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| A fund that will act like a private REIT will have the have the help of current and former professional hockey players.John Zakhem of Denver is combining his business associations and friendships with professional athletes to launch his brokerage and investment companies.
Among the clients who have already used the services of Zakhem and Co., the real estate and mortgage brokerage company started by he and his brother Mike, are professional hockey players Rob Blake, Alex Tanquay, Dan Hinote and Peter Forsberg. “It absolutely helps (in business) that I know the guys,” Zakhem told MortgageDaily.com. “When the guys are out of town, they only trust certain people to look out for their property. It gives us some credibility working with the athletes and helping manage their real estate.” Zakhem is also recruiting the hockey players — former and current members of the Colorado Avalanche — as well as other professional ballplayers and wealthy individuals to put money into Zinc Financial, which will act as a private equity fund investing real estate deals around the country. Investors must have a net worth of at least $1 million to get in the door. “It will act like a private REIT,” short for Real Estate Investment Trust, Zakhem said. “We’ll be investing in mostly commercial properties in depressed parts of the country, properties that we can add value to. “These guys don’t have time, effort or energy to manage a real estate portfolio,” he said. “But they want to invest … so we figured why not create a real estate portfolio that can growth their net worth, and we’ll manage it.” Zakhem previously worked in the mortgage business but made most his contacts in the sports world while working as a financial advisor for Merrill Lynch. He’s using the experience from both jobs — the mortgage business and the investment world — in his new ventures. Zakhem and Co. will hire eight to 10 brokers to start out as well as experienced backroom operation. “I want to hire seasoned people,” he said. “We plan to have a niche in high-end real estate and finance. I want to be involved day-to-day in the private equity fund … so ideally our vision is to hire seasoned, experienced brokers who can build this business.” Zakhem calmly predicts business of $40 million to $50 million in the first full year of operation with a goal to hit $100 million in loan volume. “I did (the mortgage business) before Merrill Lynch,” he said, “so both of these companies are a good fit for me.” |
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Patrick Crowley is a feature journalist and blogger for MortgageDaily.com. He is also a reporter, blogger and columnist for The Cincinnati Enquirer. |
