Oct 2, 2024
Jack Cohen is a legend in commercial real estate. He is the DARK
KNIGHT in commercial real estate. He was the former CEO of Cohen
Financial for 25 years. Cohen Financial was one of the largest
commercial real estate lenders in the nation. Jack chats about his
40+ year history in commercial real estate investing and lending.
He brings interesting questions to the table:
“When investors look at their investment processes, as well as the
investments that they made during 2019-2024, what have they
learned? What worked? What would they have done differently?
ALL of us backed projects and sponsors during this period that
ultimately played out very differently than we thought. Some played
out better, some played out worse, than we thought. What can we
learn from this?
Can we finally agree that cash flow matters? That our space –
Commercial – is defined by income producing real estate. That means
we actually must underwrite tenants’ capacity to pay rent as well
as a sponsor’s ability to manage expenses properly.
SOFR has gone up and today the marketplace is mostly financed with
short term floating rate loans. Did we not learn this lesson in the
1990’s with the failure of Long-Term Capital Management? The
punchline is to match duration of assets with liabilities.
Borrowing short on a long-term asset has its risks.”
WOW!!
To contact Jack Cohen: darkknightventures.net
Are you interested in learning more about how Multifamily
Syndications work? Please visit www.spiadvisory.com to learn
more about Michael Becker’s Real Estate Syndication business with
SPI Advisory. If you enjoyed this discussion; Please leave us a
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