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Wheelock Street Capital

a real estate

investment firm.

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About Us

Wheelock Street Capital L.L.C. is a private real estate investment firm founded in 2008 by Merrick R. Kleeman and Jonathan H. Paul and headquartered in Greenwich, CT and Boston, MA. Wheelock focuses on real estate investments throughout North America and will invest in both public and private market opportunities and in all parts of the capital structure. The firm is a trustworthy source of capital for borrowers seeking to recapitalize overleveraged properties and portfolios. Our capital funding gives us the flexibility to pursue investment opportunities of all sizes, from single assets to corporate or portfolio investments of over $1 billion. Backed by established institutional capital, Wheelock has raised three funds to-date, the latest of which closed in June of 2012 with $525 million in capital commitments.

Alongside extensive capital markets and investment management expertise, Wheelock has developed deep internal operational and management capabilities in targeted asset classes to provide a competitive advantage in its chosen areas of focus. This vertical integration of investment and real estate skill sets provides Wheelock with the flexibility to work with or without local partners, to react quickly to changing fundamentals or investment opportunities and to maintain hands-on involvement at each stage of the investment process. Current focus areas or “Verticals” include Hospitality, Retail, and Residential Land & Homebuilding, although the firm looks opportunistically at all asset classes. Wheelock employs an experienced team of investment professionals with offices in Boston, New York, Greenwich, Tampa and the DC area.

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Our Philosophy

Wheelock’s primary goal is the protection and growth of its limited partners’ capital. We seek to achieve this through a disciplined investment approach and thoughtful underwriting. We are a focused firm; our goal is to do fewer things, better. We won’t take on more than we can handle well, despite the promise of greater firm profitability. This allows us to give each investment the attention it requires and to remain accessible to our important relationships at every level of the organization. We invest in asset types and locations we understand through experience, and in situations where the firm’s expertise and relationships provide it a competitive advantage.

Wheelock seeks to align its interests with those of its investors and partners through careful structuring and the co-investment of meaningful amounts of employee capital. In the marketplace, Wheelock looks for likeminded partners who share our investment philosophy and our commitment to integrity. Once identified, we welcome repeat business with trusted partners and intermediaries.

Wheelock invests a significant amount of time and energy in the front end of every investment process. The goal is to significantly reduce the chances that unforeseen events arise during the formal due diligence process. We believe this makes Wheelock a better and more reliable buyer and partner.

Wheelock has recruited a strong team of investment professionals and created an organizational structure which encourages and rewards performance. The absence of rigid hierarchies and a collaborative approach to decision making promote internal debate, foster intellectual honesty and ensure the best ideas are identified, regardless of where they originate. A true partnership structure ties a significant share of compensation to the long term success of the firm and gives employees at all levels a vested interest in Wheelock’s performance.

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Our Strategy

Wheelock pursues a highly focused, fundamentally-driven investment strategy.

The firm believes that having in-house, specialized operating and management expertise is a critical element of its strategy. To this end, Wheelock has built proprietary operating platforms (“verticals”) in its chosen areas of focus. The verticals give Wheelock a competitive advantage in identifying value, driving operating performance and working seamlessly with local operating partners.

Current verticals include:
Hospitality
– Overseen by Patrick Campbell, who previously ran Acquisitions and Asset Management for Highland Hospitality Corporation before it was sold for $2.0 billion in July of 2007 and had extensive hotel operating experience before that while at Crestline and Bristol Hotels and Resorts.

Residential Land and Homebuilding – Overseen by Dan Green, the former head of Land and Acquisitions for the eastern United States at KB Home, one of the country’s five largest homebuilders.

Retail – Overseen by Joyce Storm, a 29-year veteran in the retail space whose experience includes the acquisition, development, management, disposition, and leasing of regional/super regional malls, urban infill, single tenant, lifestyle properties, retailer’s portfolios and power centers. She was most recently a principal of Storm Partners LLC.

Other Asset Classes – Wheelock pursues opportunistic investments in other major real estate asset classes including office, multifamily (including student housing), and mixed-use.

While the firm will focus on its verticals, the team will continue to be opportunistic in other asset classes and may establish additional verticals as market conditions evolve. An example of this is the recent addition of our Retail vertical which was formed to capitalize on increasing opportunities in this asset class.

While Wheelock has no formulaic approach to investing, the firm seeks opportunities which exhibit characteristics common to successful real estate investments, including quality of micro location, barriers to new supply growth, high quality assets in strong markets and out of favor opportunities where the firm can build a reasoned, contrarian viewpoint. Wheelock uses a disciplined, research driven investment process to identify opportunities exhibiting these characteristics and is prepared to make concentrated investments in such situations.  The firm begins with in-depth macroeconomics analysis to identify asset classes, geographies and parts of the capital structure that it believes will outperform in the current economic environment. Wheelock combines detailed fundamental real estate analysis with deep in-house operation and financial expertise to source and execute on the best opportunities within its areas of focus.

The founders’ experience in completing large transactions while at Starwood Capital, Rockpoint Group and Westbrook Partners provides Wheelock with the capability to executive on large portfolio deals or public company opportunities.  The firm is comfortable and has experience dealing with both stable and distressed situations, will consider joint ventures with like-minded industry participants, can work with or without local partners and is flexible about participating through subordinate debt, preferred or common equity.  The firm is also a trusted capital source for borrowers seeking to restucture overleveraged situations.

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Meet the Team

Wheelock has recruited a strong team of investment professionals.

Click a team member below to view bio:

Merrick “Rick” Kleeman Managing Partner
Jonathan H. Paul Managing Partner
Patrick W. Campbell Principal
Daniel B. Green Principal
Jeffrey S. Laliberte Principal
Joyce Storm Principal
Ayesha M. Menon Senior Vice President
James B. Eberhart Vice President
Timothy R. Hodes Vice President
Lawrence D. Settanni Senior Vice President, CFO
Al Hatfield Senior Vice President
of Asset Management
Evelyn Nicola Vice President
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IN THE NEWS

Wheelock Street Capital acquires second master‐planned community in Dallas‐Fort Worth metro
― January 2014
Wheelock Street Capital Acquires 547-key Dallas/Addison Marriott Quorum by the Galleria
― December 2013
Wheelock Street Capital Acquires Six Hotel 703-Room Select Service Portfolio
― July 2013
Wheelock Street Capital Ramps Up Retail Investments with the Hiring of Joyce Storm
― June 2013
Wheelock Street Capital Buys Prime Downtown Naples Land
― March 2013
Wheelock Street Capital Acquires California and Florida Properties
― January 2013
Wheelock Street Capital acquires 297-room Hilton Houston Westchase
― January 2013
PERE ranks Wheelock Street Capital amongst the top emerging managers
― December 2012
John Wieland Homes and Neighborhoods Announces Transaction with Wheelock Street Capital
― November 2012
Wheelock Street Capital acquires 15 hotels in two separate transactions for an aggregate purchase price of $221million
― September 2012
Wheelock Street Capital Acquires Marriott Pleasanton Hotel in Pleasanton, CA
― August 2012
Wheelock Street Capital Acquires Canyon Falls in Dallas-Fort Worth
― July 2012
Wheelock Streeth Capital holds final closing on first $525 million Commingled Fund
― July 2012
Wheelock Street Capital acquires DoubleTree Suites by Hilton Hotel Houston by the Galleria
― Houston, TX, February 2012
Wheelock Street Capital Acquires Remaining Lots at Anthem Highlands and Anthem Ranch Communities
― Anthem, Colorado, January 2012
Pulte Offloads a Denver Tract to End 2011
Wheelock Capital’s Colorado Buyout Accentuates Larger Strategy
Wheelock Street Capital Acquires Traditions at Heritage in Wake Forest, NC
― Wake Forest, NC, November 2011
Wheelock Street Capital completes acquisition and conversation of the former Renaissance Agoura Hills into the Sheraton Agoura Hills Hotel in Agoura Hills, CA
― Agoura Hills, CA, July 2011
Sheraton Debuts in Agoura Hills, California
Wheelock Street Capital Acquires Terrace View Apartments
― Blacksburg, VA, July 2011
Wheelock Street Capital Acquires Stillwater Ranch in San Antonio, TX
― San Antonio, TX, May 2011
Wheelock Street Capital Acquires Hyatt Westlake Plaza in Thousand Oaks, CA and Courtyard Sand Diego Downtown in San Diego, CA
― CA, May 2011
Wheelock Street Capital Acquires Residential Portion of Randal Park in Orlando, FL
― Greenwich, CT, November 2010
Wheelock Street Capital Acquires the Canyons of Sweetwater, in Austin, TX
― Greenwich, CT, November 2010
(Reuters) Homebuilders hover as Wheelock buys Austin land
― Austin, TX, November 2010
Wheelock Street Capital partners with McGuyer Homebuilders
― Houston, TX, April 2010
Wheelock Street Capital teams up with Houston-based McGuyer Homebuilders
― Houston, TX, April 2011
Wheelock Street Capital Acquires Radisson Hotel next to Mall of America
― Bloomington, MN, April 2010
Wheelock Street Capital provides financing for Ashford Hospitality hotel portfolio
― Dallas, TX, November 2009
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Contact Us

Headquarters

Greenwich Office
660 Steamboat Road, 3rd Floor
Greenwich, CT 06830
P: 203.413.7700

Boston Office
500 Boylston Street 16th Floor
Boston, MA 02116
P: 617.619.3100

Satellite Offices

Tampa Office
4030 South Pipkin Rd
Suite 100
Lakeland, FL 33811
P: 863.619.9009
Ext. 1020

Washington DC Office
11710 Plaza America Dr.
Ste 2000
Reston, VA 20190
P: 703.871.5020

New York Office
500 Fifth Avenue
Suite 1815
New York, NY 10110
P: 203.413.7700


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