Filling the Cannabis Industry's Real Estate Capital Void
Inception REIT ("I-REIT") is the first real estate investment trust formed by a leading cannabis investment firm, The Inception Companies, that focuses on originating, acquiring, financing and managing a diversified portfolio of commercial real estate loans and net leased properties in the regulated cannabis industry.
The Inception Companies is private opportunistic investment firm based in Los Angeles and London with significant operating and investing experience across numerous industries, including regulated cannabis. Since formation, the firm has deployed capital into many of the most prominent U.S. cannabis brands and businesses, including the following:
Our Real Estate Capital Solutions
I-REIT provides the following capital solutions to fully licensed medicinal and adult-use cannabis businesses:
1. Sale-Leaseback Acquisitions
Long Leases - 10 Years + Renewal Options
Capital Improvement Financing
Unlock Capital for Operations
Secure Long-term Control of Assets
2. Real Estate Lending
Up to 70% Non-Cannabis LTV
Competitive Fees and Rates
5 to 10 Year Terms
Refinance Hard Money Loans
Maximize Operating Capital
10k sf - 100k sf
Cultivation, manufacturing, testing, and distribution
100k sf - 1 mm sf
3k sf - 20k sf
Our Leadership Team has Significant Expertise in Real Estate, Investing, and Cannabis
Richard serves as Chief Executive Officer at Inception REIT (“I-REIT”). Prior to I-REIT, Richard served as the Chief Financial Officer of SBE, a global hospitality company where he, among other responsibilities, focused on corporate and asset level transactions. Prior to joining SBE in 2014, Richard was a Director at Colony Capital, a global real estate private equity firm, where he focused on executing and managing over $9 billion of private equity investments primarily in the gaming, hospitality, and media industries. Prior to Colony, Richard worked in Wells Fargo’s Real Estate Merchant Banking division. Richard holds a B.S. in Business Administration from the University of Southern California.
Brent serves as President of Inception REIT and Founding Partner of The Inception Companies. Prior to forming Inception in 2016, Brent was a principal at The Yucaipa Companies where he focused on sourcing, executing and managing over $4 billion of private equity investments on a global basis. Previously, Brent was an investment banking analyst at Jefferies & Co. in the Leveraged Finance/Financial Sponsors Group. Brent holds a B.S. in Accounting from the University of Southern California. Brent currently serves on the boards of multiple successful cannabis companies in the U.S. and Canada.
Eric heads up business development and investor relations for Inception REIT (“I-REIT”) and has a unique combination of business development, marketing, and commercial real estate experience. Eric began his career at IDS Real Estate Group, focusing primarily on the $1.2 billion Metropolis Downtown Los Angeles development, while managing nearly 1 million square feet of industrial and office space. Eric most recently directed global marketing for Vaultbank, an innovative financial services company utilizing blockchain technology. Prior to Vaultbank, Eric founded and successfully exited LVR, a yoga lifestyle brand. Eric is a LEED AP with the U.S. Green Building Council and holds a B.S. in Business Administration from the University of Southern California.
Mike is Vice President of finance and operations for Inception REIT and has over a decade of experience in the real estate industry. Mike began his career in New York City at Lehman Brothers and Barclays, in the Investment Banking division, underwriting over $40bn in bond financing for real estate and industrials clients. Mike most recently served as acquisitions and project manager for an established affordable housing developer in Los Angeles, garnering considerable experience in cultivating public-private partnerships and complex deal structuring that use Low-Income Housing Tax Credits. Mike holds an MBA from UCLA and an MA in Sociology & BA in International Relations from Stanford University, where he was a wide receiver for the Stanford football team.
Associate Vice President
Dylan is Associate VP of Investments. Dylan has spent the entirety of his career in commercial real estate, having worked in both quasi-institutional and entrepreneurial work environments. Prior to Inception REIT, Dylan worked as an Originator at Realty Mogul, where he was solely responsible for 10 commercial real estate investments, handling deal identification, underwriting, investment committee presentation and transaction closing processes. Dylan began his career at IDS Real Estate Group, where he was the acquisition underwriter for two commercial acquisitions totaling $130 million, and was heavily involved in the land sale of the $1.2 billion Metropolis Downtown Los Angeles development site. Dylan holds a B.A. in Economics & Finance from Claremont McKenna College, and was a two-year starter for the school’s football team.
Board of Directors
Mr. Mangalji is Founder and President of Westmont Hospitality Group, a global hospitality platform which was formed in 1975 with a single hotel in North America. Today, Westmont is one of the largest privately held owner/operators in the world with a significant presence in North America, Europe and Asia. As the head of this global group, Mr. Mangalji has developed an extensive knowledge of international hospitality markets, investing and operating in these markets and has created strong relationships with major international hotel brands, leading financial institutions, and investment funds. Mr. Mangalji sits on the board of principal companies in which the Westmont Group invests. Mr. Mangalji is the Founder and was the first Chairman of InnVest REIT, the largest public listed hospitality company in Canada at its sale to Hong Kong-based Bluesky Hotels in 2016. He serves as the Executive Chairman of R&R Real Estate Investment Trust (formerly Westcap Investments Corp) and the Chairman of the Board of Red Roof Inns, Inc. In 2010, Mr. Mangalji was awarded the C. Everett Johnson Award at the NYU International Hospitality Industry Investment Conference. In 2013, he received the prestigious IHIF Lifetime Achievement Award in Berlin. In 2015, he was granted an Honorary Doctorate degree from the University of West London. Mr. Mangalji holds a Business Degree in Accounting and Marketing from the University of Bradford, England.
Thomas is a Co-Founder and Managing Partner of 54 Madison Capital. Prior to founding 54 Madison, Mr. Christopoul was Senior Partner and Head of Real Estate Investment for Cain Hoy Enterprises, an affiliate of Guggenheim Partners, LLC where he was Senior Managing Director of Global Real Estate and Infrastructure. Prior to joining Guggenheim he was Chairman and Executive Director of GPS Industries, LLC – the leader in the development and distribution of cart-mounted GPS technology for the global golf industry and was Chairman of Rita’s Water Ice Franchise Company – the world’s largest ice and custard franchisor. Both units are controlled portfolio companies of Falconhead Capital – a middle market private equity firm where Mr. Christopoul served as an Operating Partner. Mr. Christopoul also served as President and Chief Executive Officer of Resources Global Professionals; a multinational consulting services firm (NASDAQ: RECN). Before being named CEO in 2007, he served as an independent member on the Resources Board of Directors. Mr. Christopoul previously worked for more than a decade at Cendant Corporation with Mr. Silverman where he served as Chairman and Chief Executive Officer of the Marketing Services and Chairman and CEO of the Financial Services Division, where he managed Jackson-Hewitt Tax Services, the second largest tax preparation firm in North America. He also served as Senior Executive Vice President and Chief Administrative Officer at Cendant where he led the corporate and staff functions of the company on a global basis. He worked for several years prior to Cendant at PepsiCo and Nabisco Brands. Mr. Christopoul holds a Bachelor of Arts degree from Rutgers University and a Master of Science degree from Purdue University, where he is a distinguished alumnus and serves on the University’s Advisory Council. He was formerly a member of the board of directors and Chairman of the Executive Committee of Apollo Residential Mortgage, Inc. (NYSE: AMTG) and serves currently on the board of Rexnord Corporation (NYSE: RXN) as an independent director and Chairman of the Compensation Committee.
Ken is a Senior Partner in the Los Angeles law firm of Hertz Lichtenstein & Young LLP. Ken and his partners specialize in representing talent and new media companies in the sports and entertainment industries. The firm's clients include Will and Jada Pinkett Smith, No Doubt, Gwen Stefani, The Black Eyed Peas, will.i.am, Sir Ken Robinson, Keith Richards, Herbie Hancock, Jason Mraz, David Blaine, Jamie Oliver, Calvin Harris, Simon Sinek and Annie Leibovitz. Ken is also a principal in memBrain - an entertainment marketing and strategy consulting firm. memBrain's clients include UBS, Hasbro, Intel, Logitech, and Build-A-Bear Workshop. Ken is a frequent speaker and commentator on the subjects of entertainment, marketing and convergence; is often quoted in the New York Times, Los Angeles Times, and Wall Street Journal; has appeared on CNBC's monthly newsmagazine "Business Nation;" has been an instructor at UCLA's Anderson Graduate School of Management, and an adjunct professor of law at USC. Ken is a host of TEDxHollywood and serves on the board of the Drug Policy Alliance.
Paul is the Founder and Managing Partner of Santa Monica-based Miramar Capital. Prior to founding Miramar Capital, Paul was Executive Director and Head of U.S. Acquisitions at Colony Capital, Inc. At Colony, Mr. Fuhrman led many of the firm’s flagship debt fund investments (Colony Distressed Credit and Special Situations Fund, I-IV). In addition, he was responsible for new strategic initiatives and actively participated in real estate-related fundraising efforts. From 2010 to 2014, Mr. Fuhrman also served as the CEO of Colony’s Asset Management Company. During his tenure at Colony, Mr. Fuhrman was responsible for the sourcing and consummation of more than 45 investments representing more than $5.0 billion of total capitalization and $2.5 billion of invested equity. Prior to joining Colony in 2008, Mr. Fuhrman was an Equity Partner at Latham & Watkins, LLP where he co-chaired the firm's global real estate practice group. Mr. Fuhrman serves on the board of the Los Angeles chapter of the Make-A-Wish Foundation. Mr. Fuhrman received his J.D. degree (Cum Laude) from Loyola Law School, Los Angeles in 1995 and his B.A. in Economics from the University of California, Los Angeles in 1991.
David has a 27-year career in real estate investment finance and management. He was most recently the CFO of Empire State Realty Trust, Inc (NYSE: ESRT). Mr. Karp held additional roles at ESRT since joining in 2012, including EVP, Principal Accounting Officer and Treasurer. Mr. Karp joined ESRT’s predecessor in 2011 and was responsible for finance, capital markets, investor relations and administration. Mr. Karp served as Managing Director and CFO of Forum Partners Investment Management LLC from 2006 to 2011 and COO from 2009 to 2011, where he was responsible for both firm-level and fund-level financial management and strategy, including risk management, treasury, foreign exchange and interest rate hedging, budgeting and debt financing. From 1996 to 2005, Mr. Karp served as President, COO and CFO of Falcon Financial Investment Trust. Previously, he co-founded Falcon Financial Investment Trust.
Mr. Karp served as SVP at Reichmann International, where he led the acquisition activities on behalf of Quantum Realty Partners. He was previously a Principal at The Yarmouth Group, where he also served on the Investment Committee, led the Finance department and was instrumental in establishing the firm's Restructuring and Workout Advisory Services Group. Prior to Yarmouth, Mr. Karp served as VP of Salomon Brothers Inc., where he invested the firm's capital in commercial real estate. He began his professional career at CitiCorp. Real Estate Inc.
Mr. Karp has an MBA in Finance and Real estate from the Wharton School of the University of Pennsylvania and a Bachelor's degree, Summa Cum Laude, in Economics from the University of California, Berkeley.