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Allow Stender Fund Management to Provide a Path Towards Financial Security

Stender Fund Management (SFM) was formed in 2022 as a vehicle for individuals to participate in commercial real estate investing through private equity funds. The Firm maintains a client-first focus, which keeps disciplined investing front and center with a keen eye towards current income and capital preservation. 

SFM focuses solely on existing single-tenant, stand-alone retail properties under long-term, triple-net leases. We believe select segments of this market contain favorable risk/reward profiles that can often be overlooked by large institutional buyers, providing a unique opportunity to patient investors. The Firm believes its focus on the core property asset class (existing, stable, cash flowing locations) can provide investors with more predictable, stable, durable income within a medium-to-long-term hold period. 

SFM’s managing member, Todd Stender leads the firm after accumulating 20+ years of Wall Street experience as a senior securities analyst covering real estate investment trusts (REITs). During his tenure, Mr. Stender analyzed over 50 REITs across the Net Lease, Residential, Self-Storage, Retail, and Healthcare subsectors, in addition to conducting due diligence on over 30 IPOs and secondary stock offerings that totaled nearly $10 billion in equity raised.


    Todd Stender
    Founder & Owner,
    Managing Member of Durable Income Fund 1

    Todd Stender is the Founder & Owner of Stender Fund Management LLC, a private equity real estate firm specializing in single-tenant, triple-net properties and Managing Member of Durable Income Fund I. Todd’s real estate experience came from two decades of working on Wall Street as a senior securities analyst covering the real estate investment trust (REIT) sector at Wells Fargo Securities, Keefe Bruyette & Woods, and Crowell, Weedon & Co. in New York and Los Angeles. Subsectors of expertise included Net Lease, Residential, Self-Storage, Retail, and Healthcare. During his tenure, Todd earned (4) Financial Industry Regulatory Authority (FINRA) securities licenses (Series 7, 63, 86, 87). 


    Since 2009, Todd conducted due diligence on over 30 IPOs and secondary stock offerings that totaled nearly $10 billion in equity raised. This public capital valuation experience allows Todd to seamlessly transition to capital raising on private real estate transactions.

    Todd earned a BA from LaSalle University and an MBA from Pepperdine University. Todd is also a youth sports coach (baseball, softball, basketball, football) for his 2 children and proponent of the early development of leadership skills that he learned as an Eagle Scout in the Boy Scouts of America.


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    Investment Strategy

    The Fund’s vision is to make investments in existing single-tenant, stand-alone retail properties under long-term, triple-net leases with a focus on quick service restaurants (QSRs), having the potential to generate a combination of current income and medium to long-term capital appreciation. The Managing Member and its principal plan to focus on the QSR retail segment as they believe that its defensive qualities can guard against recessionary, pandemic, and e-commerce headwinds to name a few. The Fund intends to focus its portfolio on growing U.S. markets that have exhibited higher-than-average population and employment growth, which have the ability to potentially support better real estate valuations over time.  The Managing Member will use the real estate experience of its principal’s 20+ year Wall Street career as a real estate investment trust (REIT) analyst to target these markets, which will factor into the sourcing and underwriting of potential deals. The Fund intends to own only U.S.-based real estate and will be operated as a closed-end private fund. 
     

    While underwriting will target long-term, triple-net leases in excess of 10 years, the expected time horizon at the Fund level is approximately 5-7 years. The Fund will maintain a relatively conservative capital structure with an overall loan-to-value not to exceed 65%, which favors a strong capital preservation objective. The Fund intends to distribute rental cash flow to investors on a monthly basis.
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    We Provide A Thoughtful Approach

    • Posture towards defensive industries, tenants
    • Specifically aiming at existing, already operating quick service restaurants (QSRs)
    • Recession resistance
    • E-commerce resistance
    • Pandemic tested
    • 20-year Wall Street analyst experience covering Triple-Net REITs
    • Conducted due dilligence on IPOs, secondary offerings totaling​ $10 Billion
    • Lower risk profile than other commercial real estate

    Investor Portal

    Welcome to the Stender Fund Management investor portal. SFM uses RealPage, a third-party real estate property management company for investors to view the Fund’s operating and subscription agreements, private placement memorandum, properties, current investment balances, and distribution payment information. See link below to access Durable Income Fund 1’s subscription agreement, private placement memorandums, and other investor information. 
     
    For a copy of the current Durable Income Fund 1 investor slide deck, please submit your information using the ‘Contact Us’ section below.

    Why SFM

    Experience: As a former Wall Street REIT analyst for 20+ years, Mr. Stender understands the risk/reward profiles of most commercial real estate property types. After careful consideration, he believes that single-tenant quick-service restaurants (fast food drive throughs) are one of the most defensive properties in the market that can produce some of the most predictable, durable, and stable income streams through most economic environments.  

    Underwriting / Due Diligence: SFM gives underwriting of tenant’s credit and locations its highest priority and careful consideration of all relevant retail metrics remains paramount in considering new investments. 

    Low Fee Structure: SFM charges what we consider some of the most investor-friendly fees in the private equity market place: management fees represent 1% of equity raised and acquisition fees that represent 0.5% of asset purchase price, which compare to generally accepted fees that range 1-2% and 1-3%, respectively. In addition, SFM does not share in monthly rental cash flows to limited partners; LPs are distributed 100% of monthly rents. SFM does share in the net proceeds of any property sales with the following split: LPs: 90% / GP: 10%. We believe that this structure provides a transparent, investor-friendly alignment of interests with investors. 

    Lower Volatility: Stender Fund Management believes that the opportunity exists in the private commercial real estate market for relatively attractive risk-adjusted returns comparable to the public REIT market, without exposure to potentially volatile stock market moves that can add often elevated risk to portfolios and negatively impact cost of capital. 

    Portfolio Diversification: Most financial planners advocate prudent asset allocation to both equity and debt investments. SFM believes that triple-net leased real estate with an eye toward capital preservation and increasing built-in rent escalators warrants a 5-10% allocation to diversified portfolios. 

    Accessible Investor Experience: SFM maintains a solid foundation to provide investors with 24/7 access to their investment. SFM uses RealPage, a third-party real estate property management company for investors to view the Fund’s properties, current investment balances, and distribution payment information. 

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