Snowball buys/enhances tristate CRE properties for its investors, tenants & local communities. +250M AUM. World Traveler & Dad. Ex CBRE & NYCEDC #retwit
Brooklyn, NY
Joined March 2021
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@Snowball_Dev sold 325 Midland in Garfield NJ last week. Exiting an asset is bittersweet, especially when it was the 1st deal that kick-started Snowball as a business. Fortunately, we are midway thru a major renovation for the user-buyer, so withdrawal will be slow. #retwit 👇
Why do some homeowners believe that don’t use public resources? The more urbanized an area you own in, the greater the cost of delivering services.
For one, your property is a legal construct. Property law is the basis of almost all law. And it takes a system to protect it.
A few controversial things i believe:
1) 17% compounded IRR is good but not great
Thanks for your attention! Have a great weekend.
Feeling humbled by Prologis announcing they completed 60M SF of leasing in the 3rd quarter. Beyond the wild volume level and transaction mgmt apparatus involved, I think about the depth of data analytics that represents.
Save the Deli review of the MTL Jewish Deli scene. Love this.
facebook.com/share/p/1E1P22w…
Got a VM yesterday from our tenant. They will exercise a below market renewal. That was our bear case on the deal but fortunately it is not a long-term renewal term. Most likely the next buyer gets to execute the mark-to-market and rents are running.
On October 9th we launched the subscription phase of Snowball's newest fund vehicle, the Snowball GP Investment Fund II. Formed as a US LP with a target raise of $25M, the Fund will enable Snowball to pursue & acquire 12-18 new acquisitions across the NYC Tristate. Link👇
Based on the projected gross returns of the underlying deals (18% - 25% yields) & typical promote structures, the GP Fund is projecting gross yields in excess of 35% over a 5 to 7 year period. Net of fees & admin expenses, projected returns are in the 30% - 35% range. 👇
Qualified accredited investors that are interested in learning more about GP Fund II should do so by reaching out directly to myself, or [email protected], or by completing the form above. This Fund is not for everyone, so we will vet each investor to ensure fit. 👊
For all those true-blue capitalists complaining about the macro economic environment right now, this what you voted for. For the record, I cannot vote as a foreigner.
Just because RCA or other data aggregators tell you that one of our loans matures in 12 months or less, that does not put you on our capital markets radar. To get there, you need to do any of the following:
1) intro an investor
2) bring us a deal
3) deliver superior market intel
Its funny to see @mrkorangy talk about a guy in Miami who turned $70M into a billion over 17 years as impressive. A $70M head start is wild and honestly not an impressive IRR for a GP (~17%). I started Snowball with 200k and a supportive wife. I am a failure at 17%, but rich.
How do you turn $70 million into $1.1 billion?
Moishe Mana spent 17 yrs assembling his Wynwood portfolio before selling it to Ken Griffin in what is now the largest land deal in Florida history.
Watch the full conversation on TheRealDeal Weekly (link in bio)
#floridarealestate
Arguably it also works better the more everyone is forced to take. Lets bump NYC to $18 a trip and roll in Brooklyn and Queens inside the future inter borough express route.
