In 1980 I was in the early stage of my syndication and development career. I was a partner in three luxury condo developments on Wilshire Boulevard in Hancock Park. Although I had acquired the properties with favorable pricing and the developments were beautifully executed and on budget the astounding spike in interest rates at the time that my projects came on line caused enormous personal stress and prevented my reaping any profits. In fact I was very relieved to get back the bulk of my equity.
