3L is founded on the first three rules of real estate: “Location, Location, Location.” Location drives successful development. With this in mind, 3L pursues dynamic landscapes that allow for the adaptive reuse of historic and underutilized structures that possess untapped potential. 3L uses this non-disruptive and creative reuse model to strategically meet the needs of an increasingly demanding market that readily passes on size and ownership for centrally located and high quality rental spaces. The typical acquisition will be an older building of under 200,000 square feet, lying dormant or being used in a capacity short of its potential, and where the underlying zoning permits for residential use. While some of these buildings may have appreciated in the current market, these buildings are those where conversion to residential use will enhance value and cash flow earnings.
Multifamily |
Acquisition/Fee Simple |
Value-add |
Joseph W. Slezak, formerly of BJB Partners, has 17 years of experience, during which he has been involved in virtually every aspect of real estate investment and development. Mr. Slezak has orchestrated and overseen all or part of the acquisition, financing, sale, construction management, and property management for nearly 100 properties across Chicago. Most recently in the past five years under the BJB umbrella, Mr. Slezak has used his uniquely developed acquisition strategy to personally procure eight new buildings that have resulted in nearly 800 apartments and roughly $100 million in profits. While BJB will continue to own these assets long-term, Mr. Slezak spearheaded each redevelopment effort. Through his prudent refinancing efforts, Mr. Slezak successfully secured the return of all the original capital invested, plus over $20 million in cash-out proceeds. Over the past several years, Mr. Slezak has identified, set-up, and lead on all local, national, and international financial analysis and negotiations with lenders. Throughout his career, he has notably obtained a total of $2 billion in financing from lenders, with the largest single loan reaching $208 million with a $60 million cash-out. Further, he has expertly freed $30 million in trapped equity through proprietary credit lines structured with investment banks. He has also unlocked millions of dollars of equity through creative structuring of cash reserves, lender escrows, and other alternative investments. As Mr. Slezak continues to skillfully navigate a variety of ambitious redevelopment endeavors, the principals of BJB Partners have invested in 3L because of a firm belief in Mr. Slezak’s strategy and ability to execute his long-term vision. An additional investment and executive team committed to 3L’s success comes from CA Ventures adding a second billion-dollar company to 3L’s pool of resources. Ultimately, Mr. Slezak’s extensive and comprehensive management experience at every level of business – financial creativity, operational optimization, market analysis, and on-the-ground experience – has allowed him to identify and unlock real value in untapped, promising, and growing markets.
Prior to employment with 3L Real Estate, LLC Benjamin Ehnat was employed at Loyola University Chicago working under the office of the controller where he was responsible for maintaining accurate accounting files as a Staff Accountant. As an Investigative Accountant at Meaden & Moore, LLP (a regional accounting firm) Benjamin was responsible for the calculation of business interruption valuations based upon the quantitative analysis of payroll, sales, production quantities and non-continuing expenses. As a Financial & Underwriting Analysis at Chicago Underwriting Group, a subsidiary of Old Republic International, Benjamin evaluated Fortune 500 companies in the capacity of underwriter for public company directors & officers’ insurance policies. The focus of industries evaluated included bio-tech/pharmaceutical and REIT. Benjamin’s past real estate experience includes employment with BJB Partners. In his capacity at BJB Partners Benjamin assisted in the auditing of property specific accounts to ensure appropriate and proper reconciliation. In addition, Benjamin maintained sole leasing responsibilities for a sixty unit property in the BJB portfolio. Benjamin’s responsibilities at 3L Real Estate include accounting, budgeting, human resources, payroll, information technology management and general office management. Benjamin graduated Loyola University Chicago with a bachelor’s of business administration with specializations in both accounting and finance. Benjamin’s responsibilities at 3L Real Estate include accounting, budgeting, human resources, payroll, information technology management and general office management.
Prior to employment with 3L Real Estate, LLC Michael Kavka was employed at Bisk Education in Tampa working under the Associate Vice President of Digital Marketing Optimization. While there, he was responsible for 14 consecutive quarters with target returns, as a result of advertising spend. As a Digital Marketing Professional at Chain Store Guide (a national data intelligence firm) Michael was responsible for the implementation of business platforms such as Salesforce and Silverpop. Determination of projected returns and valuations based upon the quantitative and qualitative analysis of cost-per-acquisition, margin-per-click, and other key performance indicators. As a Paid Search Analyst at Alorica, Inc., Michael evaluated the advertising effectiveness of hundreds of companies in order to boost their return on ad spend. The focus of industries evaluated included Real Estate and Technology. Responsibilities included CRM and digital marketing implementation. Michael’s past real estate experience includes employment with BJB Partners. While at BJB Michael assisted in the marketing and management of Millennium Park Plaza, leasing over 200,000 SF per month. Michael also maintained office management and ancillary leasing responsibilities. Michael has executed hundreds of leases throughout his career and acquired detailed knowledge of the Chicagoland market. Michael graduated from Florida Institute of Technology with a master of business administration with specialization in internet marketing. Michael’s responsibilities at 3L Real Estate include marketing, leasing, and operations.
Jane Schaller has 30+ years of commercial real estate investment experience, working with a myriad of loan products including office, industrial, retail, mixed-use, multifamily, hotel and for-sale housing properties encompassing construction, bridge, permanent loans, corporate structures for REITS, and funds. Jane sourced and closed $7B in commercial real estate loans and led $2.5B in loan syndications while employed at domestic, international, investment bank, insurance and regional/community financial institutions over her career. Additionally, Jane executed $2.7B in real estate and corporate debt transactions on behalf of institutional investors as head of capital markets for a $13B pension fund advisor. As a Principal at a private consulting firm, she closed over $280MM of commercial real estate placement debt, as well as consultation on the sale of a billion dollar loan servicing business. As SVP and Regional Credit Officer at a large regional bank, Jane was responsible for credit administration, risk management, asset quality evaluation and compliance with corporate policy for a commercial real estate loan portfolio of ≈$4B. Past affiliations include Chicago Real Estate Executive Women, Urban Land Institution, International Council of Shopping Centers, National Association of Industrial and Office Properties, Real Estate Investment Advisor Counsel, University of Illinois Alumni Association and University of Chicago Graduate School of Business Alumni Group. Jane graduated with a B.S. in Finance from the University of Illinois at Urbana-Champaign. She also earned her Masters of Business Administration from the University of Chicago, with a specialization in Finance and concentrations in Accountancy and Econometrics. Jane’s responsibilities at 3L Real Estate include sourcing, structuring, and closing corporate and project-specific debt to meet ownership’s financing objectives.