A Balance of Opposites: Tony O’Neill ‘07 and Jon Mesa ‘15

On the surface, Tony O’Neill, ‘07 (MSRE) and Jon Mesa, ‘15 (MSRE) are perfect business partners. Both majored in economics at their respective undergraduate colleges. Both graduated from the Master of Science in Real Estate program at the University of San Diego's Knauss School of Business. Yet while most people assume that they have found success in business because they are so similar, it is the duo's contrasting skill sets that has propelled their company, Wolverine Ventures, to success in the real estate industry. “We are the yin to the other’s yang,” says O’Neill.

After graduating from the University of Michigan, O’Neill’s plan to establish a career in the world of commercial real estate was coming into focus. He had moved to San Diego and was working as a broker for Voit Real Estate Services.

Mesa, on the other hand, was not as clear about what was next for him after graduating from the University of Oregon. He had a knack for research and contemplated a career on Wall Street but didn’t think a life in the Big Apple was for him. As graduation approached, and without a definitive plan, Mesa found himself working in a place that no one expected—a fishing boat. “I took a job as a ‘greenhorn’ on a commercial fishing boat out of Oregon,” says Mesa. Anyone that has watched an episode of The Deadliest Catch knows that life at sea is the furthest thing from a desk on Wall Street. “I enjoyed my summer as a deckhand,” says Mesa. “Even though the work was grueling, the long days (and nights) gave me the time that I needed to think about what I wanted to do next. It was during that time that I decided real estate was where I wanted to be, and I spent my downtime on the boat reading up on investing.”

Back in San Diego, O’Neill had found early success in commercial real estate brokerage but learned quickly that it was an intensely competitive business. He had the persistence and focus that most successful brokers require, but he had a desire to get an additional leg up on the competition. O’Neill began seeking ways to enhance his business education when a Google search on “San Diego Real Estate” revealed the Master of Science in Real Estate program at the University of San Diego's Knauss School of Business. “It was the perfect complement to my undergraduate studies in economics,” says O’Neill. In the fall of 2005, O’Neill enrolled as a full-time student in the MSRE program and never looked back.

O’Neill thrived in the MSRE program. Not only was it providing him with the quantitative skills he was seeking, but it also gave him the opportunity to meet new colleagues, and friends in the industry. “I have always enjoyed the relationship side of the business that involves sourcing and closing deals, but I needed more depth to my quantitative skills, says O'Neill.” O’Neill was getting the best of both worlds.

After graduating with his MSRE degree in 2007, O’Neill continued working in commercial brokerage at Voit and business was booming. He had partnered with a colleague and their small team had more business than they knew what to do with. Overwhelmed with transaction volume, the two began looking for talent to assist. Coincidentally, it was around this time that the San Diego Business Journal had run a story about the team’s success.

“I remember the place and time that my career interest came into focus,” says O’Neill. “I was having lunch with a friend who worked for a title company in San Diego. She had a massive white binder tucked under her arm when she walked into the restaurant. The contents of the binder revealed a directory of lenders that held commercial loans for development projects in California.” O’Neill wondered if any of the lenders were looking to offload some of the delinquent loans. It was a long shot, but he was convinced that with the focus and persistence, coupled with real estate law and financial analysis skills acquired in the MSRE program, that he could succeed.

For nearly eighteen months, he spent time placing outbound phone calls trying to source his team’s first deal. It was rare to hear the phone ring with an incoming call. But one day, it did and from that point forward, his career trajectory would be forever changed. A lender interested in his proposal to buy the loan on a 41-unit multifamily project in Los Angeles had returned his call, and O’Neill’s team had inked their first deal.

Several years later, Mesa had finished the fishing season and decided to chase the sun, which led him down to San Diego. After reading the San Diego Business Journal article about O’Neill and his success in San Diego, Mesa took the step that would kick start his career. He reached out to O’Neill and the two hit it off immediately. “Jon was a perfect fit,” says O’Neill of Mesa’s strong research skills. “He had exactly the type of analytical horsepower that our team needed to take us to the next level.”

O’Neill and Mesa started their work together in 2011, and it wasn’t long before their partnership was getting noticed. O’Neill was approached by Lorne Polger and Mitch Siegler of Pathfinder Partners to consider a role within the firm’s acquisitions group. Knowing that their complementary set of skills would create the most value for the firm, they negotiated a package deal and in 2012, they signed on to Pathfinder.

O’Neill had taken on the role of director of acquisitions for Pathfinder, and Mesa, leveraging his research and analytical skills, became the firm's acquisition analyst. The two found success immediately under the leadership of Polger and Siegler.

While Mesa enjoyed his work at Pathfinder, he was hungry to expand his knowledge of the real estate industry and did so by reading books like Commercial Real Estate Analysis and Investments by Norm Miller and David Geltner.

“I remember doing research on the authors of the book and saw that Dr. Miller was a faculty member teaching in the MSRE program [at the time Miller held the Ernest Hahn Chair of Real Estate Finance], says Mesa." I had heard so much about the value of the MSRE program from Tony but began hearing more and more from others in the industry, like Scott Darnell, MSRE ‘05.”

Mesa knew that if he wanted to build upon his existing foundation in real estate and gain a more holistic view of the industry, the MSRE program would be the place to do it. When he learned that he would have the chance to study with the world-renowned Miller, he submitted his application. Mesa was accepted into the program and enrolled as a part-time student so that he could continue working at Pathfinder Partners while earning his MSRE degree.

Mesa’s experience in the part-time MSRE program flew by and before he knew it, he was finishing his capstone course and preparing to graduate. “My advice to those considering the MSRE program or currently enrolled in the program is to enjoy the experience to the fullest because it goes by so fast. It was a special time of my life that I look back on fondly — not just for the education that I received but the relationships that I made”.

By 2015, graduation had come and gone, and work at Pathfinder was busier than ever. Both O’Neill and Mesa enjoyed their roles but as is the case with many real estate professionals, the lure of taking their own entrepreneurial journey was calling, and the pair began discussing ways to blaze their own trail.

Named after O’Neill’s fondness for his undergraduate alma mater, Wolverine Ventures launched in 2015. Suddenly, the reality of “risk tolerance” — something they had learned about in the MSRE program — was staring them directly in the face. 

O’Neill spent his days calling lenders to see if they could land a deal. Mesa spent his time analyzing market conditions and potential opportunities in the event that the phone rang one day with an offer. As the market was healing, opportunities in distressed debt were fewer and further between. They were becoming frustrated after a year and a half of grinding with no payoff in sight. “It was becoming clear that we might need to close up shop,” says O’Neill. “We hadn’t even got started."

Then, by pure happenstance, Wolverine Ventures acquired their first large civil judgment in 2016. Having many similarities to non-performing loans, only with more challenges and potential pitfalls, the two had to understand as much about the space as quickly as possible. Eight months after acquiring it, they realized an outsized return, and the pair believed they were on a path to creating and running a large portfolio of commercial judgments and debt. The floodgates had opened, ushering in a wave of new opportunities.

Wolverine Ventures was now making a name for itself as a well-respected firm specializing in non-performing commercial debt. “We made a commitment to source all our own deals so that we could be selective about what we buy. Our investors trust us to take care of their capital, and we take that responsibility very seriously,” says O’Neill of their acquisition strategy. The company is now looking at raising their fifth fund.

When asked about who or what had the most impact on their career path, both O’Neill and Mesa have a hard time identifying just one source of inspiration. After recounting stories of friends from their respective MSRE cohorts, alumni, and industry professionals they have met along the way, the two come to an agreement. Dr. Charles Tu and Lou Galuppo, both faculty members from the MSRE program, played pivotal roles in shaping the professional growth that has led to their success.

Galuppo taught Real Estate Law, Ethics and Public Policy in the MSRE program at USD throughout the time that O’Neill and Mesa studied at USD. “I never would have considered this as a viable business without Galuppo’s class,” recalls O’Neill. “I can still see the words ‘Bundle of Rights’ on the whiteboard — it provided me with a whole new way of thinking about real estate.”

“Tony was one of the most inquisitive students that I have taught in the MSRE program,” says Galuppo. “No matter how much, or how little he knew about a topic, he was always asking questions of me, and his classmates. He was eager to learn, and I knew that he would be successful in his real estate entrepreneurial journey.”

Professor Charles Tu currently holds the Daniel F. Mulvihill Endowed Chair in the Department of Real Estate at the Knauss School of Business at USD. “He has always been someone that I have looked up to,” says Mesa of Tu. “The way that he teaches not only helped me to elevate my financial modeling and research skills, but it also gave me a great deal of confidence when interacting with professionals in the industry.”

“The partnership between Tony and Jon works so well because they are very similar, but also quite different,” says Tu. “They are both intelligent and hard-working. Tony has always been a persuader, great at negotiating and closing deals; while Jon is analytical and has incredibly strong quantitative skills.”

O’Neill and Mesa are not only grateful to the faculty and staff at the Burnham-Moores Center for Real Estate for the success that they have shared. “USD’s Real Estate Alumni Association was, and still is, one of the most valuable parts of my USD experience,” says O’Neill. “There is a lot of talent that has come out of the program.” Mesa adds, “USD’s real estate program is developing leaders that are analytical and have excellent reputations in the industry - they place a great deal of importance on relationships.”

As Wolverine Ventures continues to grow and experience success, O’Neill and Mesa are also fully committed to a well-rounded, balanced life outside of the office. Mesa, who is newly married, practices jiu-jitsu regularly. “Real estate can be a bit stressful at times, and jiu-jitsu serves as a great outlet for me.” O’Neill enjoys spending his free time at home with his wife and two young children. “My oldest is eight and my youngest is five, and they keep me plenty busy when I am not at the office,” says O'Neill.

When asked about plans for the company’s future, they are excited about what is on the horizon. O’Neill shares, “We look forward to diversifying assets, adding more talent to our team, developing new relationships, and giving back to the real estate program at USD.”