Private equity firm invests $100 million in Jack DeBoer’s Value Place

UPDATED — How hard is it to get a $100 million investment in a company?

If you’re Jack DeBoer, apparently not that hard. At least it wasn’t in a recent deal with New York-based private equity firm Lindsay Goldberg LLC, which is going to invest $100 million in DeBoer’s Value Place chain of extended-stay properties and short-term apartments.

“It was sort of a …hit the bull’s-eye on the first shot,” says Value Place president and COO Kyle Rogg. “Jack knew somebody who knew somebody who knew somebody, and it worked out from the very first meeting.”

Extensive due diligence “became a contract, became a hundred million.”

“It was relatively fast and extraordinarily cordial,” Rogg says. “It was a little bit of love at first sight. … They like Jack’s vision and like the team.”

The infusion from Lindsay Goldberg, which manages $10 billion in total capital, will allow Value Place to expand more quickly than it otherwise would have.

“It’s going to allow us to do, really, three main things,” Rogg says.

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Landmark’s Craig Simon takes over WaterWalk commercial leasing

WICHITA — Craig Simon of Landmark Commercial Real Estate is now handling commercial leasing at WaterWalk Place near Main and Waterman in addition to a few other properties Jack DeBoer owns.

“He’s just really excited about what’s going on downtown,” WaterWalk’s Vanessa Johnson says of Simon. “He’s really interconnected.”

There are five suites left on the west side of the first floor of WaterWalk Place. They’re 1,485 square feet each, except for one smaller suite that is 1,025 square feet.

“Hopefully we’ll have an announcement here in another 30 days,” Simon says of a new tenant.

Current tenants are V Wealth Management, Pulaski Bank, Fabulous Salon and Gifts, Kelley, York & Associates and Brothers & Co.

“That was designed for retail,” Simon says of the ground floor beneath residential condos. “It’s better suited for office right now.”

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Doug Rupe leaves WaterWalk for Legend Senior Living

WICHITA — Doug Rupe no longer is WaterWalk’s executive vice president. He’s taken a new job with Legend Senior Living.

“Well, he just had a great opportunity to take over development,” says WaterWalk owner Jack DeBoer.

“You know, I never stand in the way,” he says. “It’s a big loss, but … he’ll be a great asset for them.”

DeBoer isn’t replacing Rupe – at least for now.

“We’re shuffling some people around a little bit,” he says. “We’re going to kind of see how it goes with the team we have.”

You don’t say

“Miss, can I help? What kind of car do you have?”

– Businessman Jack DeBoer, pretending he was part of the valet service during a party Saturday at the Ulrich Museum of Art

You don’t say

“I saw the movie.”

— Entrepreneur Jack DeBoer when asked what he knows about Facebook

Jack DeBoer to publish “Risk Only Money: Success in Business Without Risking Family, Friends and Reputation”

For two days, I lay there in the darkness, shades drawn and the covers pulled over my head. I was paralyzed — with fear, with self-loathing, with shame, and with a realization that I didn’t know what to do next.

I had hundreds of creditors I couldn’t pay. Hundreds, affecting the lives of thousands of people. A few days before, one of them had called me on the phone. “I want my money by Friday or I’ll kill you,” he said.

So writes entrepreneur Jack DeBoer in the prologue for his new book, “Risk Only Money: Success in Business Without Risking Family, Friends and Reputation,” which will be published June 8.

The 80-year-old has given countless speeches over the course of his roller-coaster career in hotel and apartment development. For years, people have asked for copies or for his notes — anything they could study.

So, out of a sense of obligation, DeBoer wrote this book to share the lessons he learned the hard way.

Lessons that “had I known, I wouldn’t have suffered a lot of the pain I’ve been through.”

Writing the book, which DeBoer has been working on the last three or four years, presented its own difficulty.

“I wish I could write it and not put my name on it, but I’ve been talked out of that,” DeBoer says.

“I do not want this to be viewed as the story of Jack’s life. That’s not the point of the book at all.”

He divides his book into three areas: striving, success and significance.

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You don’t say

“I’m saving up to buy a new cell phone.”

— Businessman Jack DeBoer, who has an iPhone but says it’s “way beyond me technologically”

You don’t say

“They go to Hell. You don’t!”

– Entrepreneur Jack DeBoer, speaking at the chamber Small Business Awards lunch today, on dealing with liars and cheaters in business

You don’t say

“I got Cs in college, and I’ve got my own jet and my own boat. Don’t tell me it’s not about luck.”

Jack DeBoer, who spoke at the Wichita Independent Business Association’s March luncheon Wednesday and downplayed the role of education and intelligence in business success

WaterWalk may be home to a Marriott hotel

WICHITA — It looks like a hotel could be coming to WaterWalk, but no one is talking about it yet — at least not publicly.

Hotel developer Jim Korroch may be bringing a Marriott flag hotel to the property.

Korroch also owns the Courtyard by Marriott in Old Town and the SpringHill Suites by Marriott next to his Residence Inn by Marriott in the Plazzio development at 13th and Greenwich.

As early as 2004, WaterWalk developers discussed having a hotel at the downtown development as long as it didn’t hurt the city’s business at the Hyatt Regency Wichita next door.

Now, former minority partner Jack DeBoer is in control of the struggling development, and it looks like he’s trying to secure a deal.

But, as is his new policy, DeBoer won’t confirm or deny anything to do with WaterWalk until it’s a done deal.

Several previous deals have been announced for the project only to not materialize.

The city may be involved in the potential WaterWalk hotel.

“I will confirm that we’re looking . . . at a possible hotel project,” says City Manager Bob Layton.

He won’t say what the potential deal is or that it’s even with Korroch or WaterWalk.

“Our discussions are very preliminary.”