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55 Miracle Mile
The Apartments at Boca
222 Caspian
Representative Transactions
The Plaza at Point Happy
Renoir Hotel
Lending Parameters
Karlin Real Estate Lending provides senior and mezzanine financing solutions for sponsors acquiring opportunistic and value added transactions. We provide speed and certainty of execution to our borrower clients. KRE's debt platform primarily focuses on financing sponsors acquiring non-performing notes (NPNs)/REOs, executing discount payoffs with legacy lenders and providing bridge loans on non-bankable transitional real estate transactions. Our differentiating factors include:  · Strong balance sheet: Our parent company has in excess of $1.4 B in equity capital  · Institutional experience and long-term committed capital allow for broad lending mandate and flexible    structure  · Finance alternative assets and structures: Note purchases, discounted note-payoffs (DPOs) and note    hypothecation  · Provide up to 85% financing  · For certain deals with strong sponsors, ability to accrue/PIK a portion of our interest rate to allow the    sponsor time to execute their value add strategy Primary Lending Criteria:  · Property types: Primarily office, industrial, retail, hospitality, self-storage, multi-family, and land  · Loan Amounts: $3 million to $100 million (ability to agent larger transactions)  · Geographical Area: Generally top 50 MSAs in the United States  · Financing Types: acquisitions/refinance, note purchases, bridge/interim, DPOs, note hypothecation,    rehab/construction completion and other opportunistic situations
Country Club Plaza
Metropolitan Square
David A. Cohen Co-Founder
Please click on any of the professionals to see complete bios.
TEAMOur team is comprised of experienced and dynamic real estate professionals who conduct their business with the highest level of integrity and ethics. With over 30 years of experience as principal investors, we have the in-house experience to complete complex transactions and the operating capability to manage our acquisitions.
Matthew Schwab Co-Founder and Managing Director
Business Administration
Tracy McGregor Chief Financial Officer
Acquisitions
Asset Management
Lending
David A. Cohen Co-Founder
Matthew Schwab Co-Founder and Managing Director
Tracy McGregor Chief Financial Officer
Acquisitions
Business Administration
Asset Management
Shopping in Scottsdale October 19, 2011     Wall Street Journal
Karlin Real Estate Enters European Market August 8, 2013     Property Magazine International
The Shea Scottsdale Shopping Center sells for $44.5mFebruary 5, 2014     Vizzda
Karlin Stays Active Despite Recession July 2, 2012     Institutional Investor
Recovery of Commercial Property Fueled by Apartments: Mortgages March 7, 2012     Bloomberg
US investor buys in GatesheadMay 27, 2014     Shopping Centre UK
Karlin Provides Loan to Kor Group Toward San Francisco Acquisition April 17, 2012     Hotel Investment News
California Co. Buys Huge Parcel in North Austin November 15, 2012     Austin Business Journal
Days of Easy Picking in Depressed Real Estate Over, Officials Say February 9, 2013     Las Vegas Review-Journal
British Airways facility at Llantrisant acquired in £7.9m dealMay 11, 2014     Wales Online
Karlin Spends $7.25 Million on Downtown Golden Building April 16, 2011     Colorado Real Estate Journal
Karlin Provides $7M to Help Turn Car Wash into HotelFebruary 21, 2014     Hotel Business
Market Flipped Big for Karlin Real Estate July 11, 2013     Austin Business Journal
New European-Commercial Property Lenders Don’t Look Like BanksApril 8, 2014     The Wall Street Journal
Upside Value Attracts to Suburban Office October 31, 2011     Crittenden Real Estate Buyers
Wells Fargo Looks Abroad for Commercial-Property LoansJuly 16, 2013     The Wall Street Journal
Wealthy Families See Attractive Opportunities in Commercial Real EstateMarch 26, 2014     Wealth Management
Lenders Getting Loose, Eye Adaptive Reuse May 2, 2013     Hotel News Now
Austin Is Well as Dell Slims October 9, 2012     The Wall Street Journal
NEWS
Holt: Karlin and Dallas Go Well TogetherJuly 10, 2014     GlobeSt.com
Karlin Real Estate Sells GMC Building to Gladstone Commercial Corporation July 12, 2013     Commercial Property Executive
Unlocking the Key to the Family Office and CRE July 1, 2013     National Real Estate Investor
Thought Leaders: Matthew Schwab August 7, 2013     Europe Real Estate
Investors Turning To Smaller, Less Competitive Real Estate MarketsApril 10, 2014     NuWire Investor
Karlin Pursues First Major Development March 29, 2013     Private Equity International
Office Investors Buy Vacancy in a Risky Bet on Higher Yields April 1, 2011     National Real Estate Investor
Karlin, Trammell Crow partner on $1 billion Austin mixed-use projectJuly 31, 2014     Austin Business Journal
KARLIN TEXAS Email:Mail: 2838 Woodside Street         Dallas, TX 75204Telephone: 214-865-7980
info@karlinre.com
KARLIN LOS ANGELES Email:Mail: 11755 Wilshire Blvd. Suite 1400         Los Angeles, CA 90025Telephone: 310-806-9728Fax: 310-806-9799
Vicky Canto Vice President of Acquisitions
Joseph Self Managing Director
Christian Gutierrez Associate
Gregg Yamauchi Associate
Vicky Canto Vice President of Acquisitions
Christian Gutierrez Associate
Gregg Yamauchi Associate
Joseph Self Managing Director
Michael Hurst Co-Managing Director of RE Lending
John Holt Director of Structured Finance
Brad Ross Associate
Eric Jordan Vice President of RE Lending
Larry Grantham Co-Managing Director of RE Lending
John Holt Director of Structured Finance
Eric Jordan Vice President of RE Lending
Michael Hurst Co-Managing Director of RE Lending
Brad Ross Associate
Jeff Coming soon
Minh Coming soon
Simond Coming soon
Gail Coming soon
Bart Coming soon
Bart Coming soon
Minh Coming soon
Gail Coming soon
Jeff Coming soon
Simond Coming soon
Josie Controller
Dean Chang Director of Legal Affairs
Dean Chang Director of Legal Affairs
Josie Controller
Background Karlin Real Estate (KRE) acquired a recently constructed, modern, 67K SF office facility located in the South Yorkshire town of Rotherham, near Sheffield. The property is currently fully let by the Royal Bank of Scotland (RBS), which utilizes the facility as its regional headquarters. RBS has been the building’s only occupier since construction, and has a term of nearly seven years remaining on its lease.Investment Highlights · Let to an undoubted covenant for a remaining term of nearly seven years. · Tenant has demonstrated strong commitment to the building, initially executing a 15-year lease and recently increasing staff levels at the Property following the closure of other offices in the region. · The physical configuration of the building would allow the building to be efficiently multi-tenanted should the current tenant vacate. Quick Facts Location: Rotherham, UK / Square Feet: 67,230 / Land Area: 3.9 acres / Year Built: 2004
Napier Court
Rotherham
Magnus
Gateshead
Redevco Portfolio
Europe
Background Karlin Real Estate (KRE) acquired a portfolio of six retail assets located in mainland Spain, the Canary Islands, and Portugal. The portfolio is comprised of four single-tenant and two multi-tenant buildings totaling 268K SF and is fully let to a roster of national Spanish grocers and retailers. Approximately 3⁄4 of the rentable area is let to affiliates of Dinosol Supermarkets, the fourth-ranking supermarket group in Spain.Investment Highlights · High-yielding portfolio of retail assets providing day one double-digit yields, with the opportunity to further accelerate yields through targeted dispositions. · Fully let to strong, national tenants that have limited susceptibility to recessionary swings and survived the financial crisis. · Sale of large assets within the portfolio will allow KRE to recoup most of its basis and focus on the portfolio elements with significant value-add potential. Quick Facts Location: Spain & Portugal / Square Feet: 267,871 / Land Area: N/A / Year Built: Various
Background Karlin Real Estate (KRE) acquired a modern, three-story, purpose-built 50K SF office building located in the Wavertree Technology Park in Liverpool. The building is 100% let to Sony Computer Entertainment Europe Ltd, which utilizes the facility to develop and test games and software for its Sony PlayStation product line. The tenant has occupied the building from its inception and recently executed a new, 10-year lease.Investment Highlights · Well-located asset within one of the premier business parks in Liverpool, the sixth most populous city in the UK and home to a skilled labour force. · Low capital basis well below replacement cost. · Tenant has shown a strong commitment to the building, as demonstrated by the undertaking of a significant refurbishment programme including HVAC, power and lighting upgrades. Quick Facts Location: Liverpool, UK / Square Feet: 50,143 / Land Area: 3.1 acres / Year Built: 1994
Background Karlin Real Estate (KRE) acquired Gateshead Town Centre, two ‘high- street’ retail and office buildings located in the town center of Gateshead, a major northeast England town. The property is currently 90% leased to a variety of national and local tenants including: Bank of Scotland, Argos, Puregym, Peacocks and JD Weatherspoons.Investment Highlights · Stabilized town-center retail location at an irreplaceable corner across the street from the Gateshead metro station · Quickly improving retail market with the recent completion of the adjacent Trinity Square which will increase foot traffic and bring new housing for 1,000 students to the town center · In-place rents are estimated to be approx. 15% - 20% below market as most leases were either completed or re-structured in a recessionary environment Quick Facts Location: Gateshead, UK / Square Feet: 97,935 / Land Area: 3.9 acres / Land Area: TBD  Year Built: 1920s/1960s
Development
Land @ Tech Ridge
Parmer Office
Background In 2012 Karlin Real Estate acquired 297.9 acres of raw land from Dell USA, L.P. ("Dell"), located adjacent to Karlin's Tech Ridge, Tech Ridge 301, and McCallen Pass properties in northeast Austin, Texas. The land presents a huge opportunity for value-driven office. This is illustrated by two recent build-to-suits that are slated to break ground in 2013 that include HID Global, which is located directly across from the Land @ Tech Ridge and Apple's $304MM campus expansion that is 4 miles west of the site.Investment Highlights · Well-located, large cohesive "infill" site · Favorable land use and entitlement possibilities · Central locations in Austin for large users are in short supply · Established uses: value-driven office and higher-end industrial · Opportunity for new uses: multi-family, retail, and hospitality Quick Facts Location: Austin, TX / Square Feet: 189,196 / FAR: 1.1 / Max FAR: 14,275,087 Square Feet Land Area: 297.9 Acres
Background In 2012 Karlin Real Estate acquired a Class A corporate headquarters office building from Dell USA, L.P. ("Dell"), located in northeast Austin, Texas. The building was a build-to-suit for Dell's South Parmer Campuses in 2000. Dell vacated the building in 2010 due to a shift in corporate strategy. Following the acquisition Karlin negotiated a long-term lease for the entire building to General Motors. The building was sold in 2013.Investment Highlights · Institutional quality asset with high office finish and state-of-the-art "plug and play" technologies that minimize   costs substantially for a new corporate user · Extremely attractive price per foot and price per unit for Class A product Quick Facts Location: Austin, TX / Square Feet: 320,597 / Year Built: 2000 / Acres: 23.77
Karlin Real Estate Acquires Portfolio of Retail Assets in Spain and Portugal
In its first European acquisition outside of the UK, Los Angeles-based Karlin Real Estate has acquired in an all cash transaction, a 23,810 m2 (247,000-sf) portfolio of retail properties located in Spain and Portugal from Redevco, the family office behind Dutch retailer C&A. The centerpiece of the portfolio is a four-story 6,393 m2 (68,800 sf) retail building located on Rua de Santa Catarina 71-73 in Porto Portugal, according to Karlin Asset Management CEO David Cohen. The building is fully leased to C&A and French retailer FNAC.  “We are fortunate that our first acquisition in Portugal is the premier retail building along the best retail street in Porto,” said Cohen. “It is an excellent example of the type of asset we are actively looking to acquire throughout Europe,” added Karlin Real Estate Managing Director Matthew Schwab. “It fits perfectly into our plan to purchase well-located properties leased to strong credit worthy tenants,” he said. Other assets in Redevco the portfolio include five Spanish retail properties -- two in Spain and three in the Canary Islands -- ranging in size from 780 m2 to 7,934 m2 (8,395 – 85,400 sf), all fully leased to affiliates of Dinosol Supermarkets, one of the largest supermarket groups in Spain.  The Redevco transaction represents Karlin’s first acquisition outside the UK since entering the European real estate market in August 2013. Karlin, a subsidiary of Los Angeles-based investment firm Karlin Asset Management, plans to invest up to €750 million ($1 billion US) in European commercial real estate assets, through both its debt and equity platforms. To date, Karlin’s European portfolio totals 200,772 m2 (2.2 million sf) of office industrial and retail assets, with an aggregate value of approximately €215 million ($274 million). The firm’s U.S. portfolio comprises more than five million square feet of office, multifamily, retail and industrial assets and 300 acres of developable land. Sakis Giannikos of Axxon Euroconsulting represented Karlin Real Estate in the transaction. JLL Spain represented Redevco.
Bridge / Senior
Property Types Prepayment Geographic Areas Recourse Minimum DSCR Loan Costs Amortization
Mezzanine
Primarily office, industrial, retail, hospitality, multi-family and special case assets Open to prepayment subject to yield maintenance Top 50 MSAs in the United States Non-recourse subject to standard market carve-outs. Ability to finance negative cash flowing property Borrower shall provide a refundable deposit upon mutual term sheet execution. Not required for most transactions
$5 to $30 million Typically 60-75% 8-11%: Ability to accrue/PIK interest 2-3 years with 1 year extension
$5 to $20 million Up to 85% 12-15%: Ability to accrue/PIK interest Up to 5 years
Acquisitions Discounted Payoffs (DPOs)  Quick Close
Additional Info:
Recapitalizations  “Lease-ups”  Major Renovations or Conversions
Larry Granthamtel: 310-806-9724 email: Larry@karlinre.com
Additional Guidelines
Refinancing  Note Purchases  Broken Condo Projects
Bradley Rosstel: 310-806-9760 email: Brad@karlinre.com
Loan Amount LTV/ LTC  Interest Rate Loan Term
Properties
Karlin Real Estate is an investment firm focused on opportunistic lending and acquisitions of commercial, hospitality and multi-family properties across the United States. Karlin Real Estate is an affiliate of Karlin Asset Management, a private investment firm managing over $1.5 billion of unleveraged equity capital. Karlin Real Estate Lending has deployed more than $275 million in debt on a variety of assets throughout the U.S. Transaction Types
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Background Karlin provided $3.7mm in financing for the acquisition of a senior secured note on The Plaza at Point Happy, a mixed-use retail and office center located in the central core of the retail market for the local community in La Quinta, CA. The Plaza captures a wide customer base. The Property totals approximately 38,567 SF of rentable space and is situated on a 3.24-acre site with ground floor retail space and a second story parking level that allows for direct access to the second story office units. The site sits in close proximity to other major retailers, such as Wal-Mart, Target, Trader Joe's, Lowe's, and several others. The Plaza was built in 2005 for an estimated $11.6 million.Investment Highlights · Low cost basis represents a significant discount to The Plaza's replacement cost · Distressed value-add opportunity · Highly desirable location on a busy intersection · Sophisticated local sponsor Quick Facts Location: La Quinta, CA / Square Feet: 36,567 / Year Built: 2005
Background Karlin originated a $12.25 mm senior secured loan to hypothecate the outstanding $53mm note on Boca. The property is located south of The Mandalay Bay and north of the South-Point, in an area generally referred to as The South Strip. This location offers convenient access to the center of employment and entertainment in Las Vegas, while preserving the tranquility of an "off-strip" lifestyle. Boca residents enjoy guard gated access, 10,000 SF clubhouse, event room, exercise facilities, swimming pool, lush landscaping with outdoor walking paths, and high end unit finishing. This 266,205 SF condominium complex was completed in late 2007 at a total cost of $170.0MM.Investment Highlights · Stabilized occupancy · Dominant position on the South Strip with high visibility and convenient frwy access · Unique note structure provide tax advantage to the borrower · Low cost basis represents a significant discount to development cost Quick Facts Location: Las Vegas, NV / Square Feet: 266,205 / Year Built: 2007 / Units: 210
Background Karlin originated a $12mm senior secured loan for the acquisition of the Renoir Hotel, a historic landmark hotel in downtown San Francisco. The 130 room property is located in an "up-and-coming" pocket of the city known as mid-Market. The property is also conveniently located near Union Square, SoMa, and the Civic Center, with easy access to all public transportation.Investment Highlights · Attractive per door basis · San Francisco represents a strong market for hospitality with occupancy levels that are second only to   New York City · The sponsor, KOR Group, has a strong reputation for developing hotels and has successfully   repositioned/redeveloped many other hotels Quick Facts Location: San Francisco, CA / SF: 64,225 / Year Built: 1909 (1922 high-rise addition) / Rooms: 130
Background Karlin originated an $11.58 million first mortgage loan to fund the acquisition of a bank owned (or REO) commercial office portfolio in Southeast Florida.   The senior credit facility was cross collateralized by the 192,133-square-foot Office Commons Portfolio, which comprises three Class A office buildings located in Wellington, Stuart and West Palm Beach, FL.   All three buildings were built between 2005 and 2007 by a local developer.  The acquisition included the 86,736-square-foot Wellington Commons and 60,178-square-foot Vista Park Commons in the West Palm Beach metro as well as the 45,199-square-foot Stuart Commons near Port St. Lucie.   The three buildings were collectively 60 percent occupied.  The credit facility includes a delayed draw fund for future tenant improvements and leasing commissions. Investment Highlights · Financing allowed the sponsor to quickly purchase the assets at below market value · Assets are located in an improving South Florida real estate market · Reduction in cost basis results in greatly improved property cash flows · Tremendous demand for this specialized type of office product (executive and corporate suite style office) Quick Facts Location: Various in Southeast FL / SF: 45,199, 60,178, 86,736 / Year Built: 2005 – 2007
Background Karlin Real Estate Lending provided a $5.5 million credit facility to help fund the $31 million off-market acquisition, renovation and lease-up of a vacant 95,000 square-foot office/flex building at 222 Caspian Drive in Sunnyvale, CA.  The financing consists of a non-recourse mezzanine loan funded at close and a delayed draw to pay for capital expenditures, tenant improvements and leasing commissions.  The building was formerly occupied by Veritas Software Corporation, which vacated the property soon after merging with Symantec in 2007.   It is located one-half-block from a VTA light rail station in the desirable Moffett Park submarket of Sunnyvale, which houses corporate campuses for major technology tenants including HP, Microsoft, Google, Network Appliance and Juniper Networks. Investment Highlights · Asset to be repositioned as a first-to-lease building in a strong, supply-constrained market · Sunnyvale has been one of the best performing submarkets in the Silicon Valley over the past several years · At cost basis, the property can operate profitably at below market rates Quick Facts Location: 222 Caspian Drive, Sunnyvale, CA / SF: 95,000 / Year Built: 1977
Background Karlin Real Estate Lending provided a $22 million senior credit facility to fund the acquisition and lease up of 55 Miracle Mile, a 65,000-square-foot mixed-used project in Coral Gables. The loan is secured by 40,000 square feet of ground floor retail space below two stories of Class A office space. The retail component is 100 percent leased to a variety of high-end retail and well-known regional restaurants including City Cellars, Tarpon Ben and Ocean One. 55 Miracle Mile was developed in 2005 as part of a larger mixed use development that included 184 multifamily unit which were later converted and sold as condominiums. The collateral also includes a shared parking structure that can accommodate more than 600 automobiles.  Investment Highlights · Potential for revenue increase from below market rents on both retail and office space · LOI from national tenant to least remaining vacant office space · Highly desirable asset in a premier Coral Cables CBD location · Significant revenue opportunities that exist with the parking structure in an underserved retail corridor Quick Facts Location: 55 Miracle Mile, Coral Gables, FL / SF: 65,000 / Year Built: 2005
Background Karlin provided a $12.25mm senior secured loan to help facilitate a discounted pay-off for Country Club Plaza, a regional mall located in Sacramento, CA. The Property was last redeveloped in 2004 (at an estimated cost of ~$25MM) and included adding three junior anchors, expanding the presence of food tenants, increasing interior common area space for promotional events, and reconfiguring the usable parking. The property contains a total building area of 598,639 SF, of which 429,231 SF is being considered for purposes of collateral.Investment Highlights · Major tenants include Ross, Bed Bath & Beyond, Sports Chalet, and Macy's · Highly visible regional mall located on one of the busiest intersections in Sacramento, CA · Value add lease-up opportunity · DPO and low debt basis represents a significant discount to Country Club Plaza's recent sale price and   replacement cost · Sophisticated, local sponsor Quick Facts Location: Sacramento, CA / Square Feet: 429,231 / Year Built: 1962 (renovated in 1989 and 2004)
Background Karlin provided a $5mm loan to help finance the note acquisition on Metropolitan Square. The property is located in the downtown area of suburban Des Plaines (Chicago metropolitan area) and in close proximity to the commuter train station, major thoroughfares and residential areas. Constructed in 2005 and delivered in early 2006, the property is comprised of 5 buildings. The property is part of a mixed use retail/office/condominium (142 units) project located on an approximately 7-acre redevelopment site.Investment Highlights · Major tenants include Panera Bread, Pot Belly, and a grocery anchor · New cost basis will allow for reduced rents which will increase probability of stabilizing the property · Borrower has recent successful experience buying and stabilizing under-performing properties in Chicago · Extremely attractive debt yield on 70% occupied property Quick Facts Location: Des Plaines, IL / Square Feet: 121,462 / Year Built: 2005
· Plan Revealed for Twin Peaks Makeover    September 14, 2012     Boulder County Business Report
· Longmont may have to give Dillard's the boot    April 5, 2013     Denver Business Journal
· Newmark Merrill Plans Repositioning For Twin Peaks Mall    February 7, 2012     CoStar Group
· Anchor Grocery Store Deal Caps Turnaround at Dos Vientos Mall    August 10, 2012     Pacific Coast Business Times
· Country Club Plaza Gets a ‘New Lease On Life’    January 13, 2012     Sacramento Business Journal
·  World Class Capital Group receives funding for Andrita Studios acquisiton    July 22, 2013     Post Production Buyer’s Guide
·  Karlin Real Estate Lending Finances Acquisition of South Florida Office Portfolio    May 14, 2013     PRLOG
·  Karlin Real Estate Lending Provides Acquisition Loan for Florida Property    November 8, 2013     Mortgage Observer Weekly
· Kor Group Opens “A Temporary Offering” in the Renoir Hotel    July 5, 2012     sfgate.com
· Longmont’s Twin Peaks Mall to Get a Major Makeover    June 12, 2012      TimesCall.com
·  Karlin Real Estate Lending Provides $8.15 Million Loan to Recapitalize Phoenix Office Complex    July 30, 2013     National Real Estate Investor
·  Dillard's mulling offer from Twin Peaks Mall developer    March 20, 2013     Northern Colorado Business Report
· Breakwater Concludes Loan Workout on Texas Property    March 14, 2012     PRweb.com
·  Apple, Twitter Begin Big Sunnyvale Tenant Improvements    June 15, 2013     The Registry - Bay Area Real Estate
· New Owner Retools Paraiso Shopping Center    June 16, 2011     Thousand Oaks Acorn
·  Des Plaines Officials To Meet Metro Square Owners To Boost Tenants    April 16, 2013     Journal & Topics Newspapers Online
· Renoir Hotel Buyer Invests in Mid-Market’s Future    March 9, 2012     San Francisco Business Times
· Dillard's mulling offer from Twin Peaks Mall developer    March 20, 2013     Northern Colorado Business Report
· Des Plaines Officials To Meet Metro Square Owners To Boost Tenants    April 16, 2013     Journal & Topics Newspapers Online
Oakwood Apartments
Park 3000
Capital Center ll & lll
Background In 2011 Karlin Real Estate acquired an institutional-quality office portfolio located in Rancho Cordova, CA. The portfolio, located at 11000-11090 White Rock Road, consists of six multi-story Class A office buildings and four single-story, flex buildings built in 1984 and 1985. The 10 buildings total 531,273 square feet on 46.74 acres. Karlin purchased the property from an institutional seller via a servicer-approved short sale.Investment Highlights · Well-located office campus with investment-grade tenant credit and institutional ownership history · Credit tenancy including Wells Fargo, Verizon, and Travelers Insurance · Diverse product and large floor plates suitable for a variety of tenants · Additional upside from a 6.26 acre parking lot fully entitled for 74,500 square feet Quick Facts Location: Rancho Cordova, CA / SF: 531,273 / Year Built: 1985 / Acres: 46.74 / Parking: 5.1 per 1,000 sf
Tech Ridge 301
Representative transactions
Vista Verde Apartments
Tech Ridge 201
Background In 2012 Karlin Real Estate acquired Park 3000, a 76,175 square-foot office building located in Fort Wayne, Indiana. The property generates significant in-place cash flow from a long-term national tenant. The in-place cash flow on KRE's basis generates a double digit annual yield.Investment Highlights · Strong stable cash flow investment · Current tenant (EDMC) is the second largest for-profit college with strong financials · Tenant has invested $4.1mm of own capital in tenant improvements · No feasible re-location options · Favorable financing available Quick Facts Location: Fort Wayne, IN / SF: 76,175 / Year Built/Renovated: '69/'96 / Acres: 12.76 / Parking: 7.6 per 1,000 sf
Background In 2011 Karlin Real Estate acquired a "Class A" corporate headquarters/manufacturing facility from Dell USA, L.P. ("Dell"), in northeast Austin, TX. The property is located in the Tech Ridge Area, a commercial and retail district containing Dell's North and South Parmer Campuses as well as several large retail centers. The building sits on a 28.5 acre site, and encompasses 75,459 SF of office space, 210,076 SF of warehouse space and 16,109 SF of mezzanine warehouse space with a total rentable area of 301,644 SF.Investment Highlights · Institutional quality asset with high office finish and cross-docked warehouse · Excellent location along I-35 just northeast of Downtown Austin · Corporate disposition allowed for a basis below replacement cost Quick Facts Location: Austin, TX / Square Feet: 301,644 / Year Built: 1999
Background Karlin Real Estate acquired a Class A corporate headquarters/manufacturing/lab facility from Dell USA, L.P. ("Dell"), located in northeast Austin, Texas. KRE was approached by Dell for this off market deal because of the strong working relationship from the successful transactions of Tech Ridge 201 and Parmer at Tech Ridge.Investment Highlights · The transaction was structured as a Sale-Leaseback to Dell for 100% of the building · The sale included an additional 14,008 SF building that's 100% leased through 2015 and contributes $140,000   annually to NOI · Institutional quality asset with high office finish and cross-docked warehouse · Excellent location along I-35 just northeast of Downtown Austin Quick Facts Location: Austin, TX / Square Feet: 306,824 (88,885 Office, 203,931 Warehouse, 14,008 Lab) Year Built: 1998 / Land Area: 32.39 Acres
Background Karlin Real Estate executed the acquisition of a non-performing loan and a subsequent friendly foreclosure of a 200 unit Class A multi-family complex located in the MetroWest submarket of Orlando, FL. The acquisition capitalizes on KRE's existing presence in the MetroWest Market.Investment Highlights · Non-performing loan purchase provided a low cost basis and an above ...market cap rate · Existing presence in desirable MetroWest submarket · Below market In-place rents · Strong in-place cash flow Quick Facts Location: Orlando, FL / Units: 200 / Square Feet: 184,000 / Year Built: 1990 / Buildings: 27
Background Karlin Real Estate executed the acquisition of Oakwood Apartments, a Class A multi-family complex located in the MetroWest submarket of Orlando, FL. The acquisition capitalizes on KRE's existing presence in the MetroWest neighborhood having previously acquired the nearby Element and Vista Verde properties.Investment Highlights · Located within premier rental markets with excellent access to I-4 and Mall of Millenia · Across the street from newly announced hospital · Additional upside through development pad sites · Below market In-place rents · Strong in-place cash flow Quick Facts Location: Orlando, FL / Units: 304 / Square Feet: 249,888 / Year Built: 1987 / Buildings: 22
Accounting
Legal Affairs
David A. Cohen is Co-Founder of Karlin Real Estate and the CEO and Chief Investment Officer of Karlin Asset Management, a Los Angeles based private investment firm he co-founded in 2005. The company has received considerable recognition and awards as an innovator in the asset management and family office investing arenas including Institutional Investor Family Office of the Year and Private Asset Management Family Office of the Year. Karlin employs a multi-asset class framework to invest opportunistically across a variety of strategies including value securities, distressed real estate, direct lending and natural resources.  Mr. Cohen has over 25 years of experience in principal investing in public securities, real estate, and private equity. He is a frequent speaker and thought leader on distressed investing, risk management, asset allocation and contrarian thinking. Mr. Cohen spent nearly a decade in senior executive positions with one of the largest private companies in the U.S. He also served as a Principal in a $16 billion alternative investment firm (acquired by Blackrock), and started his career as an investment banker and derivatives specialist at Lazard Frères & Co. in New York. His academic background includes degrees from Cambridge University (M.Phil., honors, completed all Ph.D. coursework, Finance), and Boston University (B.S., summa cum laude and Tau Beta Pi, Engineering), and graduate work at Sydney University as a Rotary Foundation Scholar (Engineering). Mr. Cohen serves in executive leadership roles or board positions with a variety of non-profit organizations in the areas of education, public policy, medical research and animal welfare.
Legal Affairs
Accounting
Since founding Karlin Real Estate in 2008, Matthew Schwab has overseen over a billion dollars in acquisitions and financings of real estate across the United States and Europe.  His opportunistic purchases of office, multi-family, hotel and retail assets throughout the financial crisis enabled Karlin to become a major player amongst private equity firms . Using his experience from several billion dollars in career acquisitions, Mr. Schwab has aggressively built the company's presence in the real estate and restructuring investment community across the globe. He has moderated and served on a number of panels, including the PERE Global Investor Forum in Los Angeles and the IMN Opportunity Fund Winter Conference in Laguna Beach. Currently, he sits on the Board of Advisors for the Ziman Center for Real Estate and the Price Center for Entrepreneurial Studies both located at the Anderson School of Business at UCLA. He is also a Chair of the Board of Trustees for PS1 Elementary School in Santa Monica. Mr. Schwab is a graduate of the University of California, Santa Barbara (B.S. in Economics) and the Anderson School at UCLA (M.B.A.).
Tracy McGregor is the CFO for Karlin Real Estate, where she has applied her expertise in partnership accounting and structuring to manage the formation of the Karlin investment entities. Prior to Karlin, Ms. McGregor was a Director of Financial Analysis at Alschuler Grossman Stein & Kahan LLC (AGSK), where she was principally responsible for overseeing the budgeting and forecasting functions for the firm. Before joining AGSK in 2002, Ms. McGregor was a manager at Arthur Andersen LLC for nine years, where she participated in the audit and tax preparation work for a variety of partnerships and real estate investments trusts including Douglas Emmett & Company, Public Storage, and Health Care Property Investors. Ms. McGregor is a graduate of the University of Southern California (B.S. in Accounting) and is a Certified Public Accountant.
Mr. Grantham is a managing director responsible for the lending platform within Karlin Real Estate. He has over 15 years of financial services experience including debt investing, real estate, private equity and structured finance. Prior to joining Karlin, he spent five years as a Director with a credit joint venture funded by Fortress Investment Group where he was responsible for sourcing, underwriting and/or executing investments including loan originations and the purchase non-performing loans secured by real estate and corporate assets. Previously, Mr. Grantham spent four years as a Principal with Boston based East Hill Management ($800mm AUM) as an analyst for their long/short equity and private equity funds. He also served as a Principal with CypressTree Investment Management, a CLO manager, helping the company grow from $50MM to $4.3B in AUM. Mr. Grantham graduated with a BA from Vanderbilt University. He is a member of the Turnaround Management Association, American Bankruptcy Institute and the Association of Corporate Growth.
Vicky Canto is primarily responsible for the sourcing and execution of development and acquisition opportunities. She began her real estate career at Skanska USA Building as a Project Engineer, working on the planning and delivery of over $500M of institutional and commercial projects for clients such as Cornell University, Schlumberger-Doll Research and Beacon Capital Partners. Ms. Canto then joined GE Real Estate as a member of the West Coast Joint Venture Equity Investment team where she was responsible for the research and underwriting of $1.2Bn in multifamily, office and retail assets, in addition to the analysis and execution of asset disposition strategies. Ms. Canto is a graduate of the Massachusetts Institute of Technology (B.S. in Civil Engineering) and the University of Chicago Booth School of Business (M.B.A.).
Joseph Self is Managing Director of Karlin Real Estate LLC responsible for establishing and growing Karlin’s existing 600,000-square-foot European real estate equity and debt investment platform out of the firm’s London office. Since joining Karlin in 2010, Mr. Self has played an instrumental role in the firm’s overall growth having been involved a variety of opportunistic acquisitions and financings throughout the United States with an aggregate value in excess of $500 million. Prior to joining Karlin Real Estate, he was a Director with Avalon Capital Group, a $1 billion private investment company where he led various portfolio and acquisition assignments including the workout and transition of a $700 million residential and construction loan portfolio. Mr. Self was also part of the liquid assets portfolio and private equity teams that managed public equities, hedge fund partnership interests and investments in various portfolio companies. Mr. Self began his career at K. Hovnanian Homes, a national publicly traded homebuilder, where he was part of a team that acquired and managed eight ground-up residential and mixed-use projects in San Diego with total costs exceeding $200 million. Mr. Self is a graduate of the University of Southern California and the University of San Diego School of Law.
Dean Chang provides legal counsel for Karlin Real Estate on all aspects of the management of its real estate portfolio. Mr. Chang also coordinates the acquisition of new investments and retains and manages outside counsel as needed. Prior to joining Karlin, Mr. Chang was Senior Director of Acquisitions and Legal Affairs at CityView, a Los Angeles based national real estate fund manager where he advised senior management on a portfolio of over 30 real estate projects. Mr. Chang started his real estate career as an associate at the law firm of Gibson, Dunn & Crutcher LLP where he represented lenders and institutional investors in commercial real estate transactions. Mr. Chang received his BS in Business Administration from the University of California, Berkeley and his JD from UCLA School of Law, where he graduated Order of the Coif and was an editor of the UCLA Law Review. Mr. Chang also clerked for the Honorable Judge Ronald S.W. Lew of the United States District Court for the Central District of California.
Michael Hurst brings nearly 15 years of real estate finance experience to Karlin’s growing debt platform. Before joining Karlin in 2014, Mr. Hurst spent seven years with Buchanan Street Partners, a Newport Beach-based real estate investment and management firm. As the head of Buchanan’s principal lending platform, Mr. Hurst oversaw the origination of approximately $1 billion across the company’s advisory, debt, and equity disciplines. Mr. Hurst also was responsible for sourcing and structuring the financing for equity investments through Buchanan’s commingled funds and separate accounts. Previously, Mr. Hurst spent seven years with LaSalle Bank in Chicago, where as Vice President, Institutional Commercial Real Estate, he originated a loan portfolio of approximately $1.2 billion. Mr. Hurst graduated from Indiana University’s Kelly School of Business with a BS in Business.
John Holt is the Director of Structured Finance at Karlin Real Estate and leads the firm’s Dallas, TX office.  Prior to joining Karlin Real Estate, he was a Vice President at C-III Realty Services, the real estate investment banking subsidiary of C-III Capital Partners.  During his tenure at C-III Realty Services, Mr. Holt sold and closed over $1 billion of commercial real estate throughout the U.S. with execution prices up to $80 million and across all asset classes. Previously, Mr. Holt worked at CB Richard Ellis where he managed and sold bank owned real estate assets on behalf of the FDIC. Mr. Holt managed the real estate portion of a $1.7 billion structured sale from the AmTrust Bank portfolio which, in conjunction with investment banking partner Barclays Capital, was sold to a JV controlled by Oaktree Capital Management. Before joining CB Richard Ellis, Mr. Holt co-founded a boutique real estate investment and development firm specializing in mixed-use assets in Houston, TX.  Mr. Holt earned a Bachelor of Arts from Baylor University and an MBA from Rice University.
Gregg Yamauchi is primarily responsible for the sourcing, underwriting and execution of real estate acquisitions across the United States and Europe. Since joining Karlin Real Estate in 2011, Mr. Yamauchi has overseen 20 completed acquisitions of retail, office, industrial and multifamily assets totaling over $300MM. Prior to joining Karlin Real Estate, Mr. Yamauchi worked with Ernst & Young’s Transaction Real Estate group where he provided transactional support to institutional real estate clients. Mr. Yamauchi is a graduate of the Marshall School of Business at the University of Southern California (BS Business Administration, Magna Cum Laude). 
As an associate at Karlin Real Estate, Christian Gutierrez has gained experience in both acquisitions and loan originations, including structuring complex transactions, project development, and managing key business relationships, as well as corporate reporting and asset management. Prior to joining Karlin, Mr. Gutierrez was an acquisitions analyst at The Abbey Company, a Los Angeles-based privately held real estate investment and management firm, where he was responsible for underwriting and closing transactions. Mr. Gutierrez received his B.S. in Economics-Finance from Bentley University. He is a member of the Urban Land Institute Los Angeles Young Leaders Group.
Bradley Ross is primarily responsible for the sourcing, underwriting and execution of capital placement opportunities for both the debt and equity platforms within Karlin Real Estate. Prior to joining Karlin, Mr. Ross was a top producing broker with Major Properties Real Estate, a Los Angeles based commercial brokerage. Mr. Ross led sourcing, marketing, and closing efforts for 80+ sale and lease transactions across industrial, commercial, multifamily, and hospitality product types as well as for various development opportunities. Mr. Ross is a graduate of the University of Michigan (B.A. in Anthropology), and the UCLA Anderson School of Management (M.B.A.). Mr. Ross is also a licensed California real estate broker.
Eric Jordan is primarily responsible for the sourcing, underwriting and execution of opportunities for the lending platform within Karlin Real Estate. Prior to joining Karlin, he was the Director of Acquisitions for Parallel Real Estate Advisors (PREA), a Los Angeles based real estate investment and advisory firm, where he carried out all phases of the acquisition process for various property types including retail, office, hospitality, multi-family and land development. Mr. Jordan began his career as a senior associate at PricewaterhouseCoopers where he performed audit and financial statement assessments for various real estate clients including Catellus Development Corporation (now Prologis), AMB Property Corporation, Maguire Properties and Stockbridge Capital Group. Mr. Jordan has a bachelor's degree in Finance from Santa Clara University, an MBA and a Master's degree in Real Estate Development (MRED) from the University of Southern California and is a licensed real estate broker in California.