WHAT'S YOUR PROBLEM?

Behind the Deal with

Jeff Fells


Connect with me on LinkedIn


REAL ESTATE. TITLE INSURANCE. DEALS. PEOPLE. PERSPECTIVE.

NOVEMBER 2026 | ISSUE NO. 02

FROM JEFF


WHAT I AM SEEING, HEARING AND THINKING

ABOUT RIGHT NOW.


Every real estate player has a problem. The real question is whether you know who can help solve it. Title execution is how I make a living. Putting the right people together is what I do.


This month: A conversation with Malcolm Davies about navigating today's challenging capital markets, a look at where equity opportunities are emerging around the country, a $57 million Manhattan closing, and some exciting news from Langdon Title. Plus, family, golf, and giving back.

WHAT'S YOUR PROBLEM?

1

What's your Problem?




Sometimes it's finding capital. Sometimes it's finding the right partner, navigating a complicated transaction, or getting the right people around the table. Beyond the obvious strong title execution, responsiveness, and getting deals closed, my value is connecting the right people, solving problems, and helping you navigate whatever challenges stand between you and the finish line.

2

Relationships still win




The inspiration for What’s Your Problem? came from my dear friend Malcolm Davies. So it’s only fitting that Malcolm be my first featured guest.


Have a real estate problem worth discussing? I'd love to highlight it and see how I can help.

WHAT'S YOUR PROBLEM? | MALCOLM DAVIES

Malcolm Davies

Capital advisor, entrepreneur, and fellow Wildcat


As Founder and CEO of WAY Capital, Malcolm Davies has spent more than 26 years shaping commercial real estate finance, advising on and participating in more than $20 billion in debt and equity financings. A former developer and award-winning capital advisor, he has been repeatedly recognized as a GlobeSt. Rainmaker in Debt & Equity Finance.


WHAT'S YOUR PROBLEM? I’m Gumby


I’ve lived through several real estate cycles, first as a developer and now as a capital advisor, and this one is different. We are in the long, grinding process of deleveraging commercial real estate.


The Global Financial Crisis was violent, but fast. Values collapsed, and within a few years the path forward came into view. This cycle has been the opposite: less dramatic on the way down, but far more punishing in how long it has lasted. For four and a half years, rising interest rates, higher operating costs, and cap rate expansion have squeezed debt and equity alike. Deals still get done, but the margin for error keeps getting smaller.


I have never seen the tension between debt and equity stretched this far. My podcast is called On the Edge, and that’s exactly where every closing lives now. A few basis points, a tightened covenant, or a softer appraisal can reduce loan proceeds or turn a refinance into what every borrower dreads: a cash-in.


So here is my problem. I’m Gumby, pulled from both ends. On one side is a lender who won’t stretch; on the other, a borrower who wants a cash-neutral refinance. We spend enormous energy making the case for the strength of the business plan, the durability of the market, and the property's potential over the next loan term.


That’s my problem. It’s also why I exist. I’m Gumby, and I’m glad to be stretched. This is the kind of market where the right advisor earns their keep.


Malcolm's perspective is one example of the challenges facing today's real estate market. And one of the biggest challenges? Finding the right capital and the right people to make a deal happen.

OPPORTUNITY MEETS CAPITAL - THE EQUITY CONNECTION


Through my relationships across the industry, I'm constantly having conversations with sponsors looking to raise LP and GP equity and with investors and capital partners.



Here are some of the conversations I am having right now:


  • Value-add multifamily in the Carolinas, MA and the Houston area
  • Build-to-rent and Class A multifamily in the Twin Cities (MN) and Austin TX
  • Waterfront office in Tampa
  • Storage Fund- closed-end fund focused on self-storage in supply-constrained mountain, lake, beach and island markets.


Check sizes range from smaller co-invest positions to larger LP commitments.

 

If you're an investor focused on any of these areas, or a sponsor with a capital need, reply and I'll connect you.


This newsletter is for informational purposes only and is not an offer to sell,

or a solicitation of an offer to buy, any security.

AROUND THE COUNTRY


What I am seeing right now


The Opportunity Isn’t Always Where You Expect It


One trend worth watching is where deals are happening. More investment activity is moving beyond the country’s largest markets, with smaller metros capturing a growing share of transactions. At the same time, demand tied to AI, data centers and industrial growth is creating new opportunities but also putting power, utility capacity and infrastructure at the center of development decisions.


For investors, that means looking beyond the headline markets and asking different questions. Where is demand growing? Can the infrastructure support it? And does the basis justify the risk?


The takeaway: Sometimes the most interesting opportunity isn’t in the market everyone is talking about. It’s in the market people haven’t fully caught up to yet.



DEAL OF THE MONTH

A deal worth talking about

Office-to-Storage Conversion 


At Langdon Title, we have extensive experience handling complex conversions, including some of the country’s largest office-to-residential projects. In this office-to-storage conversion, we handled the acquisition and were pleased to close a $57 million refinance on a 15-story Manhattan Mini Storage facility in Midtown. The project involves the conversion and vertical expansion of an existing eight-story Class C office building, and will yield 1,500 storage units across 75,000 square feet. 


What stands out to me is the strategy: value isn't always created by building something new. Sometimes it's about seeing a better use for what already exists.



Click for my notable recent

and current transactions



LANGDON NEWS


Our new Texas office brings the service our clients count on to one of the most active real estate markets in the country.


We built Langdon on unrivaled personal service, expertise, and quality of execution. That's the standard we're bringing to Texas.


To the lenders, investors, attorneys, and developers doing business in the state, we look forward to working with you.


Have a Texas deal on the horizon?

Send it my way.

WHERE I AM GOING


LET ME KNOW IF YOU WILL BE ATTENDING.

I WOULD LOVE TO CONNECT.

OUT OF OFFICE


Travel. Family.

Life outside the deal.







October is always a special month: Family Weekend at The Ohio State University and the Selfhelp Fall Classic.


Columbus was special. Watching my youngest enjoy her first Family Weekend and seeing her with her big sister, now a senior celebrating her last, was a reminder of how quickly these four years fly by. Seeing them both happy, thriving, and making memories together in CBUS means everything.


And then there was October 5th. Another incredible day bringing our real estate community together for a cause that means so much to me and my family.


A look back at the day

The fourth annual Selfhelp Fall Classic is in the books, raising over $500,000 to support Holocaust survivors and provide affordable housing, home care, and essential community services.


Proud to have founded and co-chaired this event alongside Langdon Title and Selfhelp Community Services. Our real estate community showed up in a big way, with sold-out golf at Fresh Meadow and Deepdale, plus pickleball, tennis, and an unforgettable evening.


Congratulations to our honorees, Dan Cooperman of Mavik Capital Management (Visionary Impact Award) and David B. Schechtman of Meridian Capital Group (Partner in Purpose Award).


Thank you to everyone who made this event possible.


Real estate. Relationships. Purpose. Together, we make a difference.


The Drive for Five starts now!


📸 Click this link for pictures from the event

WHO IS JEFF FELLS


Jeff Fells is a Partner at Langdon Title and a nationally recognized title insurance executive who has helped execute and insure billions of dollars annually of complex real estate transactions across the country. His value goes beyond title. Simply, he is a connector at heart, using a deep network of relationships to make introductions, solve problems and create opportunities. Jeff is also the founder and Co-chair of the Selfhelp Fall Classic, a major annual real estate event supporting Selfhelp Community Services. When he’s not working or giving back, you’ll usually find him golfing, skiing, traveling, going to see live music or spending time with his family.


Working on a deal, looking for capital, or facing a challenge where the right connection could make a difference? I'd welcome the conversation.


You never know where the right conversation might lead.

From my family to yours, Have a wonderful Thanksgiving with your friends and loved ones.

LANGDON TITLE

Unrivaled Personal Service. National expertise. Quality of Execution.

JEFF FELLS

Partner | Langdon Title

C. (917) 783-4300

O. 212-686-6650

jfells@langdontitle.com

www.langdontitle.com

 

Connect with me on LinkedIn


Click for Notable Recent and Current Transactions

Langdon Title | 132 W 36th St. ste. 500 | New York, NY 10018 US

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