Jack Goldberg, 28
Director of equity at Time Equities
Jack Goldberg calls himself a “closer of investments.” In the face of sky-high interest rates, Goldberg has lived up to his moniker, often resorting to creative tactics to get deals over the finish line. Along Chicago’s Michigan Avenue, Time Equities, in partnership with JK Equities and Oak Capitals, had scored a $300 million construction loan for a 738-unit luxury rental building in 2021. The following year, the joint venture needed another $72.5 million to complete the tower. The traditional route would have entailed securing a mezzanine loan or taking on additional equity to complete the capital stack.
But Goldberg’s team noticed a need from Time Equities’ 1031 exchange investor network to reallocate their proceeds during the height of the seller’s market. So the team crafted a sale-leaseback of the development’s site to 1031 investors. The deal “required a lot of effort and education for our investor base because it was just such an atypical structure for 1031 exchanges,” Goldberg said. Earlier this year, the development topped off at 73 stories. “It’s going to be a traditional rental tower that’s going to be one of the largest, tallest new projects in Chicago — certainly a skyline changer,” Goldberg said.
“It wouldn’t have been able to get completed without us raising that $72.5 million from our investor base,” he added.
Goldberg has used his creativity to close smaller deals, too. To acquire a 920,000-square-foot industrial complex just outside of Tampa, Time Equities raised about $30 million from both cash and 1031 exchange investors. But hurdles quickly arose. The lender kept changing the loan amount, and the property had 20 different tenants, including cannabis producers. The lender felt uncomfortable funneling cash to property because the drug remains illegal on the federal level.
Goldberg ultimately closed the deal by splitting it into two. The investors acquired 90 percent of the pro rata share, and Time Equities purchased the remaining 10 percent all cash without the lender for the cannabis facility. “I’m really proud of that one because we got it done with some sheer determination, focus, teamwork and, of course, the late nights and early mornings,” Goldberg said.
