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New Trier's Name Recognition

Chicago
New Trier's Name Recognition

Michael Hoffenberg - Trevian Capital - Real Deal

New Trier High School's notoriety extends beyond the North Shore, and a new NYC financial firm is looking to capitalize on the name recognition. Founded by Wilmette native Michael Hoffenberg, Trevian Capital (named after New Trier's mascot) is a direct lender focused on short-term (six month to two year) middle market ($1M to $30M) bridge loans, especially in the Chicago area and broader Midwest. (Unless it has competition from a financial firm calling itself Wildkit Investments.)He saw a hole in the Midwest for unconventional and flexible CRE financing that the banks shy away from: time-sensitive deals, partnership buyouts, bad credit situations, discounted payoffs, etc. Trevian plans to originate $150M in bridge loan opportunities within the next 18 months.

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It'll lend on multifamily, office, retail, industrial, student housing, medical office, and condos, Michael says. Since launching in December 2012, he's funded over $20M, including $15.8M on 322 apartment units in the Chicagoland market (Elgin and South Haven, Ind.). As $1.2 trillion in CRE debt matures by 2017, a tremendous amount of loans will need to be refinanced or sold at a discount, creating opportunity.Michael plans to open a satellite River North office in July and says New Trier (pictured) has been a great conversation starter, letting Chicagoans know he's not just "another New York guy." Did we mention company colors are red, black, and white? (Let's get a win tonight, Bulls!)

Related Topics: Trevian Capital, New Trier