Executive Summary

Founded in 2010 by real estate veteran Peter Smolenski and private equity expert Stanley Pillman, Logan Ventures I, LLC (Logan Ventures) is a $50 million real estate fund created to make opportunistic investments in distressed commercial and multi-family real estate. The company targets properties of $10 million or less -- an area chiefly ignored by larger funds and one that can be profitable as a diverse portfolio that protects the investor’s downside risk. Most properties are in the Chicago metropolitan area, although up to 20% of the portfolio may be acquired nationally.

Logan Ventures’ business model includes acquiring assets that can be repositioned with appropriate renovation and professional management, and holding them from three to five years. The fund purchases, leases, and renovates properties on an all-cash basis. A key component of the business plan is to introduce a moderate level of debt across the portfolio.

The morass of recent foreclosures makes it difficult for banks to find time for discussions with anyone other than their already-established relationships. Mr. Smolenski’s and Mr. Pillman’s combined 60 years of experience in all phases of the industry enable them to draw on the right contacts to source deals. An experienced team of lawyers, accountants, property managers, and construction workers executes a tight business model with discipline, efficiency, and the nimbleness of a company whose principals are hands-on.