Jeff Fastov.
Jeff Fastov
Senior Managing Director, Credit Strategies at Square Mile Capital Management
What’s the one thing you wish you’d known in March 2020 that you know now?
That some things will never be understood, but that doesn’t mean you shouldn’t buy bitcoin!
Pick your poison (and tell us why you’d drink it): retail or hospitality?
For the most part, regular business hotels (non-super tankers) will be business hotels and pretty much look like they always have. Less sure what the new paradigm in retail will be.
Where are you seeing the most competition for deals today? What’s the greatest weapon in your bidding arsenal?
Competition is a fact of life. We compete by helping borrowers across their entire business.
New York City: “I want to be a part of it”?
Don’t ever bet against New York, New York — maybe just against pricey retail and tired office. There’s a reason folks keep coming back and the city keeps reinventing itself. For example, it feels like tech has the entrepreneurial spirit that old-school tech markets used to have more of.
Are you adding life sciences deals to your loan portfolio? Why or why not?
Yes. We’ve liked the space for a while across stabilized, value-add and construction loans. It’s important the physical aspects make sense for specialized tenants and that the sponsor has experience in the space.
Is SFR here to stay as a CRE asset class? Why or why not?
Seems so. In the old days, if you didn’t have money to close on a house, but still needed a backyard for your dog or your daughter, you were out of luck. Not anymore.
What’s the most important initiative President Biden can implement for the real estate industry?
The country is like an office building: [Capital expenditures are] more than you think, but must be dealt with or else … infrastructure.
What keeps you up at night?
Just chomping at the bit to get to the office and make a loan.
Lightning Round
Stabilized or transitional assets?
Transitional mostly.
First work trip post-COVID?
Texas.
“Ted Lasso” or “The Morning Show”?
“Ted Lasso.”
Peloton bike or outdoor cycling?
Outdoor.
“If I hadn’t pursued a lending career I’d be …”
Fighter pilot.
