Private Debt & Direct Lending: Capturing Opportunities in New Issues or the Secondary Market
Direct Lending and Private Debt have been the fastest growing segments of the alternative investment industry since the Great Recession in 2008. Then COVID - 19 hit and this market froze up and the Federal Reserve and Central Banks all over the world unleashed an unprecedented wave of liquidity to prevent unnecessary damage to the global economy. The secondary market responded quickly discounting the news. Operators have been slower to accept the new pricing of risk. Time has passed and things have been converging, listen to experts on the front lines as they discuss deals and insights into where things are today and where they see things going over short and intermediate term. This group will discuss and conduct an interactive Q&A session with audience engagement & participation. Join us for a thoughtful conversation that will undoubtedly provide direction to discounts or lack of discounts in new deals getting done.
- Are new deals getting done or is there a bunch of secondary market trading going on?
- What are the discounts in the secondary market?
- Where are you pricing new deals?
- Are operators accepting the new pricing? If not do you see this changing and how so?
- What are the best and worst places to do new deals?
Event Recording
Private Debt & Direct Lending Capturing Opportunities in New Issues or the Playing the Secondary Ma
Speakers
Michael D’Onofrio
- Title
- Managing Director @
- Company
- Engineered TaxServices, Inc.
- Role
- Moderator
Michael D’Onofrio is the Managing Director of ETS and sits on the Executive Board. He has had a successful career in finance, energy consulting, and real estate development. Michael has founded numerous successful companies and is a valued member of the team. His strong business drive has added professionalism, consistency and significant growth to the company as a whole as he guides his clients along the path of increased success and missed opportunities for reduced tax liability. He has also mentored many ETS team members to the same success. Michael is originally from Southern Florida and recently relocated to Charlotte, North Carolina with his wife and two small children. They enjoy playing in the great outdoors, mountain biking, hiking, and sports. Michael also enjoys yoga, particularly Bikram Yoga (known as “hot” yoga), and rather than client golf outings, he will happily oblige any ETS clients with an hour of hot yoga instruction!
Brock Freeman
- Title
- Managing Partner @
- Company
- Kirkland Capital Group
- Role
- Panelist
Brock Freeman is a Managing Partner at Kirkland Capital Group. His career spans technology, finance, and real estate in both Asia and America. He started his career as a Taiwan stock market analyst in Taipei, later moving back to Seattle and joining a mortgage bank as an underwriter where he built the industry’s first web-based end-to-end loan underwriting, processing, secondary marketing platform. After several years again in Asia, in consulting and with a technology startup, he returned to the Pacific Northwest where he built a network of loan originators for wholesale mortgage banks. Brock Freeman advises several Real Estate startups and funds. He hosts the PropTech Seattle Open House events, and is the Seattle Regional Chair for FIBREE.org, the Foundation for International Blockchain and Real Estate Expertise. As a member of the Cascadia Blockchain Council, he has testified to Washington State House and Senate Committees on behalf of blockchain bills.
Camilo Nino
- Title
- Founding Partner & CEO @
- Company
- Linkvest Capital
- Role
- Panelist
Camilo, CEO and Founder of Linkvest Capital, brings over 22 years of experience as an investment advisor, real estate investor and private lender. Camilo has overseen nearly 500 transactions for over $500 million in Florida and Georgia. He has represented some of the region’s most high-profile development projects, including Bijou Bay Harbour Condominium in Bay Harbour Islands, Miami Springs Town Center, and Soleste Alameda in West Miami, among others. Camilo has also led the acquisition of commercial real estate assets throughout the southeast region. Linkvest Properties’ current portfolio includes single-tenant properties, shopping centers and industrial assets in Florida and Georgia. Recent acquisitions include United Rentals in Pompano Beach, Chase on the Miami River; McDonald’s and Tire Kingdom in Hialeah; and FedEx and a Wells Fargo branch in Atlanta. Finally, Camilo establishes partnerships with respected and experienced developers with a focus on multifamily and mixed-use properties. Recent partnerships include high-profile firms such as The Estate Companies, Futura Company and CIP Realty. In the last two years, LV Development has invested in the development of seven multifamily projects with over 1,600 units.
Tim Sacks
- Title
- Chief Investment Officer
- Role
- Panelist
Tim Sacks launched Angulus Lending Opportunities Fund, LP (“ALOF”) on July 1, 2015 with an innovative strategy to hedge liquidity and interest rate risk associated with direct lending by leveraging the emerging crowd funding capital markets. Under his guidance, ALOF has gracefully avoided principal losses and delivered historical annual net investor returns ranging from 8% to 12.7% with very low market correlation. Since inception, he has been responsible for $60MM in privately funded loans as well as $40MM in whole note sales. Prior to launching Angulus Capital Management, Tim Sacks held senior positions for sixteen years with Deutsche Bank in Global Transaction Banking. Tim Sacks has extensive experience in private fund management, primarily with private equity funds, master-feeder hedge fund structures, fixed income products and structured finance securities. Outside of business, Tim is a family man with a lovely wife and two children. He enjoys coaching soccer, baseball and flag football, is an avid skier, golfer and enjoys spending time with his family.
Stephan De Sabrit
- Title
- Managing Partner Credit and Real Estate @
- Company
- Leste
- Role
- Panelist
Stephan de Sabrit is a managing partner and Global Head of Credit and Real Estate at Leste Group. Mr. de Sabrit oversees the management of the teams in the USA and Brazil and sits on the investment committees for Leste's private credit funds and all equity real estate funds. Before joining Leste Group in 2015, Mr. de Sabrit was a partner and portfolio manager at Polo Capital, a Brazilian based Hedge Fund. Prior to joining Polo Capital, Mr. de Sabrit served as a managing director of Planner Investment Banking in São Paulo, Brazil after having founded and being responsible for the Brazil operations for Bulltick Capital Markets. Mr. de Sabrit holds a BBA from FAAP.
About
Linkvest Capital
Linkvest Capital LLC is a US-based co-investment platform for family offices, institutions and private investors. As a vertically integrated real estate firm, Linkvest Capital includes financing, acquisition and development entities. LV Lending, the private financing affiliate, focuses on real estate business and investment mortgage loans on residential and commercial properties. The company has a current portfolio of $240 million and has serviced more than 500 transactions for over $450 million in Florida and Georgia. Linkvest Properties, focuses on commercial acquisitions in the southeast United States region and operates a portfolio of over $35 million. LV Development, co-invests with real estate developers on multifamily and mixed-use projects in Florida, and has invested in 7 multifamily projects with over 1,600 apartments to be delivered between 2020 and 2024.
Engineered TaxServices, Inc.
Engineered TaxServices, Inc. (ETS) is a licensed engineering firm that focuses on federal, state, and local tax benefits. Engineered Tax Services was founded by CEO, Julio Gonzalez, to bring specialty tax engineering services to mainstream America. There are several federal tax incentives in which the IRS requires professional engineers and scientists to determine the tax benefits in the areas of real estate and manufacturing. Specific to real estate is the ability to depreciate real estate investments by components vs. the traditional expensing of real estate over a 39 or 27.5-year period. A forensic engineering study of a real estate property, in which the building is depreciated component by component, allows investors to expense up to 50% (and in some cases, more because of 100% bonus depreciation) of the purchase of their building up front.Decades ago, cost segregation was only available to real estate investors who worked with the Big 4 accounting firms who had dedicated engineering staffs. Mr. Gonzalez’s goal was to be a resource to the CPA community so that these services could be available to all real estate investors, big or small. Cost segregation continues to be one of the largest tax incentives for wealth preservation. There are very few investments that the United States Federal government allows investors to expense dollar for dollar. Real estate is the one investment from which you can deduct 100% of the purchase price against taxable income. Inherently, this allows for a 50% return on investment at a 50% federal and state tax bracket. Cost segregation allows the investor the ability to mitigate tax liabilities and preserve wealth by accelerating these deductions much quicker. Engineered Tax Services also uses its engineering, scientific and tax team to provide one of the most important federal and state tax credits available to United States businesses in the form of research and development tax credits (R&D). R&D Tax Credits are meant to incentivize manufacturing, innovation and technical design in the United States. These credits are essential to keep labor and promote job creation in the United States. Qualifying activities include developing new or improved products or manufacturing processes, tool and die development, technical design in the construction industry, software development, fracking and drilling technique development, and developing new or improved drugs or formulas, just to name a few. The R&D Tax Credit is a very important federal incentive meant to ensure that US companies remain competitive globally.
Leste
Leste is an investment platform founded in 2014 by senior executives with robust experience in financial markets, corporations, real estate companies and law firms.Leste has offices in Miami, London, Rio de Janeiro and São Paulo.
Kirkland Capital Group
Kirkland Capital Group, LLC is a nationwide direct lender, offering bridge loans for multifamily and other commercial real estate assets. Through their Commercial Real Estate funds, Kirkland Capital provides investors with consistent returns and lower risk. Headquartered in Kirkland, Washington, the company is committed to excellence in service, quality, and make-sense portfolio lending solutions as a Digital Lender.
Kirkland Capital Group is an investment fund manager combining 75+ years of investment management, real estate, and technology to Build and Fortify Your Wealth. The Kirkland Income Fund is a principal preservation focused high-yield fixed income fund with a targeted 10% return to investors. The fund delivered over 10% returns for 2021, and continues strong performance in 2022. Investors feel happy that not only are they capturing strong returns, they are doing good, as the Fund’s micro-commercial real estate loans are used to rehabilitate middle-income affordable housing and neighborhoods, making a positive social and environmental impact. Kirkland Capital Group also offers the opportunity to invest along with us in the equity side of real estate, via multifamily properties. Investors generate stable passive income, tax advantages, diversification, and capital appreciation opportunities.