Goldman exec Dustin Cohn leaves for real estate investing start-up Cadre

Goldman Sachs Branding Chief of Consumer Bank Dustin corn CNBC has joined Cadre, a real estate investment startup, as Chief Marketing Officer.

Departure of corn believed to have helped name Marcus, the company’s consumer division in 2016, Wave at the exit From a New York-based bank in the last 14 months.

Korn joined other former executives, including Omai Smile and David Stark, as he left Goldman in a plan to expand his retail banking business.Some left to help direct competitors, as in the case of Ismail and Stark who flew for assistance. Walmart In create Others like Harit Talwar, the former chief of FinTech startup Marcus, have set foot. under Give way to a new generation of leaders.

According to Ryan Williams, co-founder of Korn and Cadre, Korn, who called the withdrawal from Goldman “fully friendly,” joined an eight-year-old start-up at a crucial time.

Allowing individuals to invest in commercial real estate, Cadre is the most prominent player in a group of start-ups seeking to expand access to asset classes that were once considered the territory of institutional investors and wealthy families. It is one of.

What start-ups want to achieve Robin hood What did you do with the stock Coinbase Did for Cryptocurrencies — Utilizing the potential of millions of ordinary Americans to create or expand private investment categories.

“My goal for Marcus was to create a perception that this new consumer business exists even for this wealthy audience of the masses,” Korn said in an interview on Tuesday. “For me, Cadre is a very similar opportunity in the world of commercial real estate, and the average investor doesn’t know much about it in the first place, let alone access at these low rates and low entry points. Needless to say, you can do it. “”

After poaching corn from Goldman — an investor Partner According to Williams, in Cadre — start-ups are stepping up marketing and starting to introduce new products for small investors.

It may be easier to focus solely on big-money investors such as family offices and endowments, but that doesn’t match Cadre’s mission, Williams, who was active in the financial industry before co-founding Cadre in 2014. Says.

“I grew up in Baton Rouge, Louisiana as a working class,” Williams said. “I didn’t have access to the asset class, but through my recent experience with Goldman and Blackstone, I saw how much space was profitable, but for most people it wasn’t.”

Cadre initially started with a larger investor and needed a minimum of $ 250,000 in stock. After reducing this to $ 25,000, the company hopes to reduce the minimum to nearly $ 2,500, according to the CEO.

According to Williams, the company’s investment committee focuses on three categories of real estate in about 15 markets in the United States. It is a niche office space such as apartment houses, industrial property rights such as warehouses, and suburban buildings.

Cadre said it closed more than $ 4.5 billion in real estate transactions and generated more than 18% of total real estate sales. Unlike some of the competitors in the space, Cadre hasn’t lost investor money yet, Williams said.

“We don’t take crazy risks like everyone else, and we think it’s the right way for people to access the product class,” Williams said. .. “We have never lost investor principles or capital.”

According to Williams, the IPO could be 12 to 18 months after the company announces new products that include new categories such as how to invest in real estate debt and timber farms. Cadre commissioned a survey of 1,181 consumers and found that nearly three-quarters were interested in investing in commercial real estate, but almost all did not.

On the other hand, the departure of the cone is also an important point for the Marcus brand.

Starting with personal loans and deposits, Goldman with credit cards Home renovation Financing that portfolio and working digitally Checking account For the masses.And at the end of last year, the company Tweak Goldman Sachs A brand for displaying the name of Goldman called Marcus more prominently.

Korn, who he said “personally named Marcus,” called the change a verification of his tenure at the bank. Returning to the 2015 timeframe, Goldman’s name “reminded me of some of the negatives people have towards Goldman Sachs,” he said.

“We’re here almost seven years later, and the Goldman Sachs brand is the best ever among these consumers,” said Korn. “Most of it is because they provided valuable products that helped them reach their goals.”