8D — February 9 - 22, 2018 — 30 Under 30 — M id A tlantic
Real Estate Journal
www.marejournal.com
30 U nder 30 Zak Klinvex, Post Brothers Most notable project, deal or transaction: The Atlantic located in Center City Philadelphia
hat is your most notable project, deal or transac- tion? It’s hard to pick one, but the one that I’d say I poured the most of my heart and soul into was the closing of the construc- tion financing for The Atlantic. The Atlantic is the redevelop- ment of an office building in a “Main and Main” location in Center City Philadelphia into what will be the premiere, market-leading residential rental building in the city when it is complete. As with a typical Post project, we aimed W
and managed to such a degree of excellence that we would shatter the existing top of the market rents in the city by 15%. After several appraisal rebuttals, cherry-picking of ‘comps’, and explaining that “our rents cannot be derived by simply taking the average of a comp set…because there are no comps!”, I eventually got the buy-in on the rents and value that we needed. I also worked diligently to manage two lenders through the com- plexities of a construction loan closing at a time when lenders were beginning to pull back
on construction loan financ- ing and had concerns about multifamily supply in the city. We are now under construc- tion, have Historic Tax Credits closing imminently, and are confident that, as has been the case with every one of our pre- vious projects, we will beat our projected rents and the project will be immensely successful. The road to get here has been full of doubters - our transac- tions and financings are never cookie-cutter deals where a simple checklist will suffice, however getting to the closing table on this one, and getting others to share in our vision, was particularly difficult in this case. How do you contribute to your company and / or the industry? My responsibilities include sourcing prospective acquisi- tions, leading our analyti- cal team on the vetting of prospecting acquisitions, and heading all of the financial modeling and compilation of investment materials. As I continue to grow to be more independent and alleviate pressure and responsibility from our president, my role is growing into one of high-level deal structuring, development of business plans, and equity raising. Who or what has been the strongest influence in your career? Cliché, but Matt and Mike Pestronk, the principals of my company, have been in- strumental in both shaping the way that I think about real estate and accelerating my professional development. There is a stark contrast be- tween what one can learn from textbooks and how the real es- tate game actually works - I’ve had the privilege of spending my work days being mentored by and learning fromMatt (the deal structuring, financing, and investment guru) and his brother Mike (the devel- opment visionary and glue of the company), who have been tremendously successful in the realm of “how it actu- ally works.” They have given me more responsibility than I often thought I deserved, but their philosophy of trust- ing and instilling confidence in young, motivated people throughout their organization has been a springboard for my development, as well as the development of my peers. n
Zak Klinvex Director of Acquisitions
Years with company/firm: 4.5 Years in field: 6 Years in real estate industry: 6
to build a best-in-class build- ing, with the highest rents in the submarket. In the case of The Atlantic, we needed to convince all parties (equity investors, historic tax credit
investors, senior lender, mez- zanine lender, appraisers, etc.) that our project was so well located and would be built to a standard never seen before in Philadelphia, and leased
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