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Joel Ross

For the past 18 months we have seen a stream of forecasts that the new normal was under 2% growth for GDP, that a recession was coming, Trump could not win, the economy was slowing, stocks would drop substantially, and other similar pronouncements, especially on CNN, ABC, NBC and from several economists. To date they have all been wrong. If you read the CNBC.com webpage, or Bloomberg’s daily webpage on the markets, you see, a string of people propounding this or that forecast of gloom, or legal trouble for Trump, or some other dire event about to happen. By now, hopefully, you have realized many people have an agenda, and they are taking the opportunity of their 5 minutes of fame to mouth off.  It is important when you are forecasting conditions for your own projects, that you try to take in as much objective information as you can from a variety of sources, the least of which should be the mainstream media. There is a lot of data, both local and national and worldwide, that is from government or other reliable sources from which you should draw your own conclusions.

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Joel Ross

Joel 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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