Ross Hartman III

@HowardRoark90 @robbiehendricks @resetbasis Devil is in the details. I don’t know why he would publicly admit/share some of the details he’s posting, not a great look

@RossHartman4 @robbiehendricks @resetbasis From someone who did due diligence reporting and monthly draw consulting for CRE debt/equity fund (mostly out of NYC, and for institutional-sized deals)… Hardly anyone actually reads the loan docs 🤦‍♂️

I’d like to give Brandon Turner sincere credit for this post on IG. He fully owned up to the loss of LP capital publicly. Explained his responsibility, which is the most important, along with the market factors the affected the downfall of this deal. This is exactly how a sponsor should transparently communicate when something like this happens. It doesn’t make the loss of capital easier, but I have true respect for people that take ownership. The guru class has butchered the handling of their errors over the past 5 years. Brandon is the first one I’ve seen to step forward and address it. Credit where credit is due. Bravo.

@LVOfficeBroker Can second this. The trend has definitely been (especially from health systems) to move their outpatient services off-campus, as both systems and independent physician groups battle for mkt share

I think suburban medical office continues outperforming. Why? Because healthcare keeps moving closer to where people actually live. Patients want convenience. Doctors want convenience. That trend isn’t slowing down.

@robbiehendricks @resetbasis No doubt, just a shitty situation for all involved, and probably not the last in ODC’s portfolio. 2021 vintage funds are struggling in general regardless of asset class or fund size, but the public figure element means BT will always get outsized attention when things go sideways

@RossHartman4 @resetbasis You could totally be right. I do think, to your point, that Disrupt found a perfect capital raiser in Brandon…and it wouldn’t surprise me if they sold him good on these deals.

@resetbasis @robbiehendricks I’m also not buying the “playing dumb” on his (lack of) knowledge on how floating rate caps work. Did he not read the loan docs / credit agreement? Or did he /ODC put too much faith into Disrupt Equity, letting them drive most of these deals…

I'm a few days late here, but I'm going to call bullshit on Brandon's level of sincerity. Here's his fee structure. - Acq. fee: 2.5% of the purchase price - AM fee: 2% of revenue - PM fee: related entity - Promote is 30 over an 8, 50/50 of a 15. - Sale & refi fee (can double dip): 2% of sale price or new loan. This guy's entire org was set up as a fee machine at the expense of retail investors. I don't buy that he's humbled by any of this; I think he's just trying to rebrand.

@landlord_dave @PaceJordanMorby @BeardyBrandon Whats the name of the video?

@PaceJordanMorby @BeardyBrandon It only took a viral YouTube video about how he refused to communicate with investors for him to make this “honest post.”

A lot of trashing of my friend @BeardyBrandon about his honest post. I think people should applaud him for sharing this publicly. Right now… a woman I know who lost $40 million on investor capital last year is back to raising money again… Say what you want… at least he was willing to put himself in the crosshairs and be honest. Most syndicators are hiding from telling the internet the truth and will be back to raising money again soon.

@hitsamty Make me wonder if he or anyone from his team actually read the loan docs…weird thing to admit regardless

"Today I learned rate caps have terms" CANNOT be the bar for OPM boys. Come on.

@twallyweb Jestermaxing infront of city council only to get brutally councilmogged

Just watched this poor lady (not a career developer) get brutally mogged and denied at a public meeting over 11 townhomes. Back in the day, a normal citizen could build shit on their land, unfortunately now you need an 8 figure balance sheet, a degree in urban planning, finance, law, and engineering just to monetize your property.

(2) .. new construction in $500+psf and rents in the $40+ psf NNN so if you can deliver quality bts space for half, (combined w the location) you have a good formula to attract health systems credit tenants down to local physician groups. CBRE has a dedicated healthcare team in cbus

@Bay2WallCRE (1) Like that it’s hospital adjacent/ in a medical corridor, even better that the hospital is land locked and can’t build anything new on campus. In general, health systems are increasingly going off campus and are extremely sensitive to all in occupancy cost…

Day 154 of posting a deal a day until I get a new role in the CRE Investments space. I found a vacant office building in foreclosure in Columbus Ohio. I think the market sees office and runs, but this is a medical office space with meaningful upside IMO. $2.4M asking bid but my stabilized value is almost $13M I think if someone takes on risk there is a path to a 40% 5 year IRR here...🧵

@Bay2WallCRE 🤝

@RossHartman4 Got it, thanks. Really good insight cheers

@Bay2WallCRE Agreed, also exit cap rate will likely be tighter too once stabilized. Depending on use (clinical, ASC, oncology etc) and credit of tenants, in the columbus market we’ve seen cap rate trade 6.5-7.5% for similar institutional product

@Bay2WallCRE Higher costs mainly based on acuity of the tenant. Dental has lower const. cost than a surgery center, but generally medical users need plumbing to each exam room, higher HVAC tonnage than gen office, ADA compliance, specs associated with advanced imaging, life safety upgrades…

@Bay2WallCRE My 2 cents as an analyst at a MOB fund. Like the thread and thesis, conversions are becoming more popular since all-in basis is gen lower than new construction. IMO, TI’s are too conservative, generally seeing $100-200 psf for clinical/ASC space and base bldg budget likely low…

@ShlomoChopp 85% carry has to be a typo lol

Please tell me there aren’t any more suckers that’ll agree to this (existing warehouse with apparent development upside)!!!

@Jefffeldman Any other asset class? What about construction financing?

CBRE has in an house debt product for multifamily properties, both refi's and acquisitions. A little bit about the program: - DSCR's as low as 1.10x (so more proceeds) - 5-Years Interest Only - 24 months YM, then stepdown (1-1-1 available) - Up to 75% LTV w/ buydowns available It is the perfect alternative to agency when they're not hitting the proceeds a sponsor desires or doesn't fit their exact box. And it has prepayment flexibility where CMBS does not. So it's hit a needed sweet spot in the market and we've seen a lot of success with its use and execution. Happy to quote it for you! $5M minimum.

@paulswaney3 Interested

ASSOCIATE’S TOOLKIT Well the integration playbook ran Here is the actual end of the rope Comment, like, follow (so I can DM you) to get

@johnnieO Levels - Avicii

Alright folks, last giveaway of the year. 3 of you will get to choose a full golf fit (1 pair of shorts, 1 pair of pants, belt, polo, and layering piece) Comment your favorite song of all time. Will choose winners tomorrow

@HoosierHomer25 “Joined September 2025” 🫵🏽😂

@HighyieldHarry Cleveland mentioned 🗣️🗣️🤝

Need some help - should I spend NYE in Turks and Caicos or Cleveland, Ohio?

@patcarino Jail

A Bank of America retail location in an awesome historic building had like 60 foot ceilings until the new landlord convinced them to let him split it in half horizontally and is now trying to lease the top as Office