The firm’s principals have collectively acquired, financed, developed and repositioned more than $2 billion in commercial real estate across hundreds of individual transactions.
Enclave’s portfolio consists of approximately 150 properties ranging from luxury rental apartments and condominiums to ground-up mixed-use development sites. Enclave is also active in real estate financing and participates at all levels of the capital structure including equity, senior and mezzanine debt. All funds used for these investments are internally generated.
A Hands-on Perspective on Distress and Turnarounds in the Middle Market
Enclave’s principals began operations in 2008 by successfully managing the turnaround of a portfolio of non-performing commercial mortgages and REO properties on behalf of a family real estate office. From completing stalled construction projects and repositioning vacant properties for new tenants to navigating the foreclosure and bankruptcy process in order to gain control of a property, the Enclave team implemented a tailored monetization plan for over 140 distressed assets.
Building on its experience in bringing value to distressed and complex opportunities, the Enclave team has branched out into property acquisition and currently has in excess of 1,500 apartment units and approximately 300,000 square feet of commercial space in development. Below are some representative projects that have been developed by the Enclave team.
Turn Around Transactions
Active Development Projects
Debt Originations and Purchases
FOUNDING MEMBER AND PRESIDENT
Michael Goldberg is the President of Enclave Equities and focuses on identifying new investment opportunities, financing sources and joint venture partners. Mr. Goldberg has over 20 years of experience in real estate management and development. In addition to his responsibilities at Enclave, Mr. Goldberg owns and manages a portfolio of 4,000 apartment units in the New York Metropolitan area as well as numerous retail, warehouse, industrial and development properties, located primarily in the tristate region.
FOUNDING MEMBER AND COO
Steven Gelles is the Chief Operating Officer of Enclave Equities. Mr. Gelles oversees Enclave’s operations and management. He is responsible for portfolio and risk management as well as the asset management and structuring of Enclave’s investments. Mr. Gelles manages new business development, corporate planning and overall corporate strategy. Mr. Gelles has been an active real estate investor for over 20 years through Sage Investors, L.P., an investment management firm which he started over 25 years ago. Mr. Gelles earned an M.B.A with Distinction, with a concentration in Finance, from the Harvard Business School and a B.S. Magna Cum Laude in Accounting and Decision Sciences from the Wharton School of the University of Pennsylvania.
FOUNDING MEMBER AND VICE PRESIDENT OF DEVELOPMENT
Mr. Mermelstein focuses on Enclave’s development and asset management activities, including the hiring and oversight of project consultants, contract and lease negotiations, government approvals and budgeting and the sale and leasing of completed projects. Mr. Mermelstein has over 15 years of real estate industry experience with extensive knowledge of acquiring, developing, investing in and disposing of real estate assets and non-performing loans. Sam has directed the acquisition, development and financing of more than $1B of commercial and residential real estate, including retail centers, apartment complexes and ground-up housing developments.
FOUNDING MEMBER AND VICE PRESIDENT OF INVESTMENTS
Mr. Seplowitz currently focuses on Enclave’s investment and development activities including the hiring and oversight of project consultants and the underwriting and structuring of new acquisitions and financings. Mr. Seplowitz also holds an integral role in the workout of a large portfolio of non- performing commercial real estate debt and equity investments. Prior to joining Enclave, Mr. Seplowitz held an internship with Madison Realty Capital where he focused on underwriting new commercial bridge loans. Mr. Seplowitz received a B.S. summa cum laude from Yeshiva University in 2009.
CPA, CHIEF FINANCIAL OFFICER
Margaret Corbett is the Chief Financial Officer of Enclave Equities. Ms. Corbett is responsible for financial reporting and analysis, treasury, tax and internal controls. Prior to joining Enclave Equities, Ms. Corbett was CFO at a company creating film, TV, web and branded content. She has over ten years’ experience in public accounting and as a manager provided audit, tax and consulting services to clients in a variety of sectors including real estate, chemical manufacturing, consumer research and private foundation. Ms. Corbett is a CPA certified in the State of New York and earned her BBA in Accounting at the City University of NY, Baruch College.
EXECUTIVE VICE PRESIDENT – HEALTHCARE
Ari Weinberger focuses on providing debt and equity capital to the senior housing and long-term care industry, including identifying and underwriting opportunities, monitoring investing performance and working with operators. Mr. Weinberger has over 20 years real estate and healthcare experience as an investment banker and operator. Ari has structured over $4 billion in M&A and capital raising transactions. In addition, Ari served as president of a regional assisted living company. During his tenure, Ari tripled the size of the company through multiple acquisitions and developments. Mr. Weinberger earned an M.B.A. with concentrations in Analytical Finance and Accounting from Kellogg School of Management and a B.A. with Honors in Economics and Political Science from the University of Chicago.