David H.
Level 3: Rising VoiceReviews by David H.
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Be Warned!
My investment into the Jacksonville Hotel to workforce housing has been an absolute train wreck. I was promised that they just needed the final capital to push the project over the finish line and offered a 16% pref with a refinance at the end of 2024 for 50% return of capital...things dragged on and on, poor communication. I finally texted Ian Djuric because I was not getting any reporting and to his credit he jumped on a zoom call with me. Per the recording of our phone call on 1/26/25 He assured me that "my capital was not at risk" and "return profile was still on track". Fast forward a year and I still wasn't getting communication. I finally figured out there was a glitch or something that wasn't notifying me of investor communication and I came to find out the deal was in terrible shape, couldn't pay contractors, buy microwaves for the units, or insurance and is being repossessed by the bank. I was able to get on several recorded conference calls and figured out there were 3 groups of investors in this deal, that Blake Capital and Ian had brought in many investors that were in the same boat and had not been notified of the multiple capital calls either and had no idea what was going on or had been notified to participate in capital calls to save the project. Talk about some pissed off people. The level of accountability or ineptitude in communication to all of the Blake investors is bordering on criminal as many have still not been notified. Last thing I heard in May is things were being taken over and probably a total loss of capital.... I'm in 50+ syndication deals so not my first rodeo but this operator is one to stay away from in my experience! I think multiple deals are all in the same boat. Tried to grow too fast with too much leverage and too little oversight...
Top Notch sponsor. Very happy so far.
While still early in this fund I have been very pleased so far. The communication has been excellent. Leadership seems solid. I've like the quality of assets so far in the fund. Distributions have been consistent. It is a little early as fund has not gone full cycle but compared to 40-50 other deals I'm in Sentinel ranks towards the top of my sponsor list.