Developing Eleven Park & The Intercontinental Hotel with Patrick Nessenthaler of Keystone Group

The Hoosier Hub Podcast

Recorded April 13th, 2023

Today we have Patrick Nessenthaler, Vice President of Finance & Head of Real Estate Capital Markets at Keystone Group, to discuss commercial real estate developments in downtown Indianapolis. Patrick talks about the evolution and financing of Eleven Park, the future home of the Indy Eleven which is part of a multi-use development. We also discuss the Intercontinental Hotel development that will feature the city’s first rooftop bar. Patrick shares what brought him to Indianapolis and the opportunities they see in Indianapolis real estate.

Guest Bios Patrick Nessenthaler is a real estate investment strategist and business developer with more than 15 years in the commercial real estate industry sourcing, negotiating, and closing $3.7BN+ of complex debt and equity transactions in a variety of asset classes. Mr. Nessenthaler began his career in a valuation & consulting role at Integra Realty Resources conducting valuations, market studies, and feasibility studies on a diversity of commercial property types, including retail, industrial, office, and multifamily. He has also provided counseling services on niche and esoteric asset classes, with a primary focus on seniors' housing and other healthcare-related real estate.

After completing his real estate graduate studies at the Baker Program in Real Estate at Cornell University, Patrick joined The Ackman-Ziff Real Estate Group, LLC in 2012. During his tenure at the firm, he was responsible for all aspects of the underwriting process, structuring, and placement of debt, mezzanine, and joint venture and Co-GP equity opportunities for a broad range of commercial real estate assets. He also originated on an exclusive basis over $700MM in debt and equity capital mandates for healthcare real estate transactions. Mr. Nessenthaler currently serves as Vice President of Finance & Head of Real Estate Capital Markets at Keystone Group and focuses on growing Keystone’s multiple service lines and real estate portfolio as well as establishing Keystone Capital Markets Division. Mr. Nessenthaler holds a Bachelor’s degree in Real Estate Finance from the University of North Texas, a Master’s degree in International Real Estate Finance, a Master’s degree in Healthcare Leadership, and a Master’s of Business Administration from Cornell University. Patrick is also a CFA Charterholder, CAIA Charterholder, Member of the Appraisal Institute, and a Counselor of Real Estate. He is also an Adjunct Professor at the University of Louisville and Rutgers University teaching “Real Estate Finance & Investments”, “Real Estate & Alternative Investments”, and “Real Estate Investments” to undergraduate and graduate students.

Patrick’s Book Recommendation: The Lords of Easy Money by Christopher Leonard

Upcoming CFA Society Event May 16th from 9 am to 6 pm at Indianapolis Motor Speedway - 2023 Investment Forum

Eleven Park: https://www.indyeleven.com/news/2023/02/17/eleven-park-designs/

Intercontinental Hotel: https://www.keystone-corp.com/portfolio-item/the-intercontinental-hotel/

Keystone Corp: https://www.keystone-corp.com/

Patrick’s LinkedIn: https://www.linkedin.com/in/patricknessenthaler/ Who are the hosts? Austin Crites, CFA: Austin is a past-president and current committee member of CFA Society Indianapolis. Professionally, he is the Chief Investment Officer at Aurora Financial Strategies where he manages US-focused, all-cap, style-agnostic equity strategies as the core of client portfolios. Austin is a 2008 graduate of Marian University in Indianapolis where he is now an adjunct professor at the Byrum School of Business.

Matt Henry, CFA: Matt is a Senior Investment Officer at STAR Wealth Management. He is also a Past President and a director of CFA Society Indianapolis. When he’s not managing portfolios, Matt teaches Finance 300 at Ball State University. He enjoys air conditioning, wi-fi, and the conveniences of indoor living.