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Commercial real estate titans in Florida place their trust in Synovus
Moving at the speed of the Florida commercial real estate market requires quick decisions and even faster deals — especially for IP Capital Partners, which owns six to seven million square feet of commercial real estate in the Sunshine State, a portfolio worth close to $1 billion.
That exact square footage of the real estate they own fluctuates as the team buys, renovates, leases out, and then sells properties from Jacksonville to Miami. The company, based in Boca Raton, buys under-valued properties, updates them, fills them, and then sells them — all within a time frame of three to five years.
To capitalize on available properties, founding partners Jason Isaacson, president, and Josh Procacci, chief investment officer, needed a banking partner who could appreciate and support their entrepreneurial needs.
Since 2015, they've relied on Synovus as their bank.
"The partnership with Synovus has really helped us to continue to successfully grow our business."
"In our business of buying and selling commercial real estate, the markets have become more transparent," says Isaacson. "And as the markets have become more transparent, the timeline to execute on transactions has become more condensed, so you need a lending partner that has changed with the times."
Isaacson says having a bank they can trust is paramount. "What we have with Synovus is someone who believes in us," he adds. "And that belief translates to trust in us, which allows Synovus to meet the timeline we need to get properties under contract and close those deals. It's important to have a bank who can stand shoulder-to-shoulder with us. And Synovus has done that again and again. It all starts with trust in us."
The first deal the pair did with Synovus involved purchasing a building that the bank had foreclosed on. In all, they've closed five deals with the help of Synovus. The bank also holds operating accounts for several other properties. Both Isaacson and Procacci describe Synovus as an ideal banking partner that understands their mindset, which means the bank can meet their needs — and their time frames.
"We can pick up the phone and talk to the right person at the bank very, very quickly," Procacci says. "The partnership with Synovus has really helped us to continue to successfully grow our business."
If you're looking for a bank that responds with solutions to help you grow your business, Synovus is here for you. Give us a call at 1-888-SYNOVUS (1-888-796-6887).