TEP

Productive member of society

[TEP @perlvision]

@hitsamty This calls for a Florida East Coast Realty thread! Any takers?

[Sean Becker @Sean_Becker]

[consoling a friend after a breakup]

HIM: I won’t find anyone as good as her

ME (just finished watching Moneyball): we’ll recreate her in the aggregate

[Gay-briel @Ian_Gay_briel]

it's insane that Long Island has the best suburban rail service in america and there's still like no walkability outside south shore nassau, and those streets are extremely unpleasant to walk on

[TEP @perlvision]

@UntrendedYOC @financeguy725 @hitsamty Underrated tweet. Second that.

[Austin Berg @Austin__Berg]

NEW: Chicago Mayor Brandon Johnson is asking voters to approve a $100 million real estate transfer tax hike in the March 19 primary election. But a new report from @Suntimes @mchael_mchael reveals Johnson never took up the Catholic Archdiocese of Chicago on their offer to house migrants for free.

[YIMBYLAND @YIMBYLAND]

This is pretty much perfect.
1000 more of these please.

[TEP @perlvision]

@hitsamty @trdmiami Hope it ends well for them. They’ve especially taken on massive risk in the last cycle and either have a great DD/KYC process or got lucky with payoffs to date. High profile projects too, so bet that plays in somehow to their UW criteria

[TEP @perlvision]

@WhatTheFink43 Insane that everyone onboard was okay.

[Nathan Baugh @nathanbaugh27]

Students at NYU asked the creators of South Park the million-dollar question:

“What makes a good story?”

They gave one of the best explanations of story I’ve heard:

“If we can take the beats of your outline, and the words ‘and then’ belong between those beats… you got something pretty boring.

What should happen between every beat you’ve written down is the words ‘therefore’ or ‘but.’”

They go on to say, “That gives you the causation between each beat, and that makes a story.”

Point 1:

There’s an idea in storytelling called ‘Promise, Progress, Payoff.’

Essentially, a story is a neverending cycle of promises that are paid off over the span of the story.

It’s a cycle of expectation and resolution. Cause and effect. Conflict and progress.

Point 2:

A story isn’t a bunch of random events thrown together.

A story is a series of but / because / therefore moments.

A famous example:

• Harry discovers he's a wizard. Because of this, he goes to learn magic at Hogwarts.
• But then he learns Voldemort wants to kill him and rule the world.
• Therefore, he must find a way to defeat him.

Point 3:

‘And’ implies a simple continuation.

‘But / Therefore’ give prior events meaning through causation.

‘But’ implies conflict. ‘Therefore’ implies progress.

I’m reminded of a Hemingway quote:

“Prose is architecture, not interior decoration.”

Great writing is intentional. It doesn’t wander. It builds upon itself.

***

I hope you enjoyed that! If so, follow @nathanbaugh27 for more ideas and writing like this.

[Steve Burns @SJosephBurns]

@RealEJAntoni “If you put the federal government in charge of the Sahara Desert, in 5 years there'd be a shortage of sand.” - Milton Friedman

[Omar Morales | Miami Multifamily @OmarMora1es]

Pro tip for junior guys/gals on teams that worked wonders for me:

You want to be invited to every call your senior partners/boss is on.

So add value by:

• taking & sharing notes of every call
(~25% of people do this)
• making a list of "follow up items" for every call
(~1% of people do this)

Can't tell you how many casual "oh yea we can send you that" remarks happen in every 30 minute call that people forget about.

Also,
I can't tell you how AMAZED your boss/senior partner will be when you email them 4 months later saying,

"hey, so and so told us 4 months ago that they'd be getting approvals for their project this week — let's reach back out to them??"

Boom.

You're invited to almost every meeting, call, lunch, or dinner going forward.

[B Talent @minc798]

Almost doubling their footprint - +84K sq ft

"Invenergy also might not be done expanding in the building. In a move that could help raise Chicago's profile in the renewable energy sector, the company is working with city of Chicago officials on a plan.."

https://t.co/Hj8heqwy6x

[TEP @perlvision]

@MRossG199 Not bad for cash buyer (if one such exists today)?

[TEP @perlvision]

@aryal1994 Bottom line, they are underwriting a ton but only investing in good assets that they themselves would want to own forever. Requires a more intentional focus on asset management than the last few years have really required.

[TEP @perlvision]

@aryal1994 Yes, common equity takeover and exercise of neg control rights. All of the points that get negotiated in OA but one hopes to never deploy. Not talking about pref but I suppose in both cases the debt holder would need to get comfortable with the FO entity as lead sponsor.

[Triple Net Investor @TripleNetInvest]

If you haven’t watched this yet, this is 20 minutes well spent if you’re remotely interested in real estate

There are some parallels from the environment in 2009 to what we are seeing today

You get a great glimpse of how Barry Sternlicht was seeing the world back then as well

[TEP @perlvision]

@DickDorfman @minc798 Doubtful BJ wins a second term which should align when the new Walgreens reopens. Maybe chicago voters will have woken up by then??