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Wheelock Street Capital

a real estate

investment firm.

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About Us

Wheelock Street Capital L.L.C. is a private real estate investment firm founded in 2008 by Merrick R. Kleeman and Jonathan H. Paul and headquartered in Greenwich, CT and Boston, MA. Wheelock focuses on real estate investments throughout North America and will invest in both public and private market opportunities and in all parts of the capital structure. The firm is a trustworthy source of capital for borrowers seeking to recapitalize overleveraged properties and portfolios. Our capital funding gives us the flexibility to pursue investment opportunities of all sizes, from single assets to corporate or portfolio investments of over $1 billion. Wheelock has raised five funds to-date, the latest of which closed in February of 2017 with $725 million in capital commitments.

Alongside extensive capital markets and investment management expertise, Wheelock has developed deep internal operational and management capabilities in targeted asset classes to provide a competitive advantage in its chosen areas of focus. This vertical integration of investment and real estate skill sets provides Wheelock with the flexibility to work with or without local partners, to react quickly to changing fundamentals or investment opportunities and to maintain hands-on involvement at each stage of the investment process. Current focus areas or “Verticals” include Hospitality, Retail, and Residential Land & Homebuilding, although the firm looks opportunistically at all asset classes. Wheelock employs an experienced team of investment professionals with offices in Boston, New York, and Greenwich.

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Our Philosophy

Wheelock’s primary goal is the protection and growth of its limited partners’ capital. We seek to achieve this through a disciplined investment approach and thoughtful underwriting. We are a focused firm; our goal is to do fewer things, better. We won’t take on more than we can handle well, despite the promise of greater firm profitability. This allows us to give each investment the attention it requires and to remain accessible to our important relationships at every level of the organization. We invest in asset types and locations we understand through experience, and in situations where the firm’s expertise and relationships provide it a competitive advantage.

Wheelock seeks to align its interests with those of its investors and partners through careful structuring and the co-investment of meaningful amounts of employee capital. In the marketplace, Wheelock looks for likeminded partners who share our investment philosophy and our commitment to integrity. Once identified, we welcome repeat business with trusted partners and intermediaries.

Wheelock invests a significant amount of time and energy in the front end of every investment process. The goal is to significantly reduce the chances that unforeseen events arise during the formal due diligence process. We believe this makes Wheelock a better and more reliable buyer and partner.

Wheelock has recruited a strong team of investment professionals and created an organizational structure which encourages and rewards performance. The absence of rigid hierarchies and a collaborative approach to decision making promote internal debate, foster intellectual honesty and ensure the best ideas are identified, regardless of where they originate. A true partnership structure ties a significant share of compensation to the long term success of the firm and gives employees at all levels a vested interest in Wheelock’s performance.

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Our Strategy

Wheelock pursues a highly focused, fundamentally-driven investment strategy.

The firm believes that having in-house, specialized operating and management expertise is a critical element of its strategy. To this end, Wheelock has built proprietary operating platforms (“verticals”) in its chosen areas of focus. The verticals give Wheelock a competitive advantage in identifying value, driving operating performance and working seamlessly with local operating partners.

Current verticals include:
– Overseen by Patrick Campbell, who previously ran Acquisitions and Asset Management for Highland Hospitality Corporation before it was sold for $2.0 billion in July of 2007 and had extensive hotel operating experience before that while at Crestline and Bristol Hotels and Resorts.

Residential Land and Homebuilding – Overseen by Dan Green, the former head of Land and Acquisitions for the eastern United States at KB Home, one of the country’s five largest homebuilders.

Retail – Directed by Claude Chandonnet a 26 year veteran in the commercial real estate industry who’s experience includes the acquisition, design and development, leasing, management and disposition of high end urban retail mixed use properties, lifestyle shopping centers and triple net leased retail buildings. He comes to Wheelock Street Capital after spending the last nine and half years as the President and CEO of Merchants’ National Properties, Inc. and its management arm Marx Realty & Improvement Co. Inc.

Other Asset Classes – Wheelock pursues opportunistic investments in other major real estate asset classes including office, multifamily (including student housing), and mixed-use.

While the firm will focus on its verticals, the team will continue to be opportunistic in other asset classes and may establish additional verticals as market conditions evolve. An example of this is the recent addition of our Retail vertical which was formed to capitalize on increasing opportunities in this asset class.

While Wheelock has no formulaic approach to investing, the firm seeks opportunities which exhibit characteristics common to successful real estate investments, including quality of micro location, barriers to new supply growth, high quality assets in strong markets and out of favor opportunities where the firm can build a reasoned, contrarian viewpoint. Wheelock uses a disciplined, research driven investment process to identify opportunities exhibiting these characteristics and is prepared to make concentrated investments in such situations.  The firm begins with in-depth macroeconomics analysis to identify asset classes, geographies and parts of the capital structure that it believes will outperform in the current economic environment. Wheelock combines detailed fundamental real estate analysis with deep-in-house operational and financial expertise to source and execute on the best opportunities within its areas of focus.

The founders’ experience in completing large transactions while at Starwood Capital, Rockpoint Group and Westbrook Partners provides Wheelock with the capability to execute on large portfolio deals or public company opportunities.  The firm is comfortable and has experience dealing with both stable and distressed situations, will consider joint ventures with like-minded industry participants, can work with or without local partners and is flexible about participating through subordinate debt, preferred or common equity.  The firm is also a trusted capital source for borrowers seeking to restructure overleveraged situations.

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Meet the Team

Wheelock has recruited a strong team of investment professionals.

Click a team member below to view bio:

Merrick “Rick” Kleeman Managing Partner
Jonathan H. Paul Managing Partner
Jeffrey S. Laliberte Partner & Head of Acquisitions
Patrick W. Campbell Principal
Claude T. Chandonnet Principal - Director Retail
Daniel B. Green Principal
Michael E. McCarthy Principal
James B. Eberhart Principal
Timothy R. Hodes Principal
Lawrence D. Settanni Principal/CFO
Gary Kamin Director/Asset Management
Al Hatfield Director/Asset Management
Evelyn Makarewicz Director/Finance
Hunter Jones Vice President
Elizabeth DeVito Vice President/Finance
Chris Mejia Vice President
Ryan Patton Vice President
Travis Erdman Vice President
Nicholas Fair Associate
Andrew Kelly Associate
Max Heiden Associate
Jack Rogers Associate
Brandon Silver Associate
Lena Duffield Associate
Arabelle Chafé Associate
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In the News

Wheelock Street Capital and Seyon Group Acquire a 215,000 SF Industrial Portfolio at 10-20 Dan Road in Canton, Massachusetts
― November 2019
Wheelock Street Capital and Mitchell Property Realty partnership acquired a fully leased 250,000 sf. ft. warehouse building in Hialeah, Miami Dade, Florida
― November 2019
Wheelock Street Capital and Sterling Bay partnership successfully refinances the new Hyatt House hotel in the Fulton Market submarket of Chicago
― September 2019
Chateau Elan Winery & Resort Announces Plans for $25 Million Renovation
― April 2019
Trinity Capital Advisors, SLI Capital, and Wheelock Street Capital acquire 1.76 acres in downtown Durham following their recent acquisition of Venable Center
― August 2018
Joint Venture Partnership Closes on 14.7 Acre Industrial Property in Houston, TX
― July 2018
Joint Venture Partnership Closes on 38 Acres in Boca Raton, Florida. New Mixed-Use Development to Break Ground June 2018
― June 2018
Wheelock Street Capital, in partnership with Griffin Partners, acquires Loop Central office complex in Houston, TX
― April 2018
The Seyon Group and Wheelock Street Capital Acquire a 430,000 SF Vacant Warehouse Property in Infill Boston
― March 2018
― February 7, 2018
North Georgia’s Renowned Château Élan Winery & Resort Announces New Owner & Management
― January 2018
Yotel Boston Opens in the City’s Seaport District
― June 2017
Wheelock Street Capital and The Seyon Group form Venture Targeting $300 Million of Industrial Acquisitions
― March 2017
Hudson Valley Property Group, Red Stone and Wheelock Street Capital acquire and preserve 1,009 units of New Jersey affordable housing
― February 2017
Wheelock Street Capital reinvests in the Broomfield, Colorado market with the acquisition of the Westin Westminster Hotel
― February 2017
The Ronto Group and Wheelock Street Capital Buys Prime Downtown Naples Land
― February 2017
Wheelock Street Capital sells Devonshire community in Forney, Texas  
― February 2017
Wheelock Street Capital Acquires 251,060 square foot River East retail and entertainment complex in Chicago’s Streeterville submarket
― June 2016
Wheelock Street Capital and Novaya Real Estate Ventures Purchase Fourteen Property Portfolio
― March 2016
Wheelock sells John Wieland Homes to PulteGroup
― January 2016
WHEELOCK STREET CAPITAL sells select Colorado and Texas land assets to NORTH AMERICA SEKISUI HOUSE
― 2015
― March 2014
Wheelock Street Capital acquires second master-planned community in Raleigh-Durham metro
― August 2014
Wheelock Street Capital acquires second master‐planned community in Dallas‐Fort Worth metro
― January 2014
Wheelock Street Capital Acquires 547-key Dallas/Addison Marriott Quorum by the Galleria
― December 2013
Wheelock Street Capital Acquires Six Hotel 703-Room Select Service Portfolio
― July 2013
Wheelock Street Capital Buys Prime Downtown Naples Land
― March 2013
Wheelock Street Capital Acquires California and Florida Properties
― January 2013
Wheelock Street Capital acquires 297-room Hilton Houston Westchase
― January 2013
PERE ranks Wheelock Street Capital amongst the top emerging managers
― December 2012
John Wieland Homes and Neighborhoods Announces Transaction with Wheelock Street Capital
― November 2012
Wheelock Street Capital acquires 15 hotels in two separate transactions for an aggregate purchase price of $221million
― September 2012
Wheelock Street Capital Acquires Marriott Pleasanton Hotel in Pleasanton, CA
― August 2012
Wheelock Street Capital Acquires Canyon Falls in Dallas-Fort Worth
― July 2012
Wheelock Streeth Capital holds final closing on first $525 million Commingled Fund
― July 2012
Wheelock Street Capital acquires DoubleTree Suites by Hilton Hotel Houston by the Galleria
― Houston, TX, February 2012
Wheelock Street Capital Acquires Remaining Lots at Anthem Highlands and Anthem Ranch Communities
― Anthem, Colorado, January 2012
Pulte Offloads a Denver Tract to End 2011
Wheelock Capital’s Colorado Buyout Accentuates Larger Strategy
Wheelock Street Capital Acquires Traditions at Heritage in Wake Forest, NC
― Wake Forest, NC, November 2011
Wheelock Street Capital completes acquisition and conversation of the former Renaissance Agoura Hills into the Sheraton Agoura Hills Hotel in Agoura Hills, CA
― Agoura Hills, CA, July 2011
Sheraton Debuts in Agoura Hills, California
Wheelock Street Capital Acquires Terrace View Apartments
― Blacksburg, VA, July 2011
Wheelock Street Capital Acquires Stillwater Ranch in San Antonio, TX
― San Antonio, TX, May 2011
Wheelock Street Capital Acquires Hyatt Westlake Plaza in Thousand Oaks, CA and Courtyard Sand Diego Downtown in San Diego, CA
― CA, May 2011
Wheelock Street Capital Acquires Residential Portion of Randal Park in Orlando, FL
― Greenwich, CT, November 2010
Wheelock Street Capital Acquires the Canyons of Sweetwater, in Austin, TX
― Greenwich, CT, November 2010
(Reuters) Homebuilders hover as Wheelock buys Austin land
― Austin, TX, November 2010
Wheelock Street Capital partners with McGuyer Homebuilders
― Houston, TX, April 2010
Wheelock Street Capital teams up with Houston-based McGuyer Homebuilders
― Houston, TX, April 2011
Wheelock Street Capital Acquires Radisson Hotel next to Mall of America
― Bloomington, MN, April 2010
Wheelock Street Capital provides financing for Ashford Hospitality hotel portfolio
― Dallas, TX, November 2009
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Contact Us


Greenwich Office
660 Steamboat Road, 3rd Floor
Greenwich, CT 06830
P: 203.413.7700

Boston Office
500 Boylston Street 16th Floor
Boston, MA 02116
P: 617.619.3100

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