Mr. Penner is the founder of Hill Street Realty a full service real estate company formed in 2001. Between 2006 and 2009 Mr. Penner was also the Fund Manager for the Chesapeake family of funds at LMREI, formerly a subsidiary of Legg Mason. Together, HSR and the Chesapeake funds have acquired over $500 Million of real estate equity and debt investments. All HSR acquisitions and the Majority of the Chesapeake transactions have been value add transactions where Mr. Penner’s team managed the direct execution of the business plan.
These investments include a wide variety of real estate assets including multi-family, office, retail, hotels, and industrial. Value-add projects have included physical renovations, redevelopments, entitlements and permitting, financial re-engineering and management efficiencies.
Prior to Hill Street Realty, Mr. Penner was a Director at The Capital Corporation of America (“CCA”), formerly known as Nomura Asset Capital Corporation. In 1994, Mr. Penner was recruited to open the branch office for CCA in Los Angeles and completed over $1.2 Billion of real estate transactions in the first two years. In 1997, Mr. Penner moved to Paris and developed the European expansion plan and business model for CCA’s real estate lending business. This included managing the analysis and bid process for the acquisition of a large bank being auctioned by the French government.
Mr. Penner has been in the real estate business since 1990, working with various real estate opportunity and investment funds such as Starwood Capital, The Signature Group and JRK Investments. During that time, Mr. Penner has performed numerous functions in the real estate business including management and leasing, acquisitions and dispositions, analysis and computer modeling, and fundraising, financing and structuring. In the early 1990’s Mr. Penner was focused on acquiring distressed assets and loan workouts from the RTC and FDIC. From 1984 to 1990, Mr. Penner was a vice president at Citicorp in the securities group of the international private bank.