Ep. 75: The Goal is to Make Money, but the Job is to Manage Risk, with Mike Coen

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Lance is the Founder and Managing Partner of Verivest, an end-to-end real estate investment platform designed to bring transparency and trust to middle-market investing, and a Principal in Fairway America, a real estate private equity firm in Portland, Oregon.

Mike Coen of Procida Funding manages Procida’s 100 Mile Fund, an open-ended private investment vehicle focused on deals within a 100 mile radius of New York City. As a highly data-driven team, Procida lets the numbers drive the nature of its portfolio—Lance and Mike talk about how this flexible approach helps mitigate risk. Mike preaches his team’s laser focus on local markets, and why after 40 years, this also allows Procida key advantages in mitigating risk. (The proof has come in the form of consistent returns). Mike and Lance discuss Procida’s hands-on, collaborative process to dealmaking, their approach to using leverage, and the importance of day-to-day management of the assets.

This Week’s Guest

Mike Coen joined Procida Funding and Advisors in June of 2015. Mike serves as Vice President of Loan Syndication and plays a key role in the syndication and distribution of the Fund’s loan portfolio. Coen facilitates in the underwriting, structuring, and execution of syndicated real estate loans seeking to maximize the Fund’s yield while mitigating risk. Mike continues to expand the investor base among banks, funds, and other investment partners.

Prior to joining Procida, Mike help manage a portfolio of distressed commercial and residential real estate assets at NRT REO Experts. Mike worked closely with other nationwide asset management companies servicing clients including JP Morgan Chase, Capital One, and Bank of America and generating a liquidation value of more than $670 million. Mike served as a key member of the division with $300 million in assets under management, directly overseeing 300+ loans.

Mr. Coen completed his Masters in Real Estate Development (MSRED) at Nova Southeastern University in addition completed NYU’s Schack Institute of Real Estate Professional Certification in Real Estate Finance.

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Episode 75