Art vacationing with his wife in Italy.
Lenders are seeing a lot of investment for industrial assets these days. In particular. there’s been strong demand for high-bay functional distribution in primary markets, according to Art Rendak, president at Inland Mortgage Capital. He oversees all aspects of the lending function, including origination, credit and surveillance.
Rendak explains that while there’s no immediate concern about the market, the less functional industrial properties with low ceiling heights and obsolete manufacturing space are a weakness today.
But there’s no need to worry. He said we can expect to see continued strength and also noted that logistics and efficient distribution will continue to be highly desirable for the remainder of the year. He says there’s lots of debt chasing industrial.
Read on to find out more about our 13th Annual CIP Industrial Summit speaker.
Chicago Industrial Properties: What originally attracted you to industrial?
Art Rendak: It fits in well with our average loan size of $3 Million to $12 Million. We had few, if any, losses with our industrial collateral during the recession.
CIP: What other market sectors have you seen a lot of activity in?
AR: We are bullish on multifamily. We are also lending on retail, office and self-storage.
CIP: Tell us about a time or experience in the industry that has been most memorable to you.
AR: Professionally, my best stories come from my experience as a loan workout officer for a Savings and Loan in the early 90’s. We foreclosed on a truck stop and decided to operate it to mitigate losses. I have been fortunate to work on a lot of great projects in my career.
CIP: What is your one takeaway from working in this business?
AR: Be lucky enough to have a good mentor early in your career and be careful about who you work for.
CIP: Current interests?
AR: Golf, Cubs, Chicago Sports.
CIP: What are your involvements outside of work?
AR: I have been getting involved with the Chicago All Stars (which is involved with the inner city youth) and also have been very active in mentoring those about to enter the business world.
CIP: What’s the latest on your music playlist?
AR: Country. Jason Aldean, Luke Bryan, etc.
CIP: If you could meet any public figure, who would it be?
AR: I have always been a gigantic Michael Jordan fan. It would be better to be a part of the Cubs organization in some way if and when they win the World Series.
CIP: What would you consider your biggest, personal accomplishment?
AR: Hopefully being a pretty good father to my two girls, a pretty good husband, and a loyal friend to my friends.
CIP: What is something going on in the world today that concerns you most?
AR: Where do I start? I think as to the U.S., the educational system and the lack of opportunities for some of our inner city young people.
