NEW YORK CITY—Many commercial real estate executives could hang out a shingle and start practicing on their own—if they so desired. But given that competitive landscape, anyone launching a firm needs to have some points of differentiation.
Maverick Capital Partners founder Adi Chugh brought just such a value proposition to the table when he opened his doors back in 2011. Chugh spoke to GlobeSt.com EXCLUSIVELY about what sets the company apart.
GlobeSt.com: What do you think makes Maverick Capital Partners different from the competition?
Chugh: I had an investment banking background, as does the rest of our team. I was with Wachovia, while others were with JP Morgan, Lehman Bros., etc. Other intermediaries lack that expertise.
I did debt as well as equity so I understand how the two interact and how to customize financing for each developer's needs. My background also gave me the ability to think about structuring deals creatively, which was helpful. Putting a deal together and making sure it executes is like a 1,000 piece puzzle. If even one piece is out of place, it won't fit.
GlobeSt.com: You've said you're involved in the process of a deal from beginning to end. Can you explain that, and how has it benefited the firm?
Chugh: We negotiate term sheets, we run the entire diligence process, we're involved in every call and more. Other intermediaries get deal sheets and just ask, “When are we closing? We offer hands on involvement so the developer feels like we're an extension of its financing arm. That's helped us get to a projected $2.5 to $3 billion book of business this year with a five-person shop.
GlobeSt.com: What sort of deals have you been working on?
Chugh:We did a $100 million project in DUMBO, we just closed on a $94 million loan for the Pod hotel in Williamsburg and on a $64 million construction loan for 50 Clinton St., a condo development, with DHA Capital. We also recently worked on 172 Madison Ave., and more.
GlobeSt.com: What's next for Maverick Capital Partners?
Chugh: We want to continue to grow our presence in the NYC market and further eat into the market share of some of the bigger guys who've been around 30 years. We also want to open offices in other markets around the country—where we already have affiliates—and we want to grow on the principal side. Over the next two to three years we'd like to partner with developers and equity providers to build Maverick's own portfolio.
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