[Deal Broker] Ex-ATM vendor behind Korean investors’ global real estate push
Aug 13, 2018 (Gmt+09:00)
Union Station in Washington D.C., InterContinental Boston and luxury hotel Grosvenor House in London are among the landmark commercial buildings that have attracted South Korean institutional investors for their loan refinancing packages this year.
All the three buildings are owned by New York-based Jewish real estate tycoons.
What is more, the debt investment deals were arranged by PD Properties LLC, a real estate agency based in New York.
Co-founded by Korean-American Tony Park and Israeli-American Elad Dror in 2008, the leasing broker has recently expanded into the field of property investment brokerage, taking advantage of growing interest among South Korean insurance companies and pension funds in global real estate assets.
It matched South Korean institutional investors with developers and landlords, especially Jewish real estate giants, who want to refinance loans with cheaper credit as US interest rates are rising.
For South Korean investors in pursuit of stable cash flows, PD Properties sourced deals that had not been shared with non-mainstream investors before. It handles only proprietary deals which tend to have high deal certainty.
Enhancing its appeal as a real estate broker further, it hires no financial broker such as Goldman Sachs and Morgan Stanley, so the investors can boost annual returns by about 1% point, according to Park.
For deal sourcing, it works in partnership with Rexmark LLC, a US real estate investment manager, founded by Michael Rebibo.
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