Tzadik Management Closes on $80M Refi

Tzadik Management Closes on $80M Refi

MULTIFAMILY
HOUSING NEWS

Press Release

The company secured permanent financing for two apartment portfolios totaling 1,100 units in Sioux Falls, S.D.

Tzadik Management has closed on an $80 million refinance of two apartment portfolios with a total of 1,110 units in Sioux Falls, S.D. The company acquired the portfolios, which span 22 communities, in 2018 and 2019, successfully repositioned them and was able to capitalize on the current low-interest rate environment by securing permanent financing.

Tzadik purchased the first portfolio in the state’s most populous city in October 2018 with a bridge loan and subsequently oversaw $5 million in capital improvements, with another $4 million planned to be completed in the next year. The firm picked up the second portfolio in March 2019.

The Miami-based company, which has managed more than $1 billion in apartment communities and 19,000 units in more than 20 states since its inception, decided in 2018 to invest in markets that had not previously been affected by economic downturns. Tzadik noted in a statement that the company was able to maintain 97 percent physical attendance across all its offices, including corporate offices, as an essential business during the coronavirus pandemic.

The company rolled out a number of distancing and sanitation measures in order to remain open and keep its staff on-site, including offering virtual communication options, virtual movie nights and Facebook group chats for residents and providing all its office visitors with sanitizers and masks. In a statement earlier this month, Tzadik said that it offered physical property tours, but made sure to keep at least 6 feet of distance between every person.

The company also provided a small internal pay stimulus to its employees to help them through financial difficulties caused by the pandemic and its associated economic shocks.

Kathy Hopkins

Quotes

“If your actions inspire others to dream more, learn more, do more and become more, you are a leader.” – President John Quincy Adams

“Out of your vulnerabilities will come your strength.” – Sigmund Freud

Fun Facts

  • Coffee and IPhone Fanatic
  •  

 

Kathy Hopkins

Kathy’s love of the law brought her to her career in Real Estate.  She attained her Paralegals decree after high school, going to work for an attorney for several years.  A Commercial Real Estate company recruited her to work in their leasing and marketing department for large shopping centers.  After a move to Alabama, Kathy joined a property management firm as a multi-site property manager learning rural development and tax credit. During this time, she was awarded property manager of the year 2 times for her efforts of leasing “hard to lease” properties in rural areas.  On her return to Florida, she continued to work as a property manager for a national company, coming to Tzadik in August of 2016 as a Property Manager.  Attaining her CAM in 2019 was on her list of goals to achieve.

Kathy’s hard work and diligence lead to being promoted to Regional Manager, she continues to strive for the team as well for herself, offering support and professional guidance to the five properties in the Daytona portfolio.   

Tzadik Managment Provides Essential Service during Coronavirus Pandemic

Tzadik Managment Provides Essential Service during Coronavirus Pandemic

YAHOO FINANCE
Press Release

Tzadik Management has been developing communities across the country since before the 2008 recession. Tzadik Management’s Adam Marcus Hendry explains that the company’s major focus is to create communities that are ideal for citizens, with the perfect combination of life, work, and play. However, during the Coronavirus pandemic, Mr. Hendry and Tzadik Management have taken a shift in priorities.

MIAMI, FL / ACCESSWIRE / May 2, 2020 / Tzadik Management has been developing communities across the country since before the 2008 recession. Tzadik Management’s Adam Marcus Hendry explains that the company’s major focus is to create communities that are ideal for citizens, with the perfect combination of life, work, and play. However, during the Coronavirus pandemic, Mr. Hendry and Tzadik Management have taken a shift in priorities.

“Right now, we’re focused on keeping our residents informed and aware,” Adam Marcus Hendry says. “We’re also offering activities for residents and are actually hiring new employees to aid our resident communities. We refuse to let our Core Values slide.”

Adam Marcus Hendry explains that Tzadik Management has been keeping 100% of the staff physically on-site to help in case of emergencies and is even providing new employment opportunities in all regions. The company’s corporate site in Miami is also still showing up to work, helping set the example for teams onsite. However, Mr. Hendry says the company has had to implement a number of social and sanitation measures to remain open during these times.

“We want our residents to feel safe communicating with us whenever needed. That’s why we always keep at least 6 feet of distance between every person, are constantly sanitizing, and are offering a number of virtual communication options, so residents never have to feel at-risk,” Adam Marcus Hendry says. These distancing measures extend to prospects as well, with the company not shying away from physical tours.

Tzadik Management’s ability to accommodate residents without adequate technology is evident by their door-knocking procedures. “Our team knocks on doors, while maintaining adequate social distance, to check on residents and provide services such as rent collection and work orders that they otherwise wouldn’t have been able to convey,” says Adam Marcus Hendry.

The management company provides all of its office visitors with sanitizer and masks. It is also providing a number of virtual events for its residents in an effort to keep them entertained, safe, and communicating throughout the pandemic. Adam Marcus Hendry and his team have created a virtual movie night, Facebook group chats, and a number of other social distancing events to keep people engaged and involved in their communities.

Adam Marcus Hendry and Tzadik Management have been praised for their Core Values, and during the pandemic, these values are being shown more than ever. Mr. Hendry has even provided a small internal Tzadik stimulus “Hero Pay” to help his employees during the financial difficulties of the COVID-19 pandemic.

The company’s Core Values include Building Lasting Relationships, Never Stop Growing, Keeping Each Other Informed, Succeeding Together, Being Financially Responsible, and Making It Happen at all times. The company has kept these values at the forefront throughout the pandemic, and Adam Marcus Hendry states that they’ll continue to do so.

“We encourage our residents to contact us whenever they have concerns because we will always do our best to help,” Mr. Hendry concludes. “We’re all in this together, and at Tzadik Management, we refuse to leave anyone in the dark.”

The Snowflake Bubble

The Snowflake Bubble

THE
SNOWFLAKE BUBBLE

The Musings of a Concerned Multi-Family Professional

– Adam Marcus Hendry

March 17, 2020

The Millennial Snowflake Bubble

The Coronavirus is the pin, and the balloon is exploding with Snowflakes.  I showed my initial write up to my wife and she thought I should soften it up.  She’s probably right, but then again why write another article everyone has already read? Sometimes medicine tastes terrible but you gotta take it anyways.

 

Let’s start off and say if you look at this from a market and history perspective, it is the same thing, again.  Yes, really.  When the market implodes, panic, and hysteria ensues.  Sound Familiar?  The Panic of 1819, 1837, 1857  1873… 1918 Spanish Flu, H1N1, Zika and on and on and these are only a few.  The list is literally endless.  What a short memory we have because, “this one is different.”  Um, no it’s not just check Wikipedia(kidding). Well actually, there is a major new problem…Snowflakes!  I thought Global Warming was going to cure that…. can I even say that?

 

Anyway, many Millennials grew up with participation trophies, and now over the last 10 years grew up in a super bubble where getting a job has been pretty easy.  They haven’t had to navigate difficult issues, and always put what is recently socially acceptable over business practicality.  Not to mention the bull market over the last 40 years, parents of Snowflakes and Snowflakes themselves are now in a rude awakening.  Did I seriously hear “but we will just work from home?”  Companies executives I have spoken with, who this month have employees working from home, are seeing productivity (think revenue) drop over 50% just in March!  Working from home means your new participation trophy is being fired remotely.

 

If this all sounds harsh, it is basically just reality setting in.  Millennials are leaders now, politically speaking, around the world as well as in many companies.  Leadership isn’t easy, it is about navigating uncharted waters, making tough decisions, and having a mature long-term perspective.  This article isn’t about being sympathetic to the existing situation, or delving into the medical assessment of the Coronavirus (I’m fully aware of Immuno-compromised and elderly people being at risk), because quite frankly the media has already spun enough end of the world hysteria that the economic drop is becoming a self-fulfilling prophecy.

 

Hello!  What do you expect if no one shows up to work?  The Corona Virus will eventually and probably be cured in the near future; however the current economic and business decisions will lead to certain (financial) death.  Millennials are now 50% or more of the work force and unless medically statistically speaking something changes, usually not at risk from COVID-19.  During work hours, Millennials are doing laundry, playing video games, drinking (craft) beer, and watching Netflix in record amounts now…. you think this is economically productive?  Snowflakes have now turned their apartments back into adult college dorms.

 

At Tzadik our motto as of recent has been “business as usual.” Seriously, we are talking about people’s homes!  Being in property management we take very serious providing housing for our residents, and have double downed on our commitment to do our best given what seems to be terrible political and business decisions being made by worldwide leaders.  The Snowflake generation needs to wake up. This is nothing compared to World War 1 or 2, as simply working is 80% of success and no one is shooting at you.  Being a Millennial myself, I think we need to show a backbone and not dissolve into nothing at the first challenge we’ve endured in our professional careers.  As I’m typing this from my office, I’m thinking of a word from numerous Asian languages where the word for a “Crisis” is both an Opportunity and a Disaster at the same time.  Don’t be a Snowflake, be a throwback Millennial, let’s show everyone what we are made of.

Maria Perez

Quotes

“If you don’t know where you’re going, you’ll end up someplace else” – Yogi Berra 

Fun Facts

Loves to Travel! (favorite destination so far is Croatia)
Loves Paddle Boarding and Jet Skis
Favorite Author is Jane Austin

 

MARIA PEREZ

 

Maria Perez is Tzadik Management’s Vice President of Finance and Accounting. With Tzadik since 2019, Maria oversees all aspects of the accounting department, working diligently to implement effective and efficient processes that are conducive to Tzadik’s evolving business practice.

After graduating with honors from the University of Central Florida, Maria took her accounting prowess to the world of Public Accounting where she worked for 5 years. Maria was introduced to Tzadik through their auditing process and her knowledge and impact brought her back as an advisor. Since ultimately taking on the role of Vice President of Finance and Accounting, Maria works closely with the CFO and other department heads to bring cohesion to Tzadik’s day to day business cycle.

Maria brings a very calm and level presence to Tzadik’s accounting team, leading by example with a stern commitment to thorough communication and follow through. Maria provides a perfect balance of caution and risk, fully grasping all variables before making her decisions. The best way to get a hold of Maria is to stop by her office, where her impressive interpersonal skills lead to quick resolutions to everyday hold-ups.