolio in ME. Rebuilt lease stack to blended 10-yr WALT master lease w/ parent guaranty + 1-yr LOC; marked to mkt. Created value & stability for strong exit.
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Luke Morong retweeted
John Mayer
@JohnMayerJan 12
Okay Bob. I’ll do it your way. Fkn’ A… Thanks for letting me ride alongside you. It sure was a pleasure. If you say it’s not the end, then I’ll believe you. I’ll meet you in the music. Come find me anytime. JohnBo
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Was in a multiple offer situation on a deal today only to have broker come back and inform us seller has actually decided to take off the market until interest rates improve.
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Legendary tweet
Nick Huber
@sweatystartup30 Sep 2023
Every building you’ve ever spent time in was created by a profit-seeking developer. Every nice hotel. Your home. Your favorite restaurant. Your school. The hospital you were born in. Real estate developers are the heroes of society.
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Very true words
Commercial Real Estate Max@maxfisherRE26 Sep 2023
“This has always been a fatal flaw in the US real estate market: the volume of development has been related to availability of funds, not demand” -Sam Zell
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Spoke to a Pref Equity investor this afternoon looking for $1M-$15M deals (main target is $2M-8M). Their competitive advantage is no minimum multiple. Repost & Comment below if you'd like me to DM their flyer. Thanks! Reminder: I can't send a DM if you're not 'following'.
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A good landlord/tenant relationship in industrial is worth its weight in gold. Often times leading to decades long relationships and the ability to grow with your tenant in accommodating their needs for space. Take time in understanding you perspective tenants businesses. Go beyond the financial statements, talk to their customers, and learn the intangibles that solidify their position in their respective markets.
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This is how we manage risk across portfolio 1.) Low LTV's 2.) 10 Year Fixed Rates 3.) 20 Year Ams - creating significant principal reduction 4.) Carrying heavy reserves to cover unexpected turnovers
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Curious to what % of subinstitutional RE GP’s have an active presence on Twitter. Any thoughts @moseskagan @ReSeedPartners ?
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How to create leasable spaces when subdividing larger industrial buildings. A 🧵 #retwit
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4/5 Adequate clear span is important - avoid too many pillars that may obstruct the functionality of the space. Separately metered utilities are also important and easier to manage.
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5/5 the goal with all of these is to create leasable spaces that attract a as diverse of range of tenants as possible. A functional blank shell with great acess and ease of use is the goal.
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Thread: A few thoughts on raising money for industrial deals 🧵 #retwit
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6/ Keep investment terms simple. Explain how much money the investor is putting in, the expected returns, and the timeline they will get their money back. This is what most investors want to know.
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7/ Lastly, include information on general partner (GP) compensation and how incentives are aligned. This will help build trust and confidence among investors. Transparency is key with this.
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