Intelligent, Innovative Investing™

Pathfinder Report – April 2015

Pathfinder Report – April 2015

ANNOUNCING PATHFINDER’S NEWEST INVESTMENT FUND

We are pleased to announce the $30 million initial closing, in January, of our latest real estate investment vehicle, Pathfinder Partners Opportunity Fund V-A (‘Fund V-A’). We are targeting a $100-$150 million fundraise in Fund V-A. Click here for a summary brochure on Pathfinder Fund V-A.

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CHARTING THE COURSE

Think Different

By Mitch Siegler, Senior Managing Director

Mitch SieglerWe held our annual investor meetings in March and a recurring question was “Where are the opportunities today and in the next couple of years and how do they differ from the opportunities you’ve been finding for the past few years?” That’s a question we ask ourselves on pretty much a daily basis (and have asked ever since we conceived of Pathfinder a decade ago). We’ve long prided ourselves on not following the herd – when others zig, we try to zag. But, what does that really mean today, when multifamily cap rates – especially in gateway cities – are at historic lows, debt is widely available and it’s never been more of a grind to buy truly off-market, deep value-add properties.

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FINDING YOUR PATH: GUEST FEATURE

Who’s Your Lender?

By Brent Rivard, Managing Director

Brent RivardLast year, I wrote an article about navigating the commercial lending environment (“Navigating Today’s Lending Environment”, March, 2014) which had improved from the dog days of the 2009 Great Recession and continues to improve with more financial institutions now willing to lend to a broader array of borrowers today. I also gave some super-secret insight into our debt strategy at Pathfinder – rule #1 being “Match Your Debt to Your Business Plan!” One of the key concepts behind this strategy is to not only pick the right lender, but the right type of lender for your property and plan.

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ZEITGEIST – SIGN OF THE TIMES

Not Paying Your Mortgage? You May be Home Free

Last month, The New York Times reported that tens of thousands of homeowners who have not been paying their mortgages for the past five years may have their foreclosure cases dismissed due to expiring statues of limitations. Depending on the state of jurisdiction, the statues range from five to seven years and the borrowers – mainly in Florida, New Jersey and New York – are not complaining about the possibility of getting their foreclosure cases dismissed and their mortgages wiped clean.

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TRAILBLAZING: RED TAIL CANYON TOWNHOMES

High Quality Townhomes in Private, Exclusive Neighborhood

Red Tail Canyon TownhomesPortlanders are attracted to the city’s many waterfront parks, public squares, civic centers, excellent public transportation system and – of course – the fabulous coffee. The Central City 2035 plan – Portland’s new, transformative development program – looks down the road and also envisions a pedestrian/bike/transit-only bridge that will connect every district of the central city.

Pathfinder has been investing in Portland since 2009 and we continue to be attracted to the city’s progressive approach to growth and development, growing economy, population and employment and educated workforce. This spring, we acquired Red Tail Canyon Townhomes, a 100-unit townhome development built in 2001, our fourth investment in Portland.

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NOTABLES AND QUOTABLES

Ideas

“A mind once stretched by a new idea never returns to its original dimensions.”
– Oliver Wendel Holmes, American physician and poet

“Imagination is more important than knowledge. Knowledge is limited, imagination encircles the world.”
– Albert Einstein

“It’s better to destroy the box than to think outside the box.”
– Udayveer Singh, Indian writer

Click here for more notables and quotables…