Monteith Construction Corp.’s Post

Wall Street’s Seismic Shift Propels Dallas Ahead of Chicago, Los Angeles “Right now, the smart money is on Dallas” relocations have been a boon for Texas city “We obviously love the central location” “It’s very easy to get to and the quality of living is strong” Three big Wall Street banks began new Dallas campuses in 2023 : Dallas saw three of Wall Street’s largest banks start on new campuses this year, cementing their bets on one of the fastest-growing metros in one of the fastest-growing states : industry’s rapid Texas expansion since the onset of the pandemic means the area now has more finance workers than Chicago or Los Angeles, trailing only New York : influx of wealth and people moving from the coasts to Dallas for cheaper housing and no state income tax : private equity KKR & Co. opened a real estate credit office in Dallas last year : Fisher Investments relocated to suburban Plano from Washington state earlier this year, joining asset managers including Charles Schwab and Canyon Partners that arrived a few years before : city’s status as the financial mecca of the South, overshadowing competitors like Atlanta and Miami. The rapid migration of people and businesses to Texas has led to a virtuous cycle of job creation in construction, restaurants, and other industries without direct ties to banking : Dallas benefits from being in the middle of the country, with two airports that offer a plethora of direct flights

I want to meet with other individuals or groups specializing in the housing market as it relates to capital. One person shops or smaller groups looking to scale and be part of something bigger. I have a vision that is becoming a reality but it’s the team that will make it happen, not one person. LFB Ventures is growing rapidly and has expanded its geographical footprint with offices in San Diego, Los Angeles, Dallas, Nashville, and New York. Now in our 7th year of business, we are ready to expand exponentially and further diversify our offerings with the help of talented team members. I am passionate about becoming the best capital markets firm in the housing space. We specialize in the full life cycle of housing, from land to lot development, vertical construction, and even takeout financing. We continue to add larger clients and are working with groups that collectively control over 15,000 lots nationwide. We do not just focus on a deal; we focus on the growth of the client. Part of our growth is expanding our offerings. We are currently working to be a source for not only construction financing, but also homebuilder equity, and A&D/lot banking financing. A “one stop shop” focus is where we envision this going. Not to mention, we are now helping clients buy and sell land in multiple states. If you are currently in the land and housing space, ideally in capital markets, I would love to set up a call, even if it’s just to brainstorm with likeminded industry colleagues. Worst case we share ideas. Best case we grow together. I am here for both. #growth #team #LFB #LFBventures #seabirdcapitalpartners #capital #debt #equity #homebuilding #construction #land #development #lotbanking

PUT IT IN THE BANK VAULT: 807 Bank Street in Canarsie, #Brooklyn is officially 100% leased! Hats off to our clients, Turnbridge Equities and Dune Real Estate Partners on the successful lease up of their 172,000 SF #LEEDPlatinum Class A #logistics facility built by the amazingly talented team ARCO Design/Build. Meeting the demands of the service companies who keep #NYC running, 807 Bank Street is a terrific example of what happens when forward thinking developers overcome the odds despite the myriad challenges that inevitably go hand in hand with development deals in the #Boroughs - Acquiring an off-market assemblage? ✔ Remediating contaminated soil? ✔ Removing obsolete, #greenhouse gas spewing buildings from the inventory supply? ✔ If leaving a place better than you found it can be considered one of the metrics of a successful Boroughs development deal, then this one deserves extra accolades. The proof is in the pudding with our final tenant, Otto Environmental Systems, who was drawn to the asset by its thoughtful, energy efficient design (hello, #solarcanopy!) and strategic location, where they will fulfill their mission to clean up the streets of NYC – fighting the war on rats while creating dozens and dozens of permanent full-time jobs for New Yorkers. Welcome to New York, OTTO – we are so lucky to have you! #environmentaljustice #theindustrialrevolution #jobcreation #workplacestrategy #industrialdevelopment Rico T. Murtha Gurpreet S. Joseph Hentze Jr. Mindy Lissner Bill Waxman Amanda Gerhardt Gus Weaver Cushman & Wakefield

New York City's commercial real estate (CRE) market is on the brink of a boom with property values expected to leap an astounding 50-60% over the next 12-18 months, according to KPG Funds. Gregory Kraut, CEO of KPG, says that NYC will be the "golden age of investing," as interest rates drop, demand for prime office space spikes, Manhattan leasing velocity (already up 8.9% YOY) accelerates, investors search for safe harbors and private places to put their money to work, and a young, dynamic workforce continues to be attracted to NYC life. We’ll see. #CommercialRealEstate #CRE #NYCCREBoom https://lnkd.in/enKuwxzv

👷♂️ 🚧 We are currently remodeling a portion of our State Street Branch to expand capacity for our team. The transformation journey is well underway, and we couldn’t be happier with the progress. The remodel not only provides distinct areas for departments to be together, but also allows for expansion in areas such as the ITM Tellers and Contact Center. The existing area was designed for 11 individuals and the newly remodeled space will allow for 23 team members. Here’s a sneak peek at what’s been happening. 📷 #RemodelUpdate #Expansion #CreditUnionGrowth

I know the hype right now is to move to the southern part of the country, such as the great City of Dallas. However, thanks to the great reporting, there is an opportunity for Chicago to compete and win back the finance sector that has been hollowed out downtown. Affordability: Despite the need for more affordable living from Los Angeles and Seattle, Dallas may have the current affordable living until the finance workers begin driving up the prices. Chicago already has the affordability and neighborhoods available for corporate expansions, especially as the city continues to roll out affordable housing initiatives. We have plenty of examples of corporate relocations to the city and the city maintained its affordability. Transportation: With all of these new campuses, new transit lines will need to be developed to accommodate the growth. Chicago already have the best transit lines of any major city with more new transit developments and modernization improvements over the next five years, including rail and bus lines, airports, and expanding and improving highway infrastructure. Higher Paying Jobs: Workers moving to Dallas will receive 30% less pay than that of New York. Chicago has the most talented and skilled workforce pipeline in any sector due to the vast choices of colleges and universities. Therefore, corporations will be competing for the top talent and will be willing to pay higher wages. Climate Change Limitations: So if you are leading a bank or asset management firm that is conscious of climate change and want to take action to protect our environment to reduce the effects of the climate or want to expand investments into clean energy, Texas says keep you mouth shut. Chicago has a diversity of energy sources that is well-balanced than most major cities and there is no stigma to supporting each one of them. Vacant Office Buildings: With the rising costs of construction these days, building large campuses with a $500 million+ price tag is very risky. In Chicago, there are already mega projects underway and plenty of vacant office buildings to renovate, which would substantially save money as many of the surrounding utilities and public way infrastructure is already established. Diversity in Industries: Chicago is probably the only major city that has successfully managed to support the growth and sustainability of several industries, including tech and data storage, health sciences and medical research, finance, manufacturing, distribution, logistics, entertainment and hospitality, transportation, education, architecture and engineering, and other professional services. https://lnkd.in/gVg78z_E

The Dallas-Fort Worth Metroplex keeps getting more chic and cosmopolitan as time comes by. Commercial real estate and finance are at the center of DFW's growth trajectory. The latest is a financial district under development in Uptown Dallas at a cost of $1 billion in an attempt to rival New York City's Wall Street, an area now being referred to as Y’all Street. The Y’all Street moniker has its origins in a 1998 Texas Monthly article about the success of Texas stocks. The new development will be home to global financial companies. By 2030, a 150-acre patch of Uptown Dallas will house Bank of America, Goldman Sachs and Deloitte. Hunt Realty hired Perot’s Hillwood Investment Properties to manage construction of a $500 million campus for Goldman Sachs. KDC Real Estate Development & Investments and Pacific Elm Properties are building a 30-story tower that will house Bank of America. Granite Properties’ $173 million office tower recently signed Deloitte for four floors. 

A little dose of nostalgia on a Tuesday afternoon... I was up in Burlington, NC today for some investor meetings and took a few minutes to swing by this gem for a quick stroll down memory lane. 5 years ago, I placed an offer on this 6-unit asset with high confidence that I would land it (per my broker at the time). Granted this was a retail building so somewhat thankful I didn't land it (#multifamilyisthebest). Conservatively underwrote the deal, through strong return projections won over my first investor ever, had lending lined up. I was ready to go! Was pretty let down when my broker called and shared with me that the seller decided to go a different direction. Fast forward to today, closing in quickly on 1,000 multifamily units across the Southeast, US - things certainly have picked up quite a bit as our investor pool and RE relationships continue to grow exponentially. What's even more notable, is that the initial investor on this deal has since not only received resounding returns through our firm investing in multiple deals (averaging well over 100% returns), but has shared their successes with others who we have then created meaningful relationships with. Certainly a great journey so far.... #blessed #multifamilyrealestate #passiveinvesting

We've heard about cracks in Office, Multifamily, and Retail, but now it's Industrial's turn. The consumer shift to e-comm > everything led to a generational demand for this asset class, but now the consumer is pulling back. Major retailers, like Home Depot, are closing distribution centers to adjust, and smaller businesses are left in the lurch as new construction doesn't meet their needs. Definitely worth paying attention to in the months moving forward. Thanks to CRE Daily for keeping us on our toes. https://lnkd.in/e3efy7Af