The Ross Rant

About the Author

Joel Ross

Ross began his career in Wall St as an investment banker in 1965, handling corporate advisory matters for a variety of clients. During the seventies he was CEO of North American operations for a UK based conglomerate, and sat on the parent company board. In 1981, he began his own firm handling leveraged buyouts, investment banking and real estate financing. In 1984 Ross began providing investment banking services and arranging financing for real estate transactions with his own firm, Ross Properties, Inc. In 1993 Ross and a partner, Lexington Mortgage, created the first Wall St hotel CMBS program in conjunction with Nomura. They went on to develop a similar CMBS program for another major Wall St investment bank and for five leading hotel companies. Lexington, in partnership with Mr. Ross established a hotel mortgage bank table funded by an investment bank, and making all CMBS hotel loans on their behalf.  

In 1999 he formed Citadel Realty Advisors as a successor to Ross Properties Corp., focusing on real estate investment banking in the US, UK and Paris. He has closed over $3.0 billion of financings for office, hotel, retail, land and multifamily projects. Ross is also a founder of Market Street Investors, a brownfield land development company, and has been involved in the acquisition of notes on defaulted loans and various REO assets in conjunction with several major investors. 

Ross was an adjunct professor in the graduate program at the NYU Hotel School. He is a member of Urban Land Institute and was a member of the leadership of his ULI council. In 1999, he conceived and co-authored with PricewaterhouseCoopers, the Hotel Mortgage Performance Report, a major study of hotel mortgage default rates.

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The appraisal conundrum has been around forever. When I was consulting in the 90's we spent quite a bit of time shredding appraisals (not appraisers). Most acquisition analysts understand the inherent flaws of the appraisal process.

One of the most obvious is the inability to assess risk. This also happens to be one of the areas (among many) where lenders in general are wholly incompetent as well, yet really need to be the most adept. We can see where that leads us.

I'm not saying they couldn't do it, but the appraisal methodology is extremely limiting. They all could benefit from some time in the trenches.
Posted by comment_user_451385 | Monday, May 03 2010 at 2:50PM ET