The Opportunity Zone Expo Podcast

AJ Patton - Affordable Housing and Alternative Energy under one QOF Banner

August 01, 2019 AJ Patton Season 2 Episode 15
The Opportunity Zone Expo Podcast
AJ Patton - Affordable Housing and Alternative Energy under one QOF Banner
Show Notes Transcript

He grew up in section 8 housing in northern Indiana. Through a combination of talent, a little luck and lot of hard work, he rose to the top of his profession: investment banking. And then he walked away. Why? Because the time is right to bring both alternative energy and affordable housing to those who need it the most. He's one of the Opportunity Zone's great success stories. AJ Patton of 548 Capital is my special guest on this episode of The OZExpo Podcast.

Host: Jack Heald
Guest: AJ Patton

Speaker 1:

The larger need of community impact always drew me. What I cared about was could I use the these math skills and these people's skills to impact the folks in the communities that I grew up in.

Jack Heald:

Welcome back everyone to the OZ Expo podcast. I am Jack Heald your host, and joining today is AJ Patton , who is the founder of 548 Capital. AJ, welcome to the OZExpo podcast.

AJ Patton:

Thank you for having me.

Jack Heald:

It sounds like you're on a creaky chair there in your office.

AJ Patton:

Oh , I'm sorry. I will Google . Yeah , I do. I'll, I'll move.

Jack Heald:

Nah , no , no . Um, so five 48, capital m w you guys are in the woods or in the windy city if I'm reading this correctly. Is that right?

AJ Patton:

Yup , Yup . Downtown Chicago. Just a signed the contract, open up a place on the south side, a new headquarters on the south side . We currently located downtown Chicago.

Jack Heald:

Alright . So tell us about 548 Capital at a high level and then we're going to find out a little bit more about the 548 Capital as it relates to the opportunity zone program.

AJ Patton:

Yeah, absolutely. So I got my start years ago was it a re do grilling it left there to go to HSBC, a w on the real estate side. I then got an opportunity , uh , to work at equities first , which is a Hong Kong based firm that pretty much bought everything in all asset classes. Was just kind of uh , you know , super diverse group in terms of its investment strategy. Uh, and I got a phone call from a friend of mine that said, Hey, you know , uh , I need 10 million bucks for a solar farm. And , uh, you know, when I ran the u s investments at equities first. And so when it's your friend, you know, you have to actually look at the pitch deck and give them real feedback and kind of really kicked the tires. And they essentially were doing a solar fund that was selling energy to Google and target. And so I, I just said, hey man, this isn't a , you know, this is essentially a bond deal. This is it for us. I said, quick, quick question. I said, have you ever thought about building these solar farms and selling the energy to low income families? And it was an awkward silence. And he said , you know, the problem is most folks tend to live in multifamily buildings and it's difficult to find the owner and the economics of getting individual subscribers willing changes the modeling. And I said, well, what if you owned the real estate portfolio and the solar farm and you could provide discounted energy to the , uh , working and low income families in your , uh, real estate portfolio and awkward silence again? And he just comes back and he says, never thought of that.

Jack Heald:

Okay ,

AJ Patton:

no one's doing that. He says the next person that does that will change the market forever. And so , uh , I quit my job and started 548 Capital with my real estate background and decided to partner with some solar folks and say, hey, why don't we own, I dunno , I own a solar farm and a multifamily real estate portfolio and provide discounted energy to the families in my portfolio and create energy efficient housing.

Jack Heald:

So this was, you were talking with your friend and it just occurred to you that that would be the way to solve the problem. Is that how this thing about

AJ Patton:

it ? Literally. And so if you know the solar game, those anybody can go, you know, it's not very difficult. The construction is not that difficult. Um, and so you'll just talk , talking about finding land, solar panels with cheap , you put it together and then you sell the tax credits and you , you know , you find an offtaker, well , the toughest part of that deal is finding someone to sell the energy too . Well, if I own real estate, I always have an energy need . And so there's kind of a natural partnership there that says, why aren't they just combined always and no one, those two folks never talk. And they never, they only talk when they meet each other. They never talk in terms of legitimate partnership under one umbrella. And the light bulb just went off for me and said , there's a chance to change the market.

Jack Heald:

Wow. Okay. Um, this congressman, I thought it was going to go. So you quit your job. This was what, 2016

AJ Patton:

something like that? Yeah. Yeah. God, don't , don't hold me to that. It feels , it feels like yesterday, but longer than that

Jack Heald:

one on three years, my friend. Okay. That is that when the Solar Chicago Fund got started,

AJ Patton:

yeah, that's when, that's when I decided to start exploring. Do I just want to do deals? Do I want to start a fund? Uh , you know what my team's going to look like? And so it took me about, let's say a year to put the team together as service providers. The right develop co-developers uh, you know, and just structure. Right. And lawyers take forever in their own sentence. Right. And so lawyers and accountants take about half of your life anyway. So , uh, that, that was a big piece of it. And then, and I think it was , uh , in the 17, oh , we decided to put the fund together. I think that's about right. Uh, in , in that, that's kind of how we ended up with the Solar Chicago on doing a greater land Chicago Metro Chicago area.

Jack Heald:

Okay. I've got a million different questions I want to ask you here, but , but this one, so you're working on putting together, you've started 548 Capital with the idea of buying, of , of owning both a , a real estate portfolio and solar energy or alternative energy, I guess solar was where you started and and using, creating literally a second stream of income with the, with the housing portfolio through the real estate. I mean through the, through the alternative energy. And this is all targeted at low income housing and have I got this story right so far?

AJ Patton:

You are 100. It literally is what it is. That at the fund level for the, for the investors, that's two income streams. There's kind of a natural fit of efficiencies with the two and then the fact that I can provide those, those families with discounted energy, I can also lower my operating expenses on the real estate side. And so it's kind of you're, you're reaching in both pots, which you're providing value on both ends because now the solar has a guaranteed offtaker on this real estate portfolio. And now here's this, here's this real estate portfolio. It has direct access. So chief energy

Jack Heald:

are there. Now there's also tax credits on the energy side. Are there not?

AJ Patton:

Absolutely. There you go.

Jack Heald:

Gosh, this is so bloody obvious in retrospect, but

AJ Patton:

yeah, right.

Jack Heald:

The next question becomes, so you're not going to end of 2017 the opportunity zone legislation didn't actually hit until January one 2018 that that suggests that the Solar Chicago Fund that you guys put together did not start as an opportunity zone to fund.

AJ Patton:

Correct. That's spot on. That's spot on. And so that kind of landed, you know, folks kind of give me credit disproportionately and I'm always stop the horses and stop the track and say, know we started before that. I don't want to tell you that I had this great idea of an opportunity zone fund that, you know, that checked all these boxes. We were already going through these neighborhoods and communities. Uh , we had already had relationships. Oh , the ground game with the community organism organizers and the politicians and legislators. And so that work had already been done. And then it just so happens the communities we were going into, including the place where we were targeting to put our solar farm , all deemed opportunities zones. And so that just candidly, that fell into our lap.

Jack Heald:

Hey there . You know, sometimes it's better to be lucky than good if you can do better. Right. So I've got to ask you this question because I'm, I'm sitting here in beautiful and Sunny Phoenix, Arizona, by the way. Uh , I heard on the radio this morning that it's going to be much cooler today than it was yesterday. Our high is only going to be 109 . Um, so when we talk about solar here in the valley of the sun, we get 350 days of sun a year. Solar is very natural. Are you putting solar farms in Chicago?

AJ Patton:

We show our, yeah, I mean the , the efficiencies of the panel , the technology where it has gotten in this process is that now you've got panels that can generate energy with overcast. And so even on cloudy days, those panels are producing. And so the technology's just gotten to a stage where it's become so productive that it works. Even in Chicago.

Jack Heald:

Right. Um, now I know part of the, my son just recently put a solar on his house and I , I asked him, I said, I asked him about the battery. I said, well, you're gonna , you know, are you storing it during the night? Is it dirty or starting it during the day, he can use it during the night. He said, no, they're actually not storing their electricity they generate. And it never occurred to me that that wasn't a thing that would be done. So it is part of this, this part of this play, the , uh , the storage of energy, different elements to the alternative energy. That

AJ Patton:

storage . We have a small storage budget. It's not a huge portion of what we're doing. We're going to a couple of our largest sites that we end up with at the end of our Poli , our portfolio acquisition. Um, we will put some onsite storage on, but candidly the technology has a lag and so it's not ready to go on buildings that only have 20 units. The economics just aren't there yet. So some of our larger buildings in our portfolio, like our , we've got a 65 unit building that we're currently underwriting. That would be the type of building where we would probably put some , um , probably put some, some onsite storage because candidly , uh , it becomes a community , uh, you know, exposure piece for us because just talking about in a blackout that's potentially a hundred children that could go without , uh , access to power. And so we're sensitive to that. And so in our largest portions of our portfolio, we'll do some onsite storage and we've got some set aside capital for just those buildings.

Jack Heald:

Right. Um, so talk, tell me a little bit more about the, the , the types of portfolios, the places that you're going and, and what you're doing with , uh , 548 Capital with the Solar Chicago Fund. What's the vision for the fund and how are you executing on that vision?

AJ Patton:

Yeah, the division for the fond is to showcase that you can redevelop a community without gentrifying it. And so if I can take old buildings and vacant buildings and run down buildings in these communities and bring them back online and make them habitable for families at a really quality level , um , without putting them in , in rates that the , the natives folks from the community can not , can afford. You know, that's the, that's the overall emphasis , right? The concern is that folks believe that in order to invest in these neighborhoods, you really need to bring outside folks. You need to raise the rents, raise the incomes levels. And what we're showcasing is that those neighborhoods can have the exact same folks, would just raise the quality of living for the people there.

Jack Heald:

And you identified energy as being part of the problem here?

AJ Patton:

Yes, it is on both sides. Yeah. And so part of our analysis as we're going to put the fun together is low income families pay a disproportionate amount of their income on energy. And you go across the state, they're paying anywhere across the country. They're paying anywhere between 17 to 34% more on energy than everyone else because oftentimes they're living in the most inefficient built homes . And so their buildings aren't well insulated . They don't have the best windows, they've got inefficient appliances. Uh , their HVAC is not well done. And so they're buildings are leaking. And you mentioned Chicago in the, in the wintertime cheeks is of the utmost importance. And so anytime you've got a building that's not energy efficient and this doesn't have the right insulation, it doesn't run at the high levels on the efficiency scale. You've got low income folks on different parts of the city that are paying astronomical energy bills. And so if you can lower that , um , in , in create some real savings for those folks that put some money back into their pockets that can raise the quality of living in these communities.

Jack Heald:

So part of the goal here is you're , you're first of all , uh , rehabilitating these buildings, not merely making them livable, but, but using the kinds of energy efficient construction and remodeling technologies and techniques that are going to all by themselves lower the cost of electricity and

AJ Patton:

spot on

Jack Heald:

and then layering on top of that solar, which brings its , it's still just electricity for the residents, but it's lowering their energy costs, I'm assuming, is that right? That they're, they're actually paying a here and here in Arizona , uh, you , you know, when you're , when you've got solar, you've your , as a residential solar customer, you still pay the electric company, but if you over if produce more than um, than you consume, they are required by law to buy it back from you at wholesale rates, market rates , similar situation that you're dealing with there . How, how's the, the how, how do they have to pay for the energy?

AJ Patton:

Yeah. So. One, let me go back to the beginning part of what you're saying. That's spot on. So you add in the to you, you redevelop these buildings with energy efficiency in mind as the number one priority and then you layer on the solar. And then so our original goal going in is 25% lower a utility expenses and energy costs for these families by a quarter . And then you layer these things on with the different subsidies that are out there from utilities. You say maybe we can back into a number somewhere in the high thirties low forties and now we're really driving value for those families. And then even if we can lower the energy expenses just in the common areas by a significant portion on these buildings, now we can even lessons that burden for us to have less expenses for the the building owners. That's less expensive we have to pass through to tenants . So now we're even driving more value for those folks. And so your , your pretenses , so the question is spot on. Um , and so it sounds like you've clearly done your homework and sounds great. I'm grateful for that. The second half is the relationship with Comm Ed , which is a local utility. And so all of this renewable energy kind of renaissance in Illinois is new. It's all within the last 18 months. Ah , so they passed a fairly robust with global energy plan. Uh , I believe last October. Uh , don't hold me to that maybe a little bit further , uh, previous to that and then going into this fall with the new governor, there'll be expanding that program even further. And so those programs that are commonplace for folks out west , uh , those programs are being built out in , administered here in the state for the first time.

Jack Heald:

Okay. All right . So Solar Chicago funds starts , um , really before the opportunities zone program got started, you find out that you're an op , you're , you are already owning buildings in an opportunity zone or opportunity zones. Um, how did you go, how did you manage to turn Solar Chicago Fund into a nosy fund?

AJ Patton:

Yeah, so thanks. One of the things that's important for us towards notate is like, we weren't one of the new guys that hopped up. Uh , you know, we've already been in these neighborhoods, had a ground game and I think I showed that previously. And so for us , uh, we had to go back to the lawyers and say in our accountants and say, Hey, it's your turn . This is a strategy. Does this, does this fit where they're going with this legislation? And you know, I don't want to say the law firms, a big tax law firm, everyone knows and they just go absolutely. Now go to your accountants and make sure that as your financial be modeling these deals, that you're underwriting those with the understanding. If you buy a building, you've got to put in and capital improvements , the amount that you buy in or so your upgrades is your buy buying . That's your baseline, obviously with the cost segregation of the land being a subtraction point. And so for us, we went back to lawyers and accountants. They said this is the perfect kind of deal because unlike a lot of the other firms and funds that are out there in this space , uh, we're organically already in these communities. We're not some suburban folks try and our hedge fund guys coming out of nowhere going into these neighborhoods. And then candidly, the social impact piece of this is a differentiating variable from everyone else. We're saying, look, we're not trying to go in and wholesale gentrify. These neighborhoods are , I heard a competitor once say cure rate and neighborhoods who are own likings . If I heard that in front of a whole about a hundred a room of a hundred investors, one of the bigger funds said, we're looking to curate neighborhoods. That's a direct quote. And so, you know, we couldn't have been more turned off from , from that. Uh , and so for us, we think the people there are worthy of our investment. Uh , and that's , that's our impetus for , for our investment strategy.

Jack Heald:

I want to follow up on that here in just a minute, but first let's talk about the , the, the genesis of the fund would have been prior to the Rosie legislation and for Qualified Opportunity Fund for the investors to really get to get the full benefit of it. It's gotta be capital gains that they are investing. Did you have to go back to your investors and rework , uh , I guess with, with the accountants and the lawyers rework how this was accounted for. Um, did you, did you open the fund up to additional investing? How did that work? And is the fund still open?

AJ Patton:

Yeah , so the answer's yes and yes and yes. So we launched the fund. We initially had targeted to raise $60 million. This is pre o z and I don't know your ex , your track record of raising capital, but that's a long road. You're playing the long game raising capital. And so in all of my relationships going into institutional, I didn't have any family office or height at work ties. And so the institutional game is even longer. Right. And let's talk in about 18 to two year cell cycle, 18 months to two year cell cycles . So for us, we launched the fund in , we're in due diligence with several institutions but had not done a capital close . And so, so that's why it's like, okay, well let's just go back. We can clean up for docs, we can go back to those same folks, whether they are tax paying and have capital gains and, or we're just pension funds and endowments because the pension funds and endowments one, the pitcher funds just want the return. They don't pay taxes. The endowments obviously once you determine , let's turn . But they also care about impact in the cases. And so we were having a couple of conversations at the same time and you , and we can speak to a couple of different people depending on what their , what their appetite or what they found most appeasing in items. Yeah . And so, yeah, we had to go back and so we change the number of institutions said, hey, you're just too small. Once you raise the number a little bit and we can get in and give you , you know , what does a small check to us will be a big check, shoots you. And so we raised our, our fundraising goal to 100 million. Um, and , uh , we did a capitol close. I , I'm sure that there was an announcement out there. Uh, some of the numbers we've tried to keep hidden, but you know, people are whispering, you know, that, you know, obviously we , we put a couple million dollars in the bank a couple of weeks ago. We've got about 20 million circled now. Uh, and so we've done, we've done a good job but it's taken some time and obviously raising money is very difficult in almost any market.

Jack Heald:

Sure. All right , well let's then, let's, let's get to the, the meat and potatoes of this opportunity zone investing opportunity zone program is all about driving investment into the most distressed neighborhoods, the portions of our country, the communities in our country that need it the most. And in order for this program to really be successful, we're going to have to see the folks who live and work in those communities directly benefit from this. How was the 548 capital different from the typical investment in this regard?

AJ Patton:

Great question. And so for us, you can't read it . There's got to be more than just housing and construction and in community development and community engagement. And so for us , uh , when we partnered with power 52, which is ray Lewis, his company that the old football player, Ray Lewis , they go into urban communities and there are, there are solar partners, they're going to help build out our solar farm and do some of our rooftop solar on our building . And

Jack Heald:

there's search that indicated that Ray Lewis was involved. I would ask you about that. Okay.

AJ Patton:

That's it . Yeah , yeah, yeah, yeah. So, so yeah, very, very raise on the team. And so , uh, so we , we've, we partnered with those folks because at the very, a conception of the firm and the fund, we partnered with them because they'd go into urban communities and host workforce development programs and then put those people to work on job sites while they're receiving all of their OSHA and all their electrical certification and they put them to work on job sites, page training, also life skills, responsibility, financial planning, all of the holistic part of being a professional, if you will. And then at the end of that , that session and working on that site , they hosted job fair and they've got a like a 78% job placement rate. And, and I, and I think that that number is high, but then I realized they actually count only if you've been on the job one year in one day. So that's a high bar for job placement. And so they do a Spec ocular job. And so we , we, until there's a job, there's a job component here. Uh, and then secondly , we launched the five, five , 548foundation. So we're committing a percentage of all profits from the fund to the foundation to invest in public schools in those same neighborhoods. And we've already earmarked some, we've already highlighted a couple of programs that we've got our eyes on and we started some conversations there. And so if jobs, it's housing and it's education, you've got to put your arms around the whole community. So really uplifts the thing .

Jack Heald:

Well first of all, I agree with you and then I'm going to say, how did you, how did you get here? Who is a, that you've got such a big vision and s and really it sounds like a comprehensive vision for really making a difference. What's your story? What's the backstory? HJ .

AJ Patton:

So it's interesting. I, my mother's family's from south side of Chicago. Father's family is from Indiana and I grew up in the north side projects in Terre Haute, Indiana, unit five 48. And there's, that probably rings a bell, right?

Jack Heald:

I see my mom, I'm hearing that that's something there .

AJ Patton:

And so, you know, I, I went to public schools elementary through college. I went to Indiana state , um , and got a chance to work at some great companies. And what I found was in the finance industry is that know obviously it's great work. You're blessed to make a good, good book. Um , but the larger need of community impact always drew me. And I never wanted to be a politician. That wasn't an interesting space to me. Longterm , what I cared about was could I use the, these math skills and these people's skills to impact the folks in , in the communities that I grew up in. And so when I, when I left the old firm to start my own, that's why I didn't want to name it patent capital or whatever. And there's something wrong with naming a company after yourself, you know, there's nothing wrong with that. But I wanted to stick to that core and remind folks every single time that they need the company at 548is the unit in the product . I'm from section eight housing. That's where I grew up. So before the fancy business schools and investment banking, private equity, I was in section eight and at the core of my investment fund from today , investment from , from today. So we're on our 15th on and we've got billions in assets and we're creating millions of jobs around the world. I want it to always go back to that core of are we helping people who benefits from this? Uh , my team hears me say all the time, you know, before we work with anyone, do they mission align ? That sounds so cheesy to say out loud, but I say it all the time. Do we mission aligned? Do those, would those folks care about this community if they weren't getting an invoice, if they weren't invoicing?

Jack Heald:

Yeah. So there were a lot of kids who grew up in that section eight housing that you are in. Why were you ever asked yourself that question?

AJ Patton:

I do. That's a , that's a, that's a layered question. I do. You know , and I think it's, you know, I think, I think a piece of it's parenting. I think a big piece of it's parenting and grandparents, you know, I've got grandparents that were labor activists, civil rights activists, they cared when no one was watching there . They have, they have friends and not in that new era of like social media. I'm talking like, Hey , um , you know, there was a hole in the roof and you know, my grandmother got Ahold of the room and she's got six people over there fixing it, you know, it's fine . You know, you know, I grew up with grandparents that did the, you know, the yard sale at the Labor Hall. You know, and so it's like, you know, if you've gotta be a team player, you got to give up something for the community. You know, my uncles always worked the polls . It was just innately there. You know, it was just a baseline expectation that you were going to do the right thing when no one was watching. And if you weren't, you probably weren't going to hold up very long and you weren't going to have many friends. You know? I don't know if that differentiates us, differentiated us from other , other folks in poverty, but I just know that that was the core of our family. And that just kind of eventually you , you're not going to end up in section eight forever with that kind of mentality. No .

Jack Heald:

You know, I , I want to make an observation here because I've, I've interviewed an awful lot of folks connected with opportunities, owned investment in development. And I am, I hear this not every single interview, but I'm hearing it more and more people just like yourself who either grew up in these neighborhoods and, and came back with a plan, a fire in the belly to make a difference or some people who didn't but also have that same sort of of social consciousness and a determination to make a difference. I can see from where I sit that already the opportunities zoned program is making a difference just by virtue of the fact that it is, it's catalyzing these types of passions that folks like you have. Um, whether, whether it's on the investment side, the fund management side, the development side, community development, just an observation on my part.

AJ Patton:

No, I think you're ,

Jack Heald:

I think you're definitely happening.

AJ Patton:

I agree. And I think the pieces that folks gotta be patient and I think that initially there was big numbers raised from folks who historically had never cared about these names. And I think that a lot of the original big deals were in communities that candidly didn't need it. That they were going to get some version of major investment in the near future regardless. Right. And I think that there's such a number of being raised in such as appetite being created that it will happen in phases, but the money will eventually get to the neighborhood most. I think we have to be , um , positive in that perspective, right? Because I think yes, there's going to be those neighborhoods in Texas and Nashville and Austin and New York and Miami and La that will get big billion dollar checks very early in the process. But I think Middle America , uh, the tougher neighborhoods like the south and west sides of Chicago, the trickle down effect will eventually get there. I just think that the sheer numbers, there aren't enough of those deals. There aren't enough Miami deals to go around. There's only so many long island cities to go around. Right. And , uh, you know, I think the family offices that have those capital gains are going gonna have to find themselves reaching and candidly to firms like ours and said , look man, you know , we would never in any other context, we never deal with you but here take this, take this, what's left and , and go do best you can. I think that's what we're going to end up, you know, four or five months from now.

Jack Heald:

I am really excited about this. Okay. I've got a couple more questions I want to ask you and then we'll, we'll wrap it up. This model that, that you apparently have created out of the ether of, of uh, linking the energy development, that alternative energy with the low income housing. Are you getting interest from folks who are more interested in the model rather than, than the , the, the, the fund itself folks saying, Hey, can you help us develop this kind of model in other places?

AJ Patton:

Not at the institutional level. I think that, you know, what I have seen is kind of a, I think there are some futuristic real estate folks who recognize that in 10 to 15 years this is how real estate and communities will be built with the future, that there'll be built with their own pap onsite power source, onsite storage that will be the norm and 2030 for new new development. I think that's just going to be the case regardless for any part of the country. Um, and , and states that there have been some individuals who've just kind of want to take a peak at our model and I've been totally willing to share. I hope that this, I totally hope that this inspires every, you know , community, urban anvil oil can , will community to be built this way. Because candidly, I think we have an affordable housing crisis and I think it's, you know, folks have just raised their hands and go, look, if it's not a life tech deal, if it doesn't got low income tax credits , I can't do , I can't build affordable housing. Right. Or, you know , we've got Chicago where the, you know , the , the former legislators have said, you know , we'll hold developers accountable for five to 10% affordable of their units, but here's a small sign if you don't make it in the developers who just said, sure , I was paid out by to the check talking . So then the problem only gets exacerbated. And , and I, and I get a building materials, you know, real estate as well as anyone, you know, the building materials and in , depending on the city labor costs in union relationships can be costly and it's tough to rent something out at affordable rates, market sensitive. So we've got to think creative and we've got to have creative ideas like these to fix those problems.

Jack Heald:

So one last question. Specific to the alternative energy, the solar energy, are you guys, is the plant to put solar panels on the buildings or or is it [inaudible] I know you've got to have more than just on top of on rooftops, but is there solar going to be on the rooftops on the buildings that you own?

AJ Patton:

Absolutely. On the roof and off site across the board. And so assuming engineering , uh, you know, obviously responsible, you know, developing on each roof as responsible as possible, but yes, the answer's yes across the board.

Jack Heald:

Okay. All right . Wow. This is a big vision and very impressive. I'd , I'm so glad that you've decided that you chose to be a guest on the show. Um , and I'm , I'm just thrilled to meet folks like you. Um, if, if folks want to know more about 548 Capital about , uh , the Solar Chicago Fund, or just want to hear more about your model, how do it , what's the best way to get ahold of you?

AJ Patton:

Yeah, the easiest part is a 548 Capital .com . Uh , we've got a contact page. Uh , you know, we've got, we're an open book. We're willing to talk to everyone who's got a great partnership group. I'd , I'd be removed if I did not mention my co founder, Erica Johnson, our co founder , uh , is one of the top women in construction. She left her job. She had a big , uh, construction consulting job on the east coast to come partner with me since the very beginning. And so I always get an eyebrow raise when I usually I'm raising the money and hailing the politicians and Erica manages the construction and development side and uh , she dealt with her entire career during the woman lead setting at the head of the table at construction meetings. But she is spectacular and I always want to make sure that, you know, share that, share that platform that Eric is my co founder and she's obviously wonderful and could be more lucky to have a partner like her.

Jack Heald:

Well, I probably should have had her on the show too.

AJ Patton:

Yeah . Yeah.

Jack Heald:

I , I, you know what, I, I've talked to a, a female builder out of Brooklyn who's just, I mean, she's, she's another one of those just , um , an absolute fireball dynamo who just gets things done when we're , nobody thinks they can be done. And it's , it's always so much fun to meet those folks who, who destroy expectations in the most positive way. Um . All right. Well, any last words for us before I let you go? Yeah, most important work . Thank you.

AJ Patton:

Thank you for sharing your platform. Thank you for reaching out. I'm really enjoyed the conversation. I think this was healthy for a lot of folks who just talk through you know, opportunities and on some of the unique strategies that are out there. Hopefully this inspires some folks to think more creatively about this big opportunity in the marketplace . Appreciate it .

Speaker 3:

Absolutely. Well, thank you a J for a j Patton of 548 Capital I in Jack Hill opioids , the expo podcast. Thanks for joining us today. Please be sure to press that subscribe button so you're updated every time you be recently episode. That happens pretty much all the time and we will talk to you next time. This podcast is for informational purposes only and does not constitute legal tax or investment advice. For specific recommendations, please consult your financial, legal, or tax professional. This is a presentation of out click media corporation.