Joel Kaul,

Experience

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  Naterra Land

  Jan 1993 - Jan 2003

  Chief Operating Officer

  Taylor Investment Corporation developed and sold recreational land in the upper Midwest and in Texas, Tennessee and Georgia. From 1994 to 2004, sales increased from $12M annually to $75M and net worth increased from $3M to over $30M. Focus on operations and financing business expansion. DEVELOPED STRATEGIC PLANS THAT LED TO 3X GROWTH• Developed strategic growth plans for the business. Selected Texas and Georgia as new market opportunities for business expansion. Acquired land and hired staff for new offices.• Established policies and procedures for managing Taylor’s portfolio, including underwriting guidelines for acquisitions, inventory management, and development standards. Risk and reward benchmarks were established in acquisitions to improve underwriting and operating efficiencies.• Directed real estate acquisitions for the business, managed entitlements, and completed development agreements with cities and government agencies for various projects. • Developed land plans and marketing themes for 1,000-acre Homestead Community in Wears Valley, TN; 2500-acre Giants Ridge Community in Biwabik, MN; and 400-acre Canyon Ridge Springs in Austin, TX. Show less

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  Ally

  Jan 2005 - Jan 2009

  Managing Director

  Managing Director of GMAC-RFC, a wholly owned subsidiary of GMAC Financial Services and a leading private issuer of residential mortgage-backed securities and mortgage related asset-backed securities in the United States. Sold to Ally. Asset Manager for a national portfolio of residential and commercial properties. GMAC-RFC provided over $50B of capital to the residential housing industry. MANAGED ASSET MANAGEMENT - MONETIZED THE REO ASSETS• Managed asset sales of over $2.5B with 12 employees located throughout the United States; 300+ sales.• Developed asset management guidelines and reporting standards to track projects and maximize recovery value of assets.• Designed and standardized Asset Management process and procedures for valuing assets including appraisal management and cash flow valuation modeling.• Completed various JV agreements with private builders to develop and build out subdivisions owned by GMAC-RFC, resulting in a three-fold increase in asset recovery values. • As loan officer, originated more than $400M of new investments from 2005 to 2008.• Served as Relationship Manager for Oakwood Homes, Lennar Homes, Richmond American Homes, Newland Communities, GL Homes, and Beazer Homes. Show less

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  Mountain Real Estate Capital, LLC

  Jul 2009 - Nov 2021

  Chief Operating Officer

  Managing Director and Chief Operating Officer for a national leader providing capital to residential land developers and home builders. Directed and led MREC’s land and housing investment strategy. Primary focus was on value creation opportunities with best-in-class operating partners across the United States residential housing market. Reporting to the Owner and President.• Developed more than 45,000 lots and homes across 80 projects, representing over $10B in assets.• Negotiated contract for MREC as special servicer for GMAC-RFC to manage and liquidate over $2B in assets.• Closed approximately $1B of equity investments between 2010 and 2016 with net returns to the MREC investors of 18% IRR and 1.6x multiple. • Selected partners and invested in projects in over 20 housing markets across the United States with largest concentrations in Colorado, California, Florida, North Carolina, Nevada, Utah, Texas, Virginia, and Wisconsin.• Negotiated and completed over 50 equity joint ventures with developers and home builders.• Acquired several homebuilding entities on behalf of MREC including Oakwood Homes, Colorado’s largest private homebuilder, and Henry Walker Homes in Utah.• Served on Oakwood Homes Board of Directors and assisted in growth of home building operations and ultimately sold business to Clayton Communities.• Managed relationships with MREC’s institutional partners, including Varde Partners, Forestar, Starwood, and Crayhill Capital. Show less

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  Domain Real Estate Partners

  Nov 2021 - now

  President

  Joined Domain in 2021 to lead Domain's home building finance business. Domain has closed over 150 transactions, and financed over $4B of projects across for-sale housing developments in the United States.Joel has spent thirty years leading real estate and development teams. He served as the COO for Creative Homes in Minneapolis - St. Paul from 2019 - 2021. Creative Homes is the 5th largest builder in the Twin Cities. From 2008 to 2019, Joel was the COO of Mountain Real Estate where he directed and led MREC's land and housing investment strategy. MREC developed more than 45,000 lots and homes across 80 projects, representing over $10B in assets. Prior to joining MREC, served as an Investment/Asset Manager for GMAC and managed a national portfolio of residential and commercial properties. GMAC provided over $50B of capital to the residential housing industry through A& D lending, land banking and model home finance. In 2008- 2009, led the the REO Group at GMAC and monetized over $2B of assets. Prior to GMAC, Joel was the COO at Naterra Land (1994 - 2004). During my tenure, Naterra developed and sold 1000+ lots annually with land sales over $75m a year. Joel has served on several boards (Oakwood Homes), is a Licensed Certified Public Accountant and is a Council Member of the Urban Land Institute (2010 - Present). Joel hold a B.S. in Finance and Accounting from the University of Wisconsin - Lacrosse. Show less