Brian Ker - Snowball Developments

@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 👇

When NNN brokers sell tertiary market locations as « mission critical », buyer beware. freightwaves.com/news/fedex-to-…

Complex CRE transactions only happen through the dedicated efforts of a huge legion of service providers, lawyers and the Snowball Dev team. I am most grateful for their support and commitment to excellence.

Snowball closed its second recapitalization effort in the past 6 months in Norwich CT. Huge thanks to our initial investors who persevered during a highly volatile holding period for this asset. Backed with new equity capital to support a re-tenanting campaign, time to shine!

I said buy not sell!

Hey so i am rate locking today or tomorrow, can someone ask J-Pow or Scott Bessent to just buy a whole lotta tbills over the next 36 hours. Thanks

Last year we bought a bunch of in the money rate caps on our bridge loans. The consensus was that we were too conservative. Our read was that inflation was persistent and no serious effort was being made to kill it. We hoped we were wrong but feeling good about those decisions.

@leo_szac As a former broker, never trust a broker who says you’re the first call. But you might be on a speed dial list and that is still a very exclusive club

A broker I know called me last week. 'I've got a seller. 22-unit in Cleveland. Hasn't listed yet. Wants a quiet close.' Those are the calls that matter. Not because this particular deal will work out — it probably won't — but because that broker called me first. That's the result of years of being reliable, closing what I say I'll close, and never wasting someone's time.

@donkeyDdevelops I am pretty sure we will be in the money on every deal!

@Snowball_Dev Paid now vs not paid at all!

I think it's absolutely hilarious that GCs are convinced that developers make all the money in this business. Like, buddy, you're the guy with three Tahoe houses and a boat. I am the guy who drives a Toyota.

@ArashMadani Vladdy is out there somewhere saying « Yaaaaankeeeeeeesssss Looooooooosssse »

Venezuela wins. THANK YOU FOR YOUR ATTENTION TO THIS MATTER!

@fintwit_wannabe @aussieflya @ProjectEND Hudson Yards is a tax-break driven success. And yes the office out performed with the res/hotel/retail all crapped out.

@aussieflya @Snowball_Dev @ProjectEND I’m pretty sure all the One Vandy rent quotes are NNN I can tell you some of the 1mm+ SFer Hudson Yards buildings did a 25%+ IRR, which was surprising most of all I think to Related!

People like shiny things, even if those things only make other people money.

@aussieflya @ProjectEND As a reminder, these are gross rents, and not net rents, which are also not Net Effective Rents.

@Snowball_Dev @ProjectEND Ye, wasn't saying that's the rent for the whole thing, was showing what they go up to.. Likely closer to $200 than any other number

@aussieflya @ProjectEND TD pays $130 psf for the base. A tippy top comp is not the market for 1M sf of office

@ProjectEND @Snowball_Dev therealdeal.com/new-york/2022/…

@Jeffdthompson Some legendary examples from my CBRE days: - John O’Bryan - Blake Hutcheson - Peter Senst - Paul Morasutti - Brett Miller

The best leaders aren't the ones who build the biggest portfolios. They're the ones who build the most people. I've been in this industry long enough to watch both kinds. The ones who hoard knowledge, guard their network, and measure success purely in assets under management. And the ones who invest in the people around them as deliberately as they invest in their properties. The second group don't just leave a mark on the industry. They leave it in the people they brought along with them. Mentoring doesn't require a formal program or a scheduled weekly call. It's answering the email from the young analyst who found you on LinkedIn. It's taking the extra ten minutes after a meeting to explain the why, not just the what. It's sharing the lesson from the deal that went sideways so someone else doesn't make the same mistake. The CRE industry loses an enormous amount of institutional knowledge because experienced operators never slow down long enough to pass it on. That's on us. Your legacy in this business won't be measured in square footage. It will be measured in the careers you helped shape, the confidence you helped build, and the leaders you helped create. If you're not mentoring, you're missing out. So are they.

@aussieflya Goal seek 25%.

@Snowball_Dev What would you guess is the projected return on this?

If all goes according to plan, we have 3 closings tee’d up this week - money flying in from everywhere. Combined with mid tax season mania, wish the whole Snowball team luck!

@NedLamont Waiting for; - State zoning override for Logistics Business Parks - Expanded Interstate connectivity - Elevated Tramway on Boston Post Road - Major Metro Municipal Amalgamations

Bracket Season is here! Round after round Governor Lamont delivers for Connecticut. Let’s stick with leadership that has the winning formula! #TeamLamont #NedForCT #MarchMadness

@MrDavisIsHere Definitely zero’d in on the OCD requirement

@Snowball_Dev ask for real deal work samples and call refs. personality matters less than attention to detail. if resume looks canned ask how they actually tracked investor reports. job market is awful

Started to get prepped for our next employee. For those CRE GPs who hired their first Investor Relations individual, what did you wish you screened/prioritized more in the hiring process?