10C — June 26 - July 16, 2020 — 30 Under 30 — M id A tlantic Real Estate Journal
www.marej.com
30 U nder 30
Kyle Smyth Asset Manager Procida Funding & Advisors Years with company/firm: 3 Years Years in field: 3 Years Years in real estate industry: 3 Years Real estate organizations/ affiliations: NJ Builders’ Association
Omar Khan Asset Manager Procida Funding & Advisors Years with company/firm: 2 Years Years in field: 2 Years
Years in real estate industry: 2 Years Real estate organizations/ affiliations: PA Builders Association, Lehigh Valley Builders Association, NJ Builders Association
What is your most notable project, deal or transaction? The project that I’m currently overseeing – the ground up construction of 122 micro units in Jer- sey City, a deal worth $18.5 million. The product is the first of its kind in that area and is situated in Journal Square which is one of the most up and coming neighborhoods in the Tri State Area. Each unit is 230 s/f and consists of foldable furniture. i.e a murphy bed that folds up to become a couch. The project has given me a crash course in construction, financing & loan servicing as well as life lessons that I’m sure will stay with me wherever I go. Who or what has been the strongest influence in your career? There are two people who have had an incredibly strong influence on my career so far, Billy Procida, CEO of Procida Funding, who took a huge gamble and hired me to work in a profession that he knew that I knew nothing about and Derek Weissman who is my immediate supervisor and friend and has been training me on the ins and outs of Asset Management from day 1. Tell us how and when you began your career in the profession you are in, about your current position and why you choose the field/profession you are in today? It all started when Billy Procida, my now boss, commented on a Facebook picture that my uncle had posted. I was leaving Pakistan for the United States and my mother told me she remembered Billy because he used to do business with my grandfather and hence I should definitely meet up with him when I’m there. Fast forward two weeks and I was sitting in his office in Engle - wood Cliffs, NJ. We spoke for a while about my career and he asked me what I thought about commercial real estate and asset management. I informed him that I had no idea what Asset management entailed besides the literal definition of it. He told me that he saw something in me and wanted me to give this a shot for three months and if either one of us felt that I wasn’t cut out for it we would go our separate ways but I would still always have him as a mentor. Over a year has gone by and now I can’t imagine a life where I’m not working in commercial real estate or doing asset management. Billy and I both took a huge gamble that day and I speak for myself when I say that it for me it handsomely paid off. What challenges and or obstacles do you feel you needed to overcome to become as successful as you are today? Coming from a completely differ- ent culture and having studied Chemical engineering for seven years and then being thrust into the world of commerical real estate – there was no shortage of challenges whatsoever, both in my personal and professional life. The greatest and most important one was getting my confidence back and in turn not feeling like I was a liability to a company that had welcomed me with open arms. Once I was able to do that, everything else sort of fell into place. What is the funniest, most unique situation you have faced/conquered during your career? Or in your life? Our company has a team meeting every Tuesday morning where the whole team sits together, and everyone provides an update on how things are going in their respective departments. In my first ever Tuesday morning meeting I genuinely did not understand a single word of what was being said. It was hilarious. I kept asking myself if I ever would. That day got even worse when I printed about a hundred pages because I thought my su- pervisor wanted me to make a Box folder when he clarified that he meant a box. com folder. Fast forward a year and I’m proud to say that my real estate/finance lingo has significantly gotten better and it’s been quite sometime since I’ve sat in a meeting wondering what on earth is going on. What inspiring word of advice would you give to a young executive graduating from college? It’s okay for things to not go according to plan. Life has a terrible sense of humor and you may end up working in a field you never could have imagined you would be in College. And it’s important to know and understand that there’s nothing wrong with that. You’re not meant to have your life figured out just because you’re now graduating. Keep your mind and your heart open. And most importantly – be kind. MAREJ
What is your most notable project, deal or transaction? My most notable project is a $39mm construction loan for the development of a 200-unit multifamily complex in Middlesex, NJ. Our original loan was a simple $2.5mm bridge loan that we modified twice to a $9.2mm predevel - opment loan which ultimately became the $39mm construction loan. The developers, Massimo and Frank Pinelli of Forte Real Estate Development, were advancing the construction quickly enough that conventional financing could not match their timeline. We can mobilize and capitalize quickly to meet our clients’ needs under a tight timeline. Even with the New Jersey shutdown of non-essential construction, the project is only experiencing minor delays and we were able to fund a draw less than two weeks after construction resumed. We have been able to effectively monitor the progress of the construction with the help of Project Control Associates based out of Morristown, NJ. How do you contribute to your company and / or the industry? Our company is a dynamic team comprised of a tight-knit, intelligent group of individuals looking to make a name for themselves in the industry. We do our best to work effectively while also working collaboratively with the entire team. Everyone strives to make the team better by providing insight, support and criticism throughout the process from due diligence to origination to asset disposition. By incorporating a collaborative process with heightened scrutiny on each division of the firm, we offer a higher level of transparency to our investors while emphasizing our core invest- ment philosophy of investing locally and “doing good for the community and those in it.” Tell us how and when you began your career in the profession you are in, about your current position and why you choose the field/ profession you are in today? My first exposure to the real estate industry was through my first internship with Procida in 2015. It was during this internship where Billy Procida intro- duced me to the tangible, dynamic, and hands-on approach to the real estate industry. After two internships with Procida, I started full-time post-graduation on the Asset Management teammanaging our portfolio of $250mm+ AUM. My decision to choose a career in CRE was driven primarily by the unique nature of each individual deal, the ability to learn every facet of the loan process from due diligence to asset disposition and specialize in lending and investing in the Northeast real estate industry. The positive, collaborative, and work hard, play hard team culture of Procida reinforced my choice. What were some of your early goals and did anything happen to change them? Many of the early goals of my career focused on educating myself on ev- ery facet of Procida’s business, establishing professional relationships with industry professionals, and connecting with our investors through honest and transparent communication. As I continue to learn and grow within the industry, many of my goals remain the same. What outside activities do you enjoy during you free time? I enjoy a nice round of golf, running outdoors, and visiting art museums throughout the Tri-State area. What inspiring word of advice would you give to a young executive graduating from college? Don’t be afraid to ask questions and reach out to professionals and colleagues in your field. Asking questions is the quickest way to further your understanding on a topic or a process in which you don’t have experience. I haven’t experienced any negative feedback when reaching out to real estate professionals looking to connect or understand more about their position in the industry. Most profession- als are happy to offer advice or explain where they fit in the industry and how they’ve achieved success throughout their career. MAREJ
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