TurnCap Expands Opportunities for Real Estate Development

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Add two more names to the list of real estate developers in Northeast Ohio. TurnCap, a Beachwood bridge lender, moves to real estate development, coinciding with the launch of Caledonia Development.

TurnCap has shown its intentions with the addition of Nathan Winwin as director since Monday, August 2. He said he will work on the developments that TurnCap takes over and will manage his own real estate brokerage, Caledonia Commercial, and projects at his own expense. through the development of Caledonia.

Winwin was previously the managing director of Hemingway Development, a Cleveland real estate company founded ten years ago by Jim Doyle Sr. and construction developer Greg Gays, CEO of Geis Construction, based in Streetsboro, and his brother Fred Gays, who told colleagues about he retired a year later.

“I had a great opportunity to work at Hemingway,” and learn from Doyle and the Gays brothers, Winwin said in an interview last week. TurnCap provides the opportunity to continue additional development and learn from TurnCap executives while opening their own businesses.

Chantelle Moody, partner at TurnCap, said the fund has spent the past several years training a real estate development and investment unit that complements its bread and butter bridging lending business.

Attorney John Pinney, managing partner of TurnCap, has worked with family offices on projects and other executives have done real estate deals in the past. Pinney has been particularly active in the retail real estate business, and he and other executives have decided to “do it again” at TurnCap because they see opportunities as the country recovers from the recession caused by the pandemic.

Winwin will focus on northeastern Ohio, while another principal, to be named later, will focus on out-of-city deals. While Winwin has extensive experience in brokerage and industrial real estate development, Moody said his opportunities will be broader as TurnCap seeks opportunities such as redeveloping empty large stores, former bank branches and freestanding shuttered restaurants.

While TurnCap’s original fund was focused on lending, its bridging loans range from $ 10 million to $ 50 million. Alternative investment and development can be as little as $ 1 million.

For his part, Winwin said the agreement is a chance to join his own efforts with veterans in real estate, private equity and lending. Among the projects that he says he is implementing are a mixed-use project and a warehouse of several hundred thousand square feet. He declined to give details of them and their whereabouts until they moved on.

Doyle, Hemingway’s founder, said he was excited about Winwin’s route to start his own real estate development. One of Hemingway’s goals was not only to develop real estate, but to create a conveyor belt for the next generation of real estate developers.

“(Wynveen) is just getting started, but it’s the same as when Michael Panzica left to start Panzica Development. They were Hemingway’s anchors, ”Doyle said. Panzica has begun building condos in Little Italy and Ohio, and has also acquired condos since leaving Hemingway in early 2020.

Doyle said he continues to work on real estate deals, primarily expansion, but is slowing down additional projects, as has Fred Gays. Doyle took up development as a second career after a long career in real estate lending.

Doyle said the move into real estate is a natural step for TurnCap because several national mortgage brokerages have successfully ventured into direct development.

TurnCap is a virtual who’s who in Cleveland’s real estate business. In addition to Pinney, managing partner of the Cleveland-based law firm Kohrman, Jackson & Krantz, and Moody, other executives include Ned Huffman and Jim Doyle, Jr., respectively the CEO and chief executive of Bellwether Enterprise, a commercial mortgage and mortgage company. a banking concern – and Preston Hoge, formerly of Bellwether Enterprise and CBRE Group Inc.

Prior to joining Hemingway, Winwin began his career in commercial real estate as an agent in the Cleveland office of Newmark brokerage company.

Rico Pietro, CEO of Cushman and Wakefield Cresco brokerage, said Winwin was “a talented guy. He is well known. And he ended up in an organization that has access to liquidity, which means that he is currently halfway to speculative development. project.”



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