Mr. Penner is the Fund Manager for Chesapeake. Mr. Penner will serve
as a member of the Investment Committee.
Joseph Penner is the founding partner of Hill Street Realty, a value
added real estate fund formed in 2001. Hill Street has acquired
properties with values in excess of $100 million. To date, Hill
Street’s realized returns have averaged approximately 30%.
Prior to Hill Street Realty, he was a Director at The Capital
Corporation of America (“CCA”), formerly known as Nomura Asset
Capital Corporation. In 1994, Mr. Penner was recruited to open the
branch office for CCA in Los Angeles and completed over $1.2 Billion
of real estate transactions in two years. In 1997, Mr. Penner moved
to Paris and developed the European expansion plan and business
model for CCA’s real estate lending business.
Mr. Penner has been in the real estate business since 1990, working
with various real estate opportunity and investment funds such as
Starwood Capital, The Signature Group and JRK Investments. Between
1993 and 1994, while at JRK Investments, Mr. Penner acquired over
1750 multifamily units from the RTC and FDIC. From 1984 to 1990, Mr.
Penner worked at Citicorp in the international private banking
group.
