The Dealmakers’ Edge with A.Y. Strauss
The Dealmakers’ Edge with A.Y. Strauss dives deep into the world of commercial real estate, bringing you exclusive stories, insights, and strategies from the industry’s top investors, developers, and dealmakers.
Hosted by Aaron Strauss, founder and managing partner of A.Y. Strauss, a leading real estate law firm, this podcast offers a behind-the-scenes look at what drives success in commercial real estate. From uncovering the unique edge of industry leaders to exploring the challenges and triumphs they’ve faced, this podcast is a must-listen for commercial real estate investors, developers, brokers, and professionals looking to sharpen their skills and stay ahead in the competitive market.
Whether you’re navigating real estate law, structuring deals, or scaling your portfolio, The Dealmakers’ Edge delivers actionable insights and inspiring stories to help you take your career to the next level. Tune in to gain valuable knowledge and discover what it takes to thrive in commercial real estate today.
The Dealmakers’ Edge with A.Y. Strauss
Finding the Right Partners and Building for Generations with Sharon Solomon
Use Left/Right to seek, Home/End to jump to start or end. Hold shift to jump forward or backward.
Sharon Solomon is a principal at Northlake Development Group, a family office development business with a pipeline of residential and multifamily projects across Santa Fe, New Mexico and South Florida. At Northlake, Sharon leads development strategy, capital planning, and partnership structuring, building the firm alongside her two sons as a multi-generational platform.
Prior to launching Northlake, Sharon spent 25 years in financial services, including 11 years at RBC Capital Markets, where she served as US Head of Brand and Client Strategy. Before RBC, she was a member of the executive team at Carlin Financial Group and a founder of predecessor firm Nextgen Trading. She began her career as a Product Manager at Goldman Sachs Asset Management. Sharon is a CPA and holds a BS in Accounting from Brooklyn College.
Insights from Sharon Solomon on Finding the Right Development Partners
Sharon Solomon spent two years getting to know a Dallas-based developer before structuring a JV for a 430-unit multifamily project in Santa Fe. She needed a partner with experience in mountain west markets who was also willing to share decision-making with a family that wanted to be deeply involved. That combination took time to find, and the structure they built together reflects it.
Not every project in her pipeline needed that same approach. In Naples, she hired a local developer as a consultant and brought in a builder with deep roots in the market. In Titusville, a planned JV converted into a fee builder arrangement when the structure didn't make sense. The thread across all of them is matching the partnership to what each project actually requires, and making sure the people involved are incentivized well enough to treat it like their own.
In this episode of The Dealmakers' Edge, Aaron Strauss and Sharon discuss how she evaluates what kind of partnership each project needs, why cutting a developer's fees can backfire on the project they're building for you, and how she's building a multi-generational development business with her two sons designed to outlast any single deal.
1:25 - Growing up in a family of Holocaust survivors and starting at Brooklyn College
5:05 - Starting in New Jersey with value-add rentals and Airbnb units
7:05 - Bringing her sons in and committing to a multi-generational development business
10:50 - The Santa Fe assemblage and why Los Alamos job growth drove the thesis
12:35 - Spending two years getting to know RCR before structuring the JV
14:10 - The Hutchinson Island oceanfront assemblage and looking for the right partner
16:01 - Titusville and a planned JV that converted into a fee builder arrangement
18:06 - Decision-making rights and negotiating co-developer status
22:17 - Getting ahead of Opportunity Zone 2.0 before the next designations
25:37 - Managing the ups and downs of development over years and decades
Mentioned In Finding the Right Partners and Building for Generations with Sharon Solomon
Northlake Development Group | LinkedIn
Enjoy the show? Have a guest in mind? Email us at podcast@aystrauss.com to let us know your feedback and who you want to hear on the next episode.
Connect with Aaron and the A.Y. Strauss team:
- Our website (www.AYStrauss.com)
- Aaron's website bio page (Aaron's bio page)
- Aaron's LinkedIn account (LinkedIn)
- Our Twitter account (@AYStrauss)
Aaron Strauss: You're listening to The Dealmakers’ Edge with A.Y. Strauss, diving deep into stories behind commercial real estate leaders.
Hello everybody, welcome to The Dealmakers’ Edge. Today we are going to be joined by Sharon Solomon, who is a principal at Northlake Development Group, which was started in 2023, where she invests into development deals in Santa Fe, New Mexico, South Florida. She's created unique lifestyle brands and we're going to talk about her unique career, where she came up through the institutional capital world at Goldman Sachs, RBC and her experience in marketing and how it's all informed, how she approaches dealmaking today and structuring JVs and tax specialized strategies. And we are going to learn about her pipeline and her deal flow as well. So I hope you enjoy this episode. Today we have an amazing guest, Sharon Solomon, who's the principal of Northlake Development Group. And Sharon, your story is compelling. You've worked at big institutions. You've been a principal now in family office business that you've started with your family, and you've got a great perspective on a lot of different aspects of real estate. And I want to get to all of it as much as we can, but maybe you can kick us off a little bit, where you grew up, early parts of your career and then we can kind of segue naturally into present day.
Sharon Solomon: Okay, great. Thank you. Awesome. Thanks for having me. So I started out my career straight out of Brooklyn College, I come from a family of Holocaust survivors and just getting through, you know, college education was an accomplishment. So the thought of like going to a fancier type of school was really just not on the table for me. Then of course, I'm the oldest and you know, that first generation of the children of the Holocaust survivors. And then the younger siblings after me come along and they get to go to NYU and Barnard and whatever. But the first one, it's a crazy idea. So my husband and I both went to Brooklyn College and met there. And then, you know, the thing you did at that time was become a CPA. So every Jewish person was, I guess, a CPA or a lawyer or a doctor, not necessarily something I was interested in long term as a career, but I did public accounting for a couple of years. I just got lucky and got a job at a firm, in the early nineties that specialized in hedge funds. At that time that was very special, it was very secretive, so it was unique. And a couple of years of doing public accounting, I got recruited to Goldman Sachs Asset Management, because they had just started that division and they were looking and they were looking to launch hedge funds and offshore funds. And they were looking for some people who had any hedge fund experience, basically. So I joined the finance group. It was back in the day, where you hired people before you had the work for them. Now you, you know, you have all the work piling up and then you hire someone. So there were no funds yet. So there was not a lot for me to do. I got very involved ,because I'm not the kind of person who's going to just, you know, get the paycheck and not be busy all day. Got very involved in launching the funds. So I was working very closely with the product development team and some of the new portfolio managers, who are now famous, you know, hedge fund managers today, to get these products off the ground. And that just, I just segued one day into the sales and marketing team, because I was working with them all the time and really had very little to do with the financial side of the division. And I was there for six years, when a friend of mine was leaving Bank of America and starting something that was also very new and special at that time, which was algorithmic trading. Now that's obviously second nature. That was a startup kind of experience that I had. I would have to say like even going to asset management was very entrepreneurial at Goldman Sachs and more startup-ish, because they had just started the division. So I really realized in hindsight that I like starting things and I like building things. And even when I was in an institutional job, it was all more of a startup entrepreneurial environment than you might think. So I left and went and joined what was called then Next Gen Trading. And that got acquired by a mid-sized broker dealer, which a few years later got acquired by RBC Capital Markets. And when I joined RBC, this was late 2006. They just had been starting to build up the U.S. business and stayed there for 11 years. And so you might think that's a long, you know, very maybe steady institutional type of career, but they were building up the division in the U.S. business over those years. So that was also very entrepreneurial. And then it got to the point where things were pretty well established and it became less about building and more about maintaining. And I just felt like I needed to do something, where I'd get to build again. Turned out to be something where I get to build literally, not just metaphorically, I wanted to, I started investing in real estate. I started in New Jersey, because we were living in Englewood, New Jersey at the time. And then was doing a lot of value add, had tenants, rental properties, a bunch of Airbnb units. That's when Airbnb was really like taking off and becoming popular. So I spent about 6, 7, 8 years doing that and just started looking into doing a small development project in New Jersey, in South Jersey, because just the tenants and the Airbnb just got a little bit, for me, monotonous. And that got me into the zone of development. Like, what do you need to do to take a raw piece of land and then turn it into something, where people end up, where people live. There's a lot of steps between the land and when the people live there. And I found that really challenging, really interesting. At the same time, just like a little bit of background, my husband was building a technology services company with his brother. Their goal was always an exit. So they were going to be selling at least a portion of their company, private equity. And all this news about Opportunity Zone with the first Trump administration was coming out. And I was thinking, we're going to be getting some gains that are not from real estate, from something different. This is the first time probably, I don't know, maybe ever, where you could take gains from something not real estate related and invest it in real estate and get tax benefits. I should look into that. And that led to an Opportunity Zone, a small one in New Jersey. And now we're getting into the timeframe of COVID. So we started spending more time in Florida. I met a few partners in Florida. One of them had been putting together an assemblage in Santa Fe, New Mexico, which was Opportunity Zone. And it kind of really coincided with when the larger gains came through for us. We were going to be starting our family office and really wanting to commit to a development business that's multi-generational. So to make a long story short, I took that project on as a family development business. We had a JV partner that we brought in who's doing it with us because they're closer to Santa Fe. We ended up moving our residency to Florida during COVID. There was, I felt, a lot of opportunity to kind of stake out a pipeline by buying land opportunistically in Florida. So there were three projects that came out of that that are in our pipeline right now. My oldest son joined, then my middle son joined. So it's been over the course of the past 10 years or so that I've been building into real estate and building up this family office development scenario.
Aaron Strauss: It's a great story. And it's a great story to watch and observe. And also, it's unique in that a lot of people who get into real estate and then development, they're kind of scaling on their own first. And then over time, you know, with existing cash flow properties, then they transition. They're raising the funds. You were fortunate to be aggressive and buy land, even without, you know, many, many, many years of experience, but also find partners as you go. It's almost like reverse engineering the development process with very tax-efficient strategies. So congrats to you and your family for thinking it through. And I guess that's that CPA background coming into play, too, a little bit.
Sharon Solomon: Well, so all those things that I did over those years and the reason why that whole story helps get us to where we are right now in this discussion is, yes, having a CPA background certainly helps, if you're doing real estate, or anything in finance. So I was really much more in the marketing and branding side, when I was at RBC, especially at RBC, because I became head of US Brand and a couple of other areas, client strategy. But in a financial institution, it's much better to be that marketing and branding and salesperson, when you have a financial background. You didn't just do an undergrad degree in marketing communications. So that was very useful. And real estate, obviously, understanding the ins and outs of balance sheet income statement leverage helps a lot. So it was good that I did that with the financial and the accounting side of things, but then also the marketing and sales. At the end of the day, that's where you end up at the end of your project, when you're doing development. So that also, as we get closer to that point of it, come in very handy. But you're right about reverse engineering the way things are usually done, I guess, because I started at a later age. I started when there was more capital to utilize, basically, than most people who start in their early 20s and 30s. It's a little awkward for my sons, who are now coming to something that's very full swing, but they need to get their bearings in all of it and do it really quickly. So a lot of drinking from the fire hose for all of us. People might say it's crazy, but there were, you know, it was COVID and it was Florida and Opportunity Zone and an assemblage in Santa Fe. And I just felt like, you know, you lock things in and then maybe it's about finding the right partners. Maybe it's about figuring out how to do it on your own, but taking a little bit longer to do it. So each one of these projects is going down a little bit of a different path in terms of how it's getting executed. But we're trying to be as conservative as possible. It's our family capital, so obviously we're going to be careful. We're not necessarily a very risk taking culture, but we definitely want to constantly be moving things forward. So can't be too risk averse, right? Because then you don't do anything.
Aaron Strauss: No, a hundred percent. And to buy land during COVID, especially in Florida, what a wonderful outcome that is. Maybe we can talk about the projects you have now, how you selected them, how you selected partners and kind of what are the core principles. And then maybe we can get in after that to structuring JVs in a healthy fashion for all sides. I know we've talked about that in the past.
Sharon Solomon: Sure. Each one of our projects has kind of gone down a little bit of a different path, when it comes to partnerships. So I'll just start with the Santa Fe one. It's actually the most complicated and has the JV, so I think it's a little bit, you know, backwards from what you had just described, but it's once we talk about that one, the others are easy. There was a partner that I, as I mentioned, someone I was considering partnering with, who had lived in Santa Fe for years, working for a developer, who had been working on this assemblage for several years. And it's in a location that is really, really excellent. It's right near town, right near a lot of big box shopping, right near where you would leave the main hub of Santa Fe to go towards Los Alamos, which is where all the job generation is. I just became like really fascinated with everything that's happening, you know, how quaint and cultural Santa Fe is, how there's this constant job energy, because of Los Alamos and government funding that was happening more and more with, again, this was all happening with the first Trump administration. So it also plays into, you know, where the opportunities seem to have been presenting themselves, going somewhere where there's government funding for defense. You know, one of our other projects is in the Space Coast, lots of funding was going in that direction. So, you know, the jobs are there, you know, it's an environment where people want to live and it's in a good location and it's convenient. So as that assemblage was being put together and it was an Opportunity Zone, I really wanted to take advantage of that. But stepping in on a big development project, it's 190 units in the first phase, 240 units in the second phase, in a town you don't know, that really probably wouldn't be very well advised. Luckily, one of our minor partners had been working for years with a developer based out of Dallas, it's RCR and they introduced us and we took probably two years to get to know them really, really well. They have built, they've had a project in Santa Fe, they've done all these mountain west towns like Aspen, different areas of Colorado. They had a lot of experience working in these areas, where it's a little bit hard, you know, quirky little towns where it's a little harder to get the approval. I think the first thing people say about the fact that we have a project there is, you know, are you going to be able to get entitlement for that project? How do you get through the way these towns operate? They were able to do that for us. They've been fantastic partners. We JV'd with them three years ago, after we had spent a good amount of time getting to know them. We are fully entitled now and ready to break ground, have our loan in place, you know, probably breaking ground around the 15th of this month. So fast forward to that point. So that is a great example of trying to find just that right partner and you have to get lucky, who can fill the gap, you know, be there where you can't be, but also where you can culturally align and build a lot of trust. So I don't expect that that's going to happen very easily or many times. So with the projects in Florida, we're based here in Florida and New York, back and forth. I'm in Florida most of the time. It's a lot easier for us to manage projects in Florida than it would have been there. We are looking for a JV partner. We have a project in Hutchinson Island. We put together the assemblage. Hutchinson Island is just north of Jupiter, so between Jupiter and Vero. We have oceanfront and riverfront. We had put this assemblage together. We have the ability to build 76 homes. 14 of them are oceanfront, 19 docks on the riverside and we want to really create a very special community, now that we've gotten the assemblage. It started with a first parcel where only 12 units, 12 townhouses might have been built. That's a bigger vision and it has its complexities being oceanfront, waterfront. So we are looking for a JV partner, maybe to join us on that one, you know, if we can find a great situation like we have with Santa Fe, and if not, we're kind of proceeding with it on our own, with the portions of entitlements that we're working on. We have a project in Naples, Florida, on the west coast of Florida, 64 condos. We actually are not looking for a JV partner on that one, but we did bring in a developer, who had just finished a project in Naples, wanted to stay active in the Naples environment. They're kind of consulting with us and we basically got the best builder that is, you know, very known and recognized in Naples, DeAngelo Diamond, to do all the pre-development with us and, you know, they'll build it. So, I mean, you bring in the people in the local environments that know everyone, that have a tremendous track record and history with that local, they pretty much know every architect, every attorney, every zoning person, every civic. So that's who we partnered with. They're… not as partners, right, we hired them. So we opted out of doing a JV on that, for example. And then the other project we have is in Titusville, which is in the Space Coast. We actually were going to JV with a company called ResiBuild. It's a townhouse-for-rent, built-to-rent project. They cranked those projects out, like, you know, well-oiled machine. The JV side of it didn't work, but we're working with them as our fee builders. It just didn't make sense in that case. It didn't work out, but they're handling all the pre-development. They're going to build it. They're going to do the, you know, the completion guarantee. So we don't need a JV there. So it all depends on the situation. And I consider all of these parties are our partners, even though some of them are not actual JV partners.
Aaron Strauss: Well said. That's a great overview. But also, perfect segue into how to structure JVs that align towards all the best behaviors and all the best outcomes and tying the project to performance, to various responsibilities. I've heard you discuss this before. I'd love to hear, without describing the minutiae of your existing JVs. And I'm sure there's certain things you want to remain confidential, but just holistically. I'm always talking about JVs with a lot of different parties, I would love to hear how you think about a properly structured JV from your perspective and what's gone well, what could be better. Where you'd like to continue to evolve in how you think about the JV structure.
Sharon Solomon: So it was definitely complicated, though. The one JV that we have in place right now is definitely complicated, not necessarily structured, but documentation, the legal work on it, that took six or eight months. Rightly so, that's Opportunity Zone. We're in this together for 10 years. There are a lot of different steps to this process, a first phase, a second phase, managing the asset afterwards. You're going to hold it as a rent rolling property for a bunch of years together. So that was, as I say, that's the most complicated. So when we discuss any of these, how the JV works, or it's the question you just asked me, if I start with that one, the rest is easy after that. You want to make sure that there are enough protections in place. So our list of decision-making rights is pretty long, several pages long. You want to have a partner that's willing to agree to that. So it's a very unique situation that we're able to find the right partner to begin with, because we are not a family that purchases land or is sat on land. It's very typical in this situation and definitely RCR has done this many times in this more typical way. So the fact that they're willing to do this with us this way was really special. People have owned land for generations. They want to do something with the land. They contribute the land into the project, but they're not involved after that. Very little decision-making, certainly not active on a regular basis. We're the opposite, really a co-developer on it. So we're involved in every single decision, basically. We're on weekly or bi-weekly calls about every aspect of the project. And so finding partners that are willing to do that with us, to partner in that way, in that very active way, is step one. And so there's a lot of documentation around decision-making. So I would start with that, because for us, if that wasn't the case, it would have been a non-starter, right? If they were like, you can't be involved in this. You can't be involved in that. We're going to get a loan. It's going to be the best loan we could get. We guarantee it, but you are not going to be able to approve it, because we're the one signing on it. If it went down that road, that would have been a non-starter. We're not here to just contribute land and then step back and wait. So that part of it was really, really important. And then I would say the other key theme. So decision-making is a very important key theme. The other key theme is just making sure that everybody's incentivized. It's a long-term process, as it is with development. You don't typically get paid until the end. So making sure that there are the fees to the developer, you have to be able to walk away from that table not feeling great. Like, oh, maybe I didn't get the best deal. Because if you start beating a developer up on fees with what I just said as the first part, we want to be very, very involved. We want to be involved in those decisions. We could be a pain in the neck if we're not partnering very well on all of that. I think you just have to be prepared to let them, to make sure they're incentivized and getting paid well, at the end of the day. Or do it yourself, you know, don't bring in a partner, because if you're going to cut and pinch on them, why is your project going to be a priority over the many other things that they could be doing?
Aaron Strauss: Well said. And as you scale, I'm sure now people are coming to you with land and saying, well, now you're in the partnership business. You're in the development business. You're in the family office space. How do you see sort of scaling? You've got some really exciting projects. I'm sure you're going to see more opportunities. Eventually, there'll just be more and more opportunities. Everything is a big cost of capital. Even the price of land today versus when you first acquired it. And even though these projects, I'm sure, will be wonderful, there's a long time lag, et cetera. And somebody brings you an amazing project today. How do you think about scaling your business? Is it partnering with other like-minded families? Is it bringing in traditional LPs? Is it finding institutional capital? What would be a perfect fit for you and your family to continue to scale beyond just contributing your own capital more and more to more projects?
Sharon Solomon: Sure. Well, one way is, when we have a good partner that we're working with really well and it's been years, do more with them. They are actually looking at coming in and working on the Hutchinson Island project with us. And we're looking at working with them on one of their projects that they're seeking to acquire in Austin, Texas. So that gives us the ability to do more, because we're just leveraging an existing partnership that's working well for us. That is hard to replicate. So I don't even know if I'll ever find that again, to tell you the truth. The other thing that we would really like to do, because we are seeing a lot of opportunity, specifically with Opportunity Zone, when 2.0 is coming out, the next version of it. And it's going to be tougher to find great land that will be designated, because they're more specific and tougher parameters around what could be eligible than there was in the first round. But there's also a rolling five-year deferral period. So if you have a gain, you're not paying your taxes for five years. I would love to be ahead of that. And that's actually what we're doing right now, trying to determine by working and speaking closely with municipalities, with people on the state level. Actually, my two partners who are my sons are on their way to Santa Fe right now to meet with a person, who is basically recommending the local properties to the state to A) ensure that our property remains Opportunity Zone as it should, because we're well on our way with our project. And B) try to determine or recommend where the next round will be designated. So we're being very proactive with that, because that is a tremendous opportunity, once you know where they are, or if you can actually designate a property, find a property that you think will work and fit all the parameters and will work financially as a development site and then bring it to them. So we're being very proactive on that front. That, if we could secure the pipeline that I'd like to secure for the next round, we definitely would want to bring in other families, who have experienced gains. And we know just because of our own network, people our age who are selling their companies, or selling a partial portion of their companies, or just at that exiting part of their career, or semi-exiting and have a pipeline lined up for them to come and join us on the Opportunity Zone front. So that's one very important area that we're focusing on and that's where we would want other people to come join us. Our projects in Florida, we're constantly looking for other great opportunities in Florida. We still feel very strongly that there is, I mean, the data will tell us that we don't need to speculate that there's still a lot of migration towards the state of Florida in some very specific areas also. I don't think that's changing. I'm actually a little terrified of how New York's going to look in a year or two, from a safety perspective more than anything else and that could prompt people again, another wave of people coming towards Florida. So we're always looking for land opportunities that we can lock in and we've purchased land right now with our own family funds. We've covered the pre-development costs with our own family funds, but there always is a time, where you want to scale and you're locked in with what you have that you can invest. So bringing in other like-minded, which will probably be family office type investors to come and join us, going forward, in some of these new projects, maybe even one or two of our existing projects selectively, is really the only way and the best way for us to scale right now.
Aaron Strauss: I can ask you a lot more questions, but I want to, I guess, end on this. You know, there's a lot of ups and downs, when it comes to all real estate cycles and markets and transactions, but specifically in development, I mean, you're talking about 10 years out for certain projects and phases and, or three years out and five years out. And somebody once, I think, came to this podcast and said, all development is just one series of setbacks, one after another, after another. Hopefully, you know, you're making progress as you go, but it's just, it's a stressful business, because you're just very slowly chipping away at that masterpiece, which is going to come out. So somebody listens to this, maybe started their first development. They may be buying their first asset, or maybe they're a year or two in. Coming from a different angle than you, obviously. But kind of how do you manage the ups and downs, the series of minor, sometimes major setbacks that go into development? And frankly, having the vision beyond just a year, two, three or four to power through those difficult moments, when there's an approval issue or construction pricing issue, you name it, a market issue. How do you kind of standardize your thinking to go through the process?
Sharon Solomon: That's a really good question and I think that, you know, it's also a little bit of trial and error in figuring it out every day. You definitely need the stomach for it. And I think that anyone going into development should be really honest and realistic with themselves and their partners, or whatever their circumstances are. So as you said, you need time, meaning decades. I had a mentor going into this, actually, a developer who was in his 70s and spent his entire career and actually was second generation developer, who took me on a tour of some of his developments. This was when I first was thinking of getting into it with the New Jersey property. And we went to one location and like literally the theme was every single time, I thought this would take five years and it took eight years. I thought this would take four years and it took 10 years. There was one that really stuck with me and it was this really special, beautiful community that he built. And he said, this one took me 20 years. So it was kind of a master plan community, but not even. It didn't even have as many components as you would expect a master plan. It was just the city was fight… The people just kept coming out and fighting it. And, you know, for whatever reasons, that was the final stop on the tour, right? That was like his major. That was the masterpiece that he got it done. And it took 20 years. And it's this beautiful community right now. So I think you need to be realistic, but stubborn and more importantly, very visionary. And you have to be able to really envision, what I learned from that was he envisioned this community. He believed in that vision so much that he just kept at it with all the setbacks and all those years he kept going with it. You have to be able to do that and also make sure you're being realistic at the same time. And I think that's like really tricky, right? You can get hung up on a vision that's really just never going to happen. And you can get hung up on a vision that will take 20 years, but it does happen. And how do you navigate which situation you're in? So you're not throwing good money or good time after bad. And I think that's the art. There's no science to that. Sometimes I speak to even my two sons who are working with me. You know, where's the data? Where's the data that's going to show you that this is going to be what we think it's going to be? And sometimes the data will point you in that direction and it should, because certainly if you're getting tons and tons of data that's pointing in the opposite direction, maybe that's the one where you cut your losses. But if the data is, you know, kind of pointing in that direction, but there's no guarantees, but you can't like even guarantee that the vision that you have is necessarily going to, you know, consistently play out in your favor. Sometimes it is a bit of a leap of faith. You know, you have to be able to do that. You have to be able to just believe in your vision enough and endure. And you have to have the capital to do that. And you have to have the time to do that. So that's where generational comes in. That's why I wanted to, I wouldn't be doing this, if I didn't have the next generation coming in, because honestly, I don't have decades to spend on this. I mean, I could work until I'm 90, but I maybe can't or won't be able to. And thankfully, we did have the capital to get this occurred pipeline in place and get it moving. But those decades need to be available to you also. And you need to be able to move and survive the ups and downs in the meantime. And so be realistic about what it's going to take.
Aaron Strauss: Well said, Sharon. I think that was a fantastic overview. We hit all the major themes and points I was hoping to. I know I learned a lot. I'm sure our listeners will learn a ton. I really appreciate taking the time. I'm excited to continue to watch the development pipeline, slowly but surely. And just wishing you and your family a ton of continued success and dedication and focus and continuity to continue to have the progress you're making over years and ultimately generations. So I want to thank you again for being on and just looking forward to watching all the future success.
Sharon Solomon: Thank you. Thank you for having me.
Thank you for joining The Dealmakers’ Edge. Don't forget to follow us on your favorite podcast platform. And please give us a five-star rating so more people can follow the conversation.