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David Aviram
Co-Founder and Principal at Maverick - Private Equity Firm Investing in NYC Real Estate Credit - Leveraging Proprietary Data and Algorithms to Uncover Hidden Investment Opps and Price Risk
David Aviram is a highly accomplished real estate professional and co-founder of Maverick Real Estate Partners LLC, a private equity firm specializing in distressed debt investments in New York City's commercial real estate market.1
Background and Education
Aviram holds an MBA with a focus on Real Estate Finance from Columbia Business School and a Bachelor of Arts in Philosophy, Politics, and Economics (PPE) from the University of Pennsylvania.3
Career Path
- Bloomberg LP: Aviram began his career in analytics and sales.
- Eastdil Secured: He then worked as a Vice President, gaining expertise in real estate transactions and investments.3
- Maverick Real Estate Partners LLC: In 2010, Aviram co-founded Maverick with Ted Martell, a fellow Columbia Business School alumnus.13
Maverick Real Estate Partners
Under Aviram's leadership, Maverick has:
- Closed nearly 200 distressed debt investments across New York City's five boroughs.1
- Developed proprietary algorithms and data infrastructure to identify and analyze distressed real estate opportunities.12
- Grown to manage nearly $1 billion in investments.1
Expertise and Approach
Aviram is known for:
- Leveraging data and technology to uncover hidden investment opportunities and price risk in real estate credit.
- Cold-calling and relationship-building skills, which were crucial in Maverick's early days.1
- A strategic approach to distressed debt investing, often finding unique angles to acquire assets.3
David Aviram's journey from a philosophy student to a successful real estate investor showcases his adaptability, strategic thinking, and entrepreneurial spirit in navigating the complex world of commercial real estate finance.13
Highlights
It’s clear that we’re still in the early innings of this distressed cycle. Glad to have contributed to this Reuters article.
"Extend and Pretend" has become "Delay and Pray".
Loan extensions are far more difficult to accomplish today because declining property cash flows can no longer cover rising debt service. Banks need borrowers to make meaningful pay downs to right-size their loans, yet few borrowers have the will or ability to do so.
To prevent further erosion of their balance sheets, regional banks have tried to sell these sub-performing loans. Yet after receiving bids of 30% to 70% of unpaid principal balances when they were expecting to sell near par (100%), they've pulled their sales from the market.
Their actions are logical. If they sell assets today at big discounts, it completely wipes out what little loan-loss reserves they had, and would likely lead to a stock price plunge or worse... a run on the bank. I mean, virtually their entire loan books are held at par, while they couldn't even sell their low risk loans at that level (they've tried that too)!
Yet if they #delay, they can at least #pray for better days ahead. The problem is that the more time that passes, the more bad loans will pile up - even if rates drop over the next year as expected.
In a true Catch-22, many regional banks are damned with either path they take. The tipping point will come... for some banks sooner than others. Their regulator will take over, or they'll get gobbled up by their larger competitors. That we can bank on...
Until then, keep your fingers crossed and say your prayers!
#delayandpray #regionalbanks #loansales #banking
