Add two more names to the list of real estate developers in northeast Ohio. TurnCap, a Beachwood bridge lender, is getting into real estate development that coincides with the launch of Caledonia Development.

TurnCap has demonstrated its intentions by Caledonia Development to appoint Nathan Wynveen as Chief Executive Officer effective Monday, August 2nd.

Previously, Wynveen was the managing director of Hemingway Development, a Cleveland real estate company founded a decade ago by Jim Doyle Sr. and contractor Greg Geis, CEO of Streetsboro-based Geis Construction, and his brother Fred Geis, who told his staff that they were in Cleveland a decade ago he is retired for a year.

"I had a great opportunity to work in development at Hemingway," and learn from Doyle and the Geis brothers, Wynveen said in an interview last week. TurnCap provides a way to keep track of additional developments and learn from TurnCap's principles while starting his own ventures.

Chantel Moody, a TurnCap partner, said the fund has spent the past few years building a real estate development and investment arm that complements its "bread-and-butter" bridge loan business.

Attorney Jon Pinney, a managing partner of TurnCap, has worked with family offices on projects and other clients have followed real estate transactions in the past. Pinney was particularly active in retail real estate, and he and other directors decided to "get back on" at TurnCap because they saw opportunities as the nation recovers from the pandemic-induced recession.

Wynveen will focus on Northeast Ohio while another client, named later, will focus on transactions outside of the city. While Wynveen has a strong background in industrial real estate brokerage and development, Moody says its scope will broaden as TurnCap looks for opportunities like redeveloping empty big box stores, former bank branches and closed freestanding restaurants.

While TurnCap's original fund was focused on lending, the bridging loans range from $ 10 million to $ 50 million. Alternative investments and developments it pursues can be up to $ 1 million.

For his part, Wynveen said the deal was an opportunity to ally its own efforts with veterans in real estate law, private equity and lending. The projects he claims to be pursuing include a mixed-use project and a warehouse of several hundred thousand square meters. He declined to give details about them and their locations until they are further advanced.

Hemingway founder Doyle said he was excited about the path Wynveen is taking to start his own real estate developments. One of Hemingway's goals was not just to develop real estate, but to create a pipeline for the next generation of real estate developers.

"(Wynveen) is just getting started, but it's the same as when Michael Panzica left to start Panzica Development. They were Hemingway's anchors," said Doyle. Panzica has started residential construction projects and purchased apartments in Little Italy and Ohio City since exiting Hemingway in early 2020.

Doyle said he continues to work on real estate deals, mostly expansions, but is slowing down the pursuit of additional projects, as is Fred Geis. Doyle pursued development as a second career after a long stint in the real estate lending business.

Doyle said getting into real estate development is a natural step for TurnCap as several national mortgage brokerage firms have successfully ventured into direct development.

TurnCap is a virtual who's who of Cleveland real estate. In addition to Pinney, the managing partner of the law firm Kohrman, Jackson & Krantz in Cleveland, and Moody, Ned Huffman and Jim Doyle Jr are banking groups – and Preston Hoge, who previously worked for Bellwether Enterprise and CBRE Group Inc.

Prior to joining Hemingway, Wynveen began his commercial real estate career as a broker in the Cleveland office of Newmark Brokerage.

Rico Pietro, a director at Cushman and Wakefield Cresco brokerage, said Wynveen was "a talented guy. He is known project. "

source https://seapointrealtors.com/2021/08/01/turncap-extends-reach-to-real-estate-development/

 This free site is ad-supported. Learn more
​