About Peter Ciriello CCIM
Hello, I am Peter Ciriello CCIM (Broker License #1418188), founder of Development Sight, a recognized as a leading commercial broker and expert in 100% affordable housing development in California. If you know me, you know my company operates under LA Commercial, Los Angeles Multifamily and other names, but my passion is ground up development.
My unique history includes two years of training under the tutelage of Maurice Ramirez of Domus Development and Ken Bank of Abbey Road, from 2016 to 2018, where I learned about institutional tax credit deals, while finding and transacting deals for the pair. Since then, I have leveraged this unique and esoteric knowledge to find deals for a host of other clients in the industry including Meta Housing, Community Corporation of Santa Monica, Danco, Abode, Mercy Housing, Related, Pacific Companies, Maracor, HVN Development, LA Family Housing, A Community of Friends, and others. My high level understanding of the tax credit application process makes me a formidable asset in the hands of an experienced developer. Understanding timing is the way deals get done and clients love it when deals are structured pre-LOI with sellers. This also allows any affordable housing developer (client) to be in lockstep with me throughout the transaction.
As a principal broker, my attention is to details, which is key as I focus on transactions, client care and relationship building. I am experienced, and I have the repertoire to prove it. I have many arrows in my quiver and have seen a lot of tactics in deals from some of the best in the industry. I also have earned both the coveted CCIM designation for commercial real estate, and the prestigious CBI designation for business brokerage. In my tenure I was the recipient of RE/MAX’s highest honor, the Hall of Fame Award. I worked at several big brokerages in my career but much prefer my own company within niche development. I can demonstrate unrivaled research capabilities, deal structuring, knowledge of the underwriting, pricing, & marketing.
I am also no stranger to rehab and development myself. My father was a real estate developer in New York, and I am in the midst of redeveloping a waterfront home my investment group purchased in Southampton, NY.
Besides being a licensed broker in California, I am also a licensed broker in New York and Georgia. My undergrad was at James Madison University in Virgina, I have a Master’s degree in Psychology, and I lived in both New York City and Sydney, Australia for periods of my life. In my lifetime, I have owned, participated in the development of and/or transacted north of two billion dollars ($2,000,000,000) in commercial real estate all around the U.S..
I have many qualities, which I invite you to uncover but best of all, perhaps mostly to the community I serve, I am patient, a quality most brokers don’t possess, two-year transactions are a staple in this industry and patience is required to make the deals work for the clients.
My History
When I started in commercial real estate with my father in New York, but later on in California, as a junior agent at a big firm back in 2002. At the time, I had no idea what I wanted from this business.
Now it’s decades later and my business has changed in so many ways. I now understand development in ways that other brokers can’t comprehend. I understand how to value land as a residual value. And I understand tax credits. This was due to a pivot in my career late in my life, from transacting mostly existing assets, to transacting existing opportunities. I banked on affordable housing as where I wanted to be because I wanted to do well while doing good. And my years of learning from my mentors, about development (while scouting deals) paid off. I have listed and sold all types of properties, from multifamily to STNL, industrial, and office, but my current focus and my passion is the brokerage of development sites, for 100% affordable housing mainly.
What I should tell you, if you haven’t already guessed, is that I am not from Los Angeles, I am New York born and bred, and currently bi-coastal, between Santa Monica and Southampton. What does that mean? It means I may live in California but New York still lives in me. That means I am not going to mince words, I am brash, I tell clients like it is – and if you appreciate that, you and I will get along, if you want someone to tell you how pretty your shoes are, find another agent.
I am also probably one of the most risk-adverse entrepreneurs you will ever meet. I realize that’s an oxy-moronic statement, how can a risk taker be risk adverse? The answer is “by doing things right.” I try to take the utmost care in doing things “by the book,” with zero risk to compliance, regulation or illegality.
Other than being risk adverse, I pride myself in being straight-forward in my advisory. I don’t tell clients to sell or buy, I don’t convince them to take less or pay more, I help them make the big decisions by providing access to my experience and best judgment. I don’t leave them until their undertaking is complete. The business I am in is buying and selling dirt for others. If you’re looking for help, start here; pick up the phone and call me.
What is a CCIM?
A CCIM (Certified Commercial Investment Member) is a recognized expert in the commercial and investment real estate industry.
The CCIM lapel pin is earned after successfully completing a designation process that ensures CCIMs are proficient not only in theory, but also in practice. This elite corps of CCIMs includes brokers, leasing professionals, investment counselors, asset managers, appraisers, corporate real estate executives, property managers, developers, institutional investors, commercial lenders, attorneys, bankers, and other allied professionals.
What is a CBI?
A CBI (Certified Business Intermediary) is a recognized expert in the transfer of businesses.
A CBI is a prestigious designation exclusive to the IBBA that identifies an experienced and dedicated business broker. It is awarded to intermediaries who have proven professional excellence through verified education as well as exemplary commitment to our industry.