AFIRE Podcast #54: Recasting Risk and Return

The investment community can have an active role in an equitable economic recovery—but it will require the necessary discomfort of recasting the traditional risk/return framework.

Recessions typically put a hard stop to development. Shrinking economic activity, loss of jobs, and uncertainty about the recovery make it more challenging for developers and lenders to greenlight projects. But this pandemic-induced recession is different, because the supply/demand balance heading into it was not too out-of-sync with economic realities, and the amount of leverage in the ecosystem was not too onerous. More importantly, the pandemic and the uneven K-shaped recovery have magnified and laid bare some deeply ingrained systemic deficits in housing, healthcare, education, retail, and other services for minority and other disadvantaged communities.

In this episode of the AFIRE Podcast, Robert Jue, Jerome Nichols, and Shubhra Jha of Standard Real Estate Investments discuss how inclusive development that lifts up overlooked communities is sustainable, equitable, and profitable—not just by the metrics of traditional financial results but, more importantly, by creating true social impact.

Listen now on your favorite podcast service (Apple, Google, Spotify) for the full episode.

This podcast is based on the article “Recasting Risk and Return” from Summit Journal. Read and download the article here.

FEATURING

Robert Jue is the CEO at Standard Real Estate Investments. Prior to forming Standard Real Estate Investments, Robert was a Senior Managing Director with CBRE Global Investors where he was the Portfolio Manager of a successful ten-year fund franchise, Head of Development Investments in the Americas, Co-Chair of the Americas ESG Committee, and a member of the Americas Leadership Board.

During his time at CBRE Global Investors, Robert also served on the board of directors for Wood Partners, a vertically integrated multifamily development and operating company. He has 17 years of experience in the real estate industry and started his career as an appraiser with CBRE. He earned a BA in Economics from UCLA.

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DISCLAIMER

The publisher of AFIRE Podcasts is not engaged in providing tax, accounting, or legal advice through this publication. No content published in the AFIRE Podcast is to be construed as a recommendation to buy or sell any asset. Some information included in the AFIRE Podcast has been obtained from third-party sources considered to be reliable, though the publisher is not responsible for guaranteeing the accuracy of third-party information. The opinions expressed in the AFIRE Podcast are those of its respective contributors and sources and do not necessarily reflect those of the publisher.

QUESTIONS?

Benjamin van Loon, Communications Director
bvanloon@afire.org | +1 202 312 1405

Jerome Nichols is the President at Standard Real Estate Investments. Previously, Jerome was a Senior Director with CBRE Global Investors where he led development investment sourcing in the Americas. He served as Deputy Portfolio Manager for the firm’s development fund series and Chair of the Americas Social Impact Committee.

Before joining CBRE Global Investors, Jerome worked in multifamily acquisitions with Capri Capital Partners, a Chicago-based real estate private equity firm. He began his 14-year real estate career in Washington, DC with The Bozzuto Group, a vertically integrated multifamily development and operating company.After earning a BS in Business from Wake Forest University, Mr. Nichols was a professional athlete with the NFL’s Green Bay Packers and Washington Football Team. He holds an MBA from the University of Chicago Booth School of Business and is an alumnus and active supporter of the Robert Toigo Foundation. 

Shubhra Jha is a principal at Standard Real Estate Investments. Previously, she spent over 17 years at CBRE Global Investors as a Senior Director and Americas Investment Research Team Leader. In this role she covered all property types in 60 major North American MSAs and supported underwriting efforts for all real estate transactions. Prior to joining CBRE Global Investors, Shubhra spent 3 years at RCLCO as a senior associate and previously worked as an architect

Shubhra is also actively involved in National Multifamily Housing Council (NMHC), National Association of Industrial and Office Properties (NAIOP), International Council of Shopping Centers (ICSC) National Council of Real Estate Investment Fiduciaries (NCREIF) and Pension Real Estate Association (PREA). Shubhra received an MPL/MRED from the University of Southern California, as well as an BArch from the School of Planning and Architecture (India).